FIVE BELOW, INC

Previous wording

You should read the following discussion together with “Selected Financial Data” and the consolidated financial statements and related notes included in our Annual Report on Form 10-K for our fiscal year ended February 1, 2025 and referred to herein as the "Annual Report," and the consolidated financial statements and related notes as of and for the thirteen and twenty-six weeks ended August 2, 2025 included in Part I, Item 1 of this Quarterly Report on Form 10-Q. The statements in this discussion regarding expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described below in “Special Note Regarding Forward-Looking Statements” and in Part II, Item 1A "Risk Factors." Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Current wording

You should read the following discussion together with “Selected Financial Data” and the consolidated financial statements and related notes included in our Annual Report on Form 10-K for our fiscal year ended February 1, 2025 and referred to herein as the "Annual Report," and the consolidated financial statements and related notes as of and for the thirteen and thirty-nine weeks ended November 1, 2025 included in Part I, Item 1 of this Quarterly Report on Form 10-Q. The statements in this discussion regarding expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described below in “Special Note Regarding Forward-Looking Statements” and in Part II, Item 1A "Risk Factors." Our actual results may differ materially from those contained in or implied by any forward-looking statements.

Previous wording

We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. References to "fiscal year 2025" or "fiscal 2025" refer to the period from February 2, 2025 to January 31, 2026, which is a 52-week fiscal year. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which is a 52-week fiscal year. The fiscal quarters ended August 2, 2025 and August 3, 2024 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended August 2, 2025 and August 3, 2024 refer to the twenty-six weeks ended as of those dates. Historical results are not necessarily indicative of the results to be expected for any future period and results for any interim period may not necessarily be indicative of the results that may be expected for a full year.

Current wording

We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday closest to January 31 of the following year. References to "fiscal year 2025" or "fiscal 2025" refer to the period from February 2, 2025 to January 31, 2026, which is a 52-week fiscal year. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which is a 52-week fiscal year. The fiscal quarters ended November 1, 2025 and November 2, 2024 refer to the thirteen weeks ended as of those dates. The year-to-date periods ended November 1, 2025 and November 2, 2024 refer to the thirty-nine weeks ended as of those dates. Historical results are not necessarily indicative of the results to be expected for any future period and results for any interim period may not necessarily be indicative of the results that may be expected for a full year.

Previous wording

Five Below, Inc. (collectively referred to herein with its wholly owned subsidiaries as "we," "us," or "our") is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the tween and teen customer. We offer a dynamic, edited assortment of exciting products, with most priced at $5 and below, including select brands and licensed merchandise across our category worlds. In fiscal 2019, we rolled out new pricing to our full chain, increasing prices on certain products over $5. Most of our products remain at $5 and below. As of August 2, 2025, we operated 1,858 stores in 44 states.

Current wording

Five Below, Inc. (collectively referred to herein with its wholly owned subsidiaries as "we," "us," or "our") is a rapidly growing specialty value retailer offering a broad range of trend-right, high-quality merchandise targeted at the tween and teen customer. We offer a dynamic, edited assortment of exciting products, with most priced at $5 and below, including select brands and licensed merchandise across our category worlds. In fiscal 2019, we rolled out new pricing to our full chain, increasing prices on certain products over $5. Most of our products remain at $5 and below. As of November 1, 2025, we operated 1,907 stores in 44 states.

Previous wording

We also offer our merchandise on the internet, through our fivebelow.com e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, we sell merchandise through on-demand third-party delivery services to enable our customers to shop online and receive convenient delivery. All e-commerce sales, which includes shipping and handling revenue, are included in net sales and are included in comparable sales. Our e-commerce expenses will have components classified as both cost of goods sold and selling, general and administrative expenses (including depreciation and amortization).

Current wording

We offer our merchandise on the internet, through our fivebelow.com e-commerce website and mobile app, offering home delivery and the option to buy online and pick up in store. Additionally, we sell merchandise through on-demand third-party delivery services to enable our customers to shop online and receive convenient delivery. All e-commerce sales, which includes shipping and handling revenue, are included in net sales and are included in comparable sales. Our e-commerce expenses will have components classified as both cost of goods sold and selling, general and administrative expenses (including depreciation and amortization).

