FIVE BELOW INC
For the period ended Feb 3, 2024. Filed Mar 21, 2024.
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FY2024 · Filed Mar 21, 2024
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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 2023, 2022 and 2021 and selected consolidated balance sheet data as of February 3, 2024 and January 28, 2023 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 2020 and fiscal 2019, and the selected balance sheet data as of January 29, 2022, January 30, 2021, and February 1, 2020, 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 2022, 2021, 2020, and 2019, respectively.
| Fiscal Year | |||||
|---|---|---|---|---|---|
| 2023 · 2022 · 2021 · 2020 · 2019 | |||||
| (in millions, except share and per share data) | |||||
| Consolidated Statements of Operations Data (1): | |||||
| Net sales | $3,559.4 | $3,076.3 | $2,848.4 | $1,962.1 | $1,846.7 |
| Cost of goods sold (exclusive of items shown separately below) | 2,285.5 | 1,980.8 | 1,817.9 | 1,309.8 | 1,172.8 |
| Selling, general and administrative expenses | 757.5 | 644.8 | 565.7 | 428.2 | 401.7 |
| Depreciation and amortization | 130.7 | 105.6 | 84.8 | 69.3 | 55.0 |
| Operating income | 385.6 | 345.0 | 379.9 | 154.8 | 217.3 |
| Interest income (expense) and other income (expense), net | 15.5 | 2.5 | (13.2) | (1.7) | 4.3 |
| Income before income taxes | 401.1 | 347.5 | 366.7 | 153.1 | 221.6 |
| Income tax expense | 100.0 | 86.0 | 87.9 | 29.7 | 46.5 |
| Net income | $301.1 | $261.5 | $278.8 | $123.4 | $175.1 |
| Per Share Data: | |||||
| Basic income per common share (2) | $5.43 | $4.71 | $4.98 | $2.21 | $3.14 |
| Diluted income per common share (2) | $5.41 | $4.69 | $4.95 | $2.20 | $3.12 |
| Weighted average shares outstanding: | |||||
| Basic shares | 55,487,252 | 55,547,267 | 55,999,713 | 55,816,508 | 55,823,535 |
| Diluted shares | 55,621,619 | 55,745,279 | 56,303,854 | 56,060,039 | 56,166,167 |
| Fiscal Year | |||||
|---|---|---|---|---|---|
| 2023 · 2022 · 2021 · 2020 · 2019 | |||||
| (in millions, except percentages and total stores data) | |||||
| Consolidated Statements of Cash Flows Data (1): | |||||
| Net cash provided by (used in): | |||||
| Operating activities | $499.6 | $314.9 | $327.9 | $366.0 | $187.0 |
| Investing activities | $(556.3) | $(3.9) | $(465.6) | $(286.9) | $(193.6) |
| Financing activities | $(95.9) | $(43.6) | $(66.1) | $(12.8) | $(42.7) |
| Other Operating and Financial Data (1): | |||||
| Total stores at end of period | 1,544 | 1,340 | 1,190 | 1,020 | 900 |
| Comparable sales increase (decrease) | 2.8% | (2.0)% | 30.3% | (5.5)% | 0.6% |
| Average net sales per store (3) | $2.5 | $2.4 | $2.5 | $2.0 | $2.2 |
| Gross margin (4) | 35.8% | 35.6% | 36.2% | 33.2% | 36.5% |
| Capital expenditures | $335.1 | $252.0 | $288.2 | $200.2 | $212.3 |
| Consolidated Balance Sheet Data (1) (5): | |||||
| Cash and cash equivalents | $179.7 | $332.3 | $65.0 | $268.8 | $202.5 |
| Short-term investment securities | 280.3 | 66.8 | 277.1 | 140.9 | 59.2 |
| Total current assets | 1,203.5 | 1,066.4 | 904.7 | 755.4 | 665.7 |
| Total assets | 3,872.0 | 3,324.9 | 2,880.5 | 2,314.8 | 1,958.7 |
| Total current liabilities | 715.9 | 602.6 | 586.9 | 435.7 | 351.3 |
| Total liabilities | 2,287.1 | 1,963.0 | 1,760.2 | 1,432.9 | 1,198.9 |
| Total shareholders’ equity | $1,585.0 | $1,361.9 | $1,120.3 | $881.9 | $759.8 |
(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.
(5)Fiscal 2019 Consolidated Balance Sheet data includes adoption of ASU 2016-02 "Leases" based on the modified retrospective method.
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