Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the Nasdaq Global Select Market under the symbol “FIVE.” On January 31, 2025 (the last trading day of fiscal 2024), the last reported sale price on the Nasdaq Global Select Market of our common stock was $93.78 per share. As of March 11, 2025, we had approximately 138,486 holders of record of our common stock.
Performance Graph
This performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any future filing under the Securities Act of 1933 or the Exchange Act, except to the extent that we specifically incorporate it by reference into such filing.
The following graph compares the cumulative total shareholder return on our common stock from July 19, 2012 (the date our common stock commenced trading on the Nasdaq Global Select Market) through February 1, 2025, with the return on (i) the Nasdaq Global Market Composite Index and (ii) the Nasdaq US Benchmark Retail Index over the same period. This graph assumes an initial investment of $100 and assumes the reinvestment of dividends, if any. Such returns are based on historical results and are not intended to suggest future performance.
1/30/2015 1/29/2016 1/27/2017 2/2/2018 2/1/2019 1/31/2020 1/29/2021 1/28/2022 1/27/2023 2/2/2024 1/31/2025
FIVE BELOW, INC. $ 125.70 $ 132.90 $ 141.90 $ 237.50 $ 470.70 $ 427.20 $ 663.13 $ 599.40 $ 736.72 $ 683.43 $ 353.89
NASDAQ GLOBAL MARKET COMPOSITE INDEX $ 156.30 $ 155.60 $ 190.90 $ 244.10 $ 244.90 $ 308.50 $ 440.70 $ 464.30 $ 391.84 $ 526.95 $ 661.77
NASDAQ US BENCHMARK RETAIL INDEX $ 161.50 $ 168.00 $ 182.50 $ 242.80 $ 251.70 $ 295.90 $ 457.96 $ 479.00 $ 302.24 $ 411.13 $ 551.05
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Dividends
During the past five fiscal years, we have not declared, and currently do not plan to declare in the foreseeable future, dividends on shares of our common stock. Any further determination to pay dividends on our capital stock will be at the discretion of our Board of Directors, subject to applicable laws, and will depend on our financial condition, results of operations, capital requirements, general business conditions and other factors that our Board of Directors considers relevant. In addition, the terms of our revolving credit facility contain restrictions on our ability to pay dividends.
Issuer Purchases of Equity Securities
The table below sets forth information regarding repurchases of our common stock during the fourth fiscal quarter of 2024:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased As Part of a Publicly Announced Program (1)
Maximum Dollar Value of Shares that May Yet be Purchased Under the Program
November 3, 2024 - November 30, 2024 — $ — — $ 60,006,492
December 1, 2024 - January 4, 2025 — $ — — $ 60,006,492
January 5, 2025 - February 1, 2025 — $ — — $ 60,006,492
Fourth Quarter 2024 — $ — — $ 60,006,492
(1) On November 27, 2023, our Board of Directors approved a new share repurchase program for up to $100 million of our common shares through November 27, 2026. In fiscal 2024, the Company repurchased 266,997 shares under this program at an aggregate cost of approximately $40 million or an average price of $149.79 per share. This repurchase program does not include a specific timetable or price targets and may be suspended or terminated at any time. Shares may be repurchased through open market or privately negotiated transactions at the discretion of management based on its evaluation of market conditions and other factors.
ITEM 6. SELECTED FINANCIAL DATA
The following table presents selected financial and other data as of and for the periods indicated. The selected financial data for fiscal 2024, 2023 and 2022 and selected consolidated balance sheet data as of February 1, 2025 and February 3, 2024 have been derived from our consolidated financial statements audited by KPMG LLP, our independent registered public accounting firm, included elsewhere in this Annual Report. The selected financial data for fiscal 2021 and fiscal 2020, and the selected balance sheet data as of January 28, 2023, January 29, 2022, and January 30, 2021, have been derived from our audited consolidated financial statements that have not been included in this Annual Report. The historical results presented below are not necessarily indicative of the results to be expected for any future period. You should read this selected financial data in conjunction with the consolidated financial statements and accompanying notes and the information under Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” appearing elsewhere in this Annual Report.