Previous wording

Due to the 53rd week in fiscal 2023, comparable sales for the thirteen and twenty-six weeks ended August 3, 2024 are reported on a restated calendar basis. Reference to the "restated calendar" is based on using the National Retail Federation's restated calendar comparing similar weeks, which are the thirteen weeks from May 5, 2024 to August 3, 2024 as compared to the thirteen weeks from May 7, 2023 to August 5, 2023 and the twenty-six weeks from February 4, 2024 to August 3, 2024 as compared to the twenty-six weeks from February 5, 2023 to August 5, 2023.

Current wording

Due to the 53rd week in fiscal 2023, comparable sales for the thirteen and thirty-nine weeks ended November 2, 2024 are reported on a restated calendar basis. Reference to the "restated calendar" is based on using the National Retail Federation's restated calendar comparing similar weeks, which are the thirteen weeks from August 4, 2024 to November 2, 2024 as compared to the thirteen weeks from August 6, 2023 to November 4, 2023 and the thirty-nine weeks from February 4, 2024 to November 2, 2024 as compared to the thirty-nine weeks from February 5, 2023 to November 4, 2023.

Previous wording

Gross profit is equal to our net sales less our cost of goods sold. Gross margin is gross profit as a percentage of our net sales. Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as shipping and handling costs, store occupancy, distribution and buying expenses. Shipping and handling costs include internal fulfillment and shipping costs related to our e-commerce operations. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise from our shipcenters and between store locations. Buying costs include compensation expense and other costs for our internal buying organization, including our merchandising and product development team and our planning and allocation group. These costs are significant and can be expected to continue to increase as our Company grows.

Current wording

Gross profit is equal to our net sales less our cost of goods sold. Gross margin is gross profit as a percentage of our net sales. Cost of goods sold reflects the direct costs of purchased merchandise and inbound freight and tariffs, as well as shipping and handling costs, store occupancy, distribution and buying expenses. Shipping and handling costs include internal fulfillment and shipping costs related to our e-commerce operations. Store occupancy costs include rent, common area maintenance, utilities and property taxes for all store locations. Distribution costs include costs for receiving, processing, warehousing and shipping of merchandise from our shipcenters and between store locations. Buying costs include compensation expenses and other costs for our internal buying organization, including our merchandising and product development team and our planning and allocation group. These costs are significant and can be expected to continue to increase as our Company grows.

Previous wording

The components of our SG&A expenses may not be comparable to those of other retailers. We expect that our SG&A expenses will increase in future periods due to our continuing store growth. Variability in performance-based compensation expense related to our business performance may cause SG&A expenses to be higher or lower than comparable periods. In addition, any increase in future share-based grants, modifications or forfeitures will impact our share-based compensation expense included in SG&A expenses.

Current wording

The components of our SG&A expenses may not be comparable to those of other retailers. We expect that our SG&A expenses will increase in future periods due to our continuing store growth. Variability in performance-based compensation expenses related to our business performance may cause SG&A expenses to be higher or lower than comparable periods. In addition, any increase in future share-based grants, modifications or forfeitures will impact our share-based compensation expense included in SG&A expenses.

Previous wording

(2)Only includes stores that opened before the beginning of the thirteen weeks ended and twenty-six weeks ended.

Current wording

(2)Only includes stores that opened before the beginning of the thirteen weeks ended and thirty-nine weeks ended.

Previous wording

Net sales increased to $1,026.8 million in the thirteen weeks ended August 2, 2025 from $830.1 million in the thirteen weeks ended August 3, 2024, an increase of $196.7 million, or 23.7%. The increase was the result of a non-comparable sales increase of $98.4 million and a comparable sales increase of $98.3 million. The increase in non-comparable sales was primarily driven by the number of stores that opened in fiscal 2024 but have not been open for 15 full months and new stores that opened in fiscal 2025.

Current wording

Net sales increased to $1,038.3 million in the thirteen weeks ended November 1, 2025 from $843.7 million in the thirteen weeks ended November 2, 2024, an increase of $194.6 million, or 23.1%. The increase was the result of a comparable sales increase of $113.8 million and a non-comparable sales increase of $80.8 million. The increase in non-comparable sales was primarily driven by new stores that opened in fiscal 2025 and the number of stores that opened in fiscal 2024 but have not been open for 15 full months.

Previous wording

Comparable sales increased 12.4%. This increase resulted from increases of approximately 8.7% in the number of transactions and approximately 3.4% in the average dollar value of transactions.

Current wording

Comparable sales increased 14.3%. This increase resulted from increases of approximately 7.2% in the number of transactions and approximately 6.7% in the average dollar value of transactions.

