Five Below Reaches 1,000-Store Mark
Five Below achieved a major milestone by opening its 1,000th store and for good measure also began shipping merchandise from a new 850,000-sq.-ft. facility in Conroe, Texas.
The new store is located at the Brookhollow Marketplace in Houston. The new distribution center, which employs 115 workers, will service more than 170 Five Below stores in the Texas, Southwest and West Coast markets.
Five Below, a sort of new age dollar store for teens, derives its name from merchandise priced at $5 or less. The company has been expanding rapidly for several years.
“We couldn’t be more excited to reach this incredible company milestone,” said George Hill, EVP of retail operations at Five Below. “Our goal has always been to wow customers everywhere by offering high-quality merchandise at an extreme, unbeatable value and by giving back to the communities we serve across the country. We truly wouldn’t be here today, opening our 1,000th store, without the love and support from our customers and crew.”
Earlier in September, Five Below reported that during the the year-to-date period ended Aug. 1, it opened 82 net new stores compared to 83 new stores in the same period of 2019. Five Below also posted a 2.1% year-over-year revenue increase in its recently ended second quarter with sales reaching $426.1 million.
The company temporarily closed its stores on March 20. Reopened period comparable sales increased approximately 6%, with stores increasing approximately 4% and e-commerce contributing approximately 2% to the comparable sales increase. Comparable sales for the full second quarter decreased by 12.2%, driven by a 19% decrease in comparable operating days.
“The third quarter is off to a strong start and we are focused on the all-important holiday season. The work we have done in preparing our stores for a safe and efficient customer experience, as well as our expanded digital capabilities, is serving us well,” said CEO and President Joel Anderson.