"Five Below Faces Sales Decline Amid Inflation and Lower Consumer Spending"

Five Below reported a 2.3% decline in comparable sales for the first quarter, attributing the drop to reduced spending by lower-income consumers impacted by inflation. Despite this, net sales rose 11.8% due to the opening of 61 new stores. The company plans to focus on trend identification, value communication, and cost optimization to drive sales, and expects a mid-single digit decrease in comparable sales for the current quarter and a 3% to 5% decrease for fiscal 2024. Five Below aims to expand to 3,500 stores by 2030.