Previous wording

Cost of goods sold increased to$684.5 million in thethirteen weeks ended August 2, 2025 from$558.3 million in the thirteen weeks ended August 3, 2024, an increase of $126.2 million, or 22.6%. The increase in cost of goods sold was primarily the result of increases in merchandise cost of goods sold resulting from an increase in net sales and store occupancy costs resulting from new store openings.

Current wording

Cost of goods sold increased to $686.9 million in the thirteen weeks ended November 1, 2025 from $585.7 million in the thirteen weeks ended November 2, 2024, an increase of $101.2 million, or 17.3%. The increase in cost of goods sold was primarily the result of increases in merchandise cost of goods sold resulting from an increase in net sales and store occupancy costs resulting from new store openings.

Previous wording

Gross profit increased to$342.4 million in thethirteen weeks ended August 2, 2025 from$271.8 million in thethirteen weeks ended August 3, 2024, anincrease of$70.6 million, or 26.0%. Gross margin increased to 33.3% in the thirteen weeks ended August 2, 2025 from 32.7% in the thirteen weeks ended August 3, 2024, an increase of approximately 60 basis points. The increase in gross margin was primarily the result of a decrease as a percentage of net sales in store occupancy costs, partially offset by an increase as a percentage of sales in merchandise cost of goods sold.

Current wording

Gross profit increased to $351.4 million in the thirteen weeks ended November 1, 2025 from $258.0 million in the thirteen weeks ended November 2, 2024, an increase of $93.4 million, or 36.2%. Gross margin increased to 33.8% in the thirteen weeks ended November 1, 2025 from 30.6% in the thirteen weeks ended November 2, 2024, an increase of approximately 320 basis points. The increase in gross margin was primarily the result of a decrease as a percentage of net sales in merchandise cost of goods sold, which included lapping the impact of a non-recurring inventory write-off and the impact of lower inventory shrinkage. Also contributing to the increase in gross margin was a decrease as a percentage of net sales in store occupancy costs.

Previous wording

Selling, general and administrative expenses (including depreciation and amortization) increased to $290.0 million in the thirteen weeks ended August 2, 2025 from $230.3 million in the thirteen weeks ended August 3, 2024, an increase of $59.7 million, or 25.9%. As a percentage of net sales, selling, general and administrative expenses (including depreciation and amortization) increased approximately 50 basis points to 28.2% in the thirteen weeks ended August 2, 2025 from 27.7% in the thirteen weeks ended August 3, 2024. The increase in selling, general and administrative expenses (including depreciation and amortization) was the result of an increase of $33.5 million in store-related expenses primarily to support new and existing stores. Also contributing to the increase in selling, general and administrative expenses (including depreciation and amortization) was an increase of $26.2 million in corporate-related expenses primarily due to higher incentive compensation.

Current wording

Selling, general and administrative expenses (including depreciation and amortization) increased to $308.1 million in the thirteen weeks ended November 1, 2025 from $258.6 million in the thirteen weeks ended November 2, 2024, an increase of $49.5 million, or 19.1%. As a percentage of net sales, selling, general and administrative expenses (including depreciation and amortization) decreased approximately 100 basis points to 29.7% in the thirteen weeks ended November 1, 2025 from 30.7% in the thirteen weeks ended November 2, 2024. The increase in selling, general and administrative expenses (including depreciation and amortization) was the result of an increase of $39.8 million in store-related expenses primarily to support new and existing stores. Also contributing to the increase in selling, general and administrative expenses (including depreciation and amortization) was an increase of $9.7 million in corporate-related expenses primarily due to higher incentive compensation.

Previous wording

Income tax expense increased to $15.1 million in the thirteen weeks ended August 2, 2025 from $11.6 million in the thirteen weeks ended August 3, 2024, an increase of $3.5 million or 31.0%. The increase in income tax expense was primarily due to the $13.3 million increase in pre-tax income and non-deductible expenses, partially offset by discrete items, which includes the impact of share-based accounting.

Current wording

Income tax expense increased to $12.6 million in the thirteen weeks ended November 1, 2025 from $0.5 million in the thirteen weeks ended November 2, 2024, an increase of $12.1 million. The increase in income tax expense was primarily due to the $46.9 million increase in pre-tax income.

Previous wording

Our effective tax rate for the thirteen weeks ended August 2, 2025 was 26.2% compared to 25.9% in the thirteen weeks ended August 3, 2024. Our effective tax rate for the thirteen weeks ended August 2, 2025 was higher than the comparable prior year period primarily due to non-deductible expenses, partially offset by discrete items, which includes the impact of share-based accounting.

Current wording

Our effective tax rate for the thirteen weeks ended November 1, 2025 was 25.7% compared to 23.4% in the thirteen weeks ended November 2, 2024. Our effective tax rate for the thirteen weeks ended November 1, 2025 was higher than the comparable prior year period primarily due to non-deductible expenses, partially offset by discrete items, which includes the impact of share-based accounting.

Previous wording

As a result of the foregoing, net income increased to $42.8 million in thethirteen weeks ended August 2, 2025 from $33.0 million in the thirteen weeks ended August 3, 2024, an increase of $9.8 million or 29.6%.

Current wording

As a result of the foregoing, net income increased to $36.5 million in the thirteen weeks ended November 1, 2025 from $1.7 million in the thirteen weeks ended November 2, 2024, an increase of $34.8 million.

Previous wording

Twenty-Six Weeks Ended August 2, 2025 Compared to the Twenty-Six Weeks Ended August 3, 2024

Current wording

Thirty-Nine Weeks Ended November 1, 2025 Compared to the Thirty-Nine Weeks Ended November 2, 2024

Previous wording

Net sales increased to $1,997.4 million in the twenty-six weeks ended August 2, 2025 from $1,641.9 million in the twenty-six weeks ended August 3, 2024, an increase of $355.5 million, or 21.6%. The increase was the result of a non-comparable sales increase of $201.8 million and a comparable sales increase of $153.7 million. The increase in non-comparable sales was primarily driven by the number of stores that opened in fiscal 2024 but have not been open for 15 full months and new stores that opened in fiscal 2025.

Current wording

Net sales increased to $3,035.7 million in the thirty-nine weeks ended November 1, 2025 from $2,485.6 million in the thirty-nine weeks ended November 2, 2024, an increase of $550.1 million, or 22.1%. The increase was the result of a non-comparable sales increase of $282.6 million and a comparable sales increase of $267.5 million. The increase in non-comparable sales was primarily driven by the number of stores that opened in fiscal 2024 but have not been open for 15 full months and new stores that opened in fiscal 2025.

Previous wording

Comparable sales increased 9.8%. This increase resulted from increases of approximately 7.5% in the number of transactions and approximately 2.1% in the average dollar value of transactions.

Current wording

Comparable sales increased 11.3%. This increase resulted from increases of approximately 7.4% in the number of transactions and approximately 3.7% in the average dollar value of transactions.

Previous wording

Cost of goods sold increased to$1,331.1 million in thetwenty-six weeks ended August 2, 2025 from$1,106.6 million in thetwenty-six weeks ended August 3, 2024, an increase of $224.5 million, or 20.3%. The increase in cost of goods sold was primarily the result of increases in merchandise cost of goods sold resulting from an increase in net sales and store occupancy costs resulting from new store openings.

Current wording

Cost of goods sold increased to $2,018.0 million in the thirty-nine weeks ended November 1, 2025 from $1,692.3 million in the thirty-nine weeks ended November 2, 2024, an increase of $325.7 million, or 19.2%. The increase in cost of goods sold was primarily the result of increases in merchandise cost of goods sold resulting from an increase in net sales and store occupancy costs resulting from new store openings.

Previous wording

Gross profit increased to$666.3 million in thetwenty-six weeks ended August 2, 2025 from$535.3 million in thetwenty-six weeks ended August 3, 2024, anincrease of$131.0 million, or 24.5%. Gross margin increased to 33.4% in the twenty-six weeks ended August 2, 2025 from 32.6% in the twenty-six weeks ended August 3, 2024, an increase of approximately 80 basis points. The increase in gross margin was primarily the result of a decrease as a percentage of net sales in in store occupancy costs.

Current wording

Gross profit increased to $1,017.7 million in the thirty-nine weeks ended November 1, 2025 from $793.3 million in the thirty-nine weeks ended November 2, 2024, an increase of $224.4 million, or 28.3%. Gross margin increased to 33.5% in the thirty-nine weeks ended November 1, 2025 from 31.9% in the thirty-nine weeks ended November 2, 2024, an increase of approximately 160 basis points. The increase in gross margin was primarily the result of decreases as a percentage of net sales in store occupancy costs and merchandise cost of goods sold, which included lapping the impