Five Below ended the quarter with 1,771 stores in 44 states.
Five Below reported fourth-quarter earnings that topped Street estimates, offered a mixed outlook going forward and said it is returning its focus to its $5-and-under price points.
On the company’s earnings call, new CEO Winnie Park said Five Below is returning to its core focus at whole $1 to $5 price points and “raising the bar on adding value to our highly edited assortment of product above $5.”
“Ultimately, this will serve to simplify the shopping experience for our customers and streamline our operations,” said Park, who took the helm of Five Below in December after serving as CEO of Forever 21 since January 2022. “Our priority is to keep prices low and our offering accessible to ensure we maintain the trust and loyalty of our customers and attract new customers to the brand.”
The move comes as the value-oriented chain, which targets tweens and teens, has been adding in-store shops featuring higher-priced items to its locations.
In other news, Five Below hired a new chief marketing officer, Jacob Hawkins. He previously worked with Park at Forever 21, where he served as chief marketing, digital and omni officer since 2022. Prior to that, Hawkins spent some four years at Belk, including as chief marketing and digital officer.