We operate on a fiscal calendar that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 st of the following year. The reporting periods contained in the following table consist of 53 weeks of operations in fiscal 2023, and 52 weeks of operations in each of fiscal 2024, 2022, 2021, and 2020, respectively.
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Fiscal Year
2024 2023 2022 2021 2020
(in millions, except share and per share data)
Consolidated Statements of Operations Data (1) :
Net sales $ 3,876.5 $ 3,559.4 $ 3,076.3 $ 2,848.4 $ 1,962.1
Cost of goods sold (exclusive of items shown separately below) 2,523.9 2,285.5 1,980.8 1,817.9 1,309.8
Selling, general and administrative expenses 861.4 757.5 644.8 565.7 428.2
Depreciation and amortization 167.4 130.7 105.6 84.8 69.3
Operating income 323.8 385.6 345.0 379.9 154.8
Interest income (expense) and other income (expense), net 14.8 15.5 2.5 (13.2) (1.7)
Income before income taxes 338.7 401.1 347.5 366.7 153.1
Income tax expense 85.1 100.0 86.0 87.9 29.7
Net income $ 253.6 $ 301.1 $ 261.5 $ 278.8 $ 123.4
Per Share Data:
Basic income per common share (2)
$ 4.61 $ 5.43 $ 4.71 $ 4.98 $ 2.21
Diluted income per common share (2)
$ 4.60 $ 5.41 $ 4.69 $ 4.95 $ 2.20
Weighted average shares outstanding:
Basic shares 55,055,064 55,487,252 55,547,267 55,999,713 55,816,508
Diluted shares 55,156,342 55,621,619 55,745,279 56,303,854 56,060,039
Fiscal Year
2024 2023 2022 2021 2020
(in millions, except percentages and total stores data)
Consolidated Statements of Cash Flows Data (1) :
Net cash provided by (used in):
Operating activities $ 430.6 $ 499.6 $ 314.9 $ 327.9 $ 366.0
Investing activities $ (232.9) $ (556.3) $ (3.9) $ (465.6) $ (286.9)
Financing activities $ (45.7) $ (95.9) $ (43.6) $ (66.1) $ (12.8)
Other Operating and Financial Data (1) :
Total stores at end of period 1,771 1,544 1,340 1,190 1,020
Comparable sales (decrease) increase (2.7) % 2.8 % (2.0) % 30.3 % (5.5) %
Average net sales per store (3)
$ 2.3 $ 2.5 $ 2.4 $ 2.5 $ 2.0
Gross margin (4)
34.9 % 35.8 % 35.6 % 36.2 % 33.2 %
Capital expenditures $ 324.0 $ 335.1 $ 252.0 $ 288.2 $ 200.2
Consolidated Balance Sheet Data (1) :
Cash and cash equivalents $ 331.7 $ 179.7 $ 332.3 $ 65.0 $ 268.8
Short-term investment securities $ 197.1 $ 280.3 $ 66.8 $ 277.1 $ 140.9
Total current assets $ 1,351.4 $ 1,203.5 $ 1,066.4 $ 904.7 $ 755.4
Total assets $ 4,339.6 $ 3,872.0 $ 3,324.9 $ 2,880.5 $ 2,314.8
Total current liabilities $ 756.4 $ 715.9 $ 602.6 $ 586.9 $ 435.7
Total liabilities $ 2,531.2 $ 2,287.1 $ 1,963.0 $ 1,760.2 $ 1,432.9
Total shareholders’ equity $ 1,808.3 $ 1,585.0 $ 1,361.9 $ 1,120.3 $ 881.9
(1) Components may not add to total due to rounding.
(2) Please see Note 4 in our consolidated financial statements included elsewhere in this Annual Report for an explanation of per share calculations.
(3) Only includes stores open before the beginning of the fiscal year.
(4) Gross margin is equal to our net sales less our cost of goods sold as a percentage of our net sales.
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