Five Spikes 7% In After-Hours As 2Q Sales Top Estimates

Five Spikes 7% In After-Hours As 2Q Sales Top Estimates

Shares of Five Below advanced 6.8% in Wednesday’s extended trading session after the specialty value retailer’s 2Q revenues of $426.1 million topped analysts’ expectations of $405.8 million. Quarterly sales improved by 2.1% from the year-ago quarter.

Five’s (FIVE) 2Q earnings of $0.53 per share blew past Street estimates of $0.14. The company reported earnings of $0.51 per share in the year-ago quarter. The gradual reopening of stores mainly drove 2Q results, the company said.

Five’s CEO Joel Anderson said, “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.” (See FIVE stock analysis on TipRanks).

On August 18, Craig-Hallum analyst Jeremy Hamblin raised the stock’s price target to $145 (23.8% upside potential) from $133 and reiterated a Buy rating saying that the company appears to be fully back on track. Hamblin added that the stock is trading at a discounted level despite his store checks indicating a recovery in Five’s business.

Currently, Wall Street analysts have a bullish outlook on the stock. The Strong Buy analyst consensus is based on 14 Buys and 3 Holds. With shares down about 8.4% year-to-date, the average price target of $127.13 implies upside potential of 8.6% to current levels.

Related News: Macy’s Pops 6% As 2Q Revenue Surprises Guess Spike 12% After 2Q Sales Beat The Street Walmart’s Flipkart Launches Online Wholesale Service In India

The post Five Spikes 7% In After-Hours As 2Q Sales Top Estimates appeared first on TipRanks Financial Blog.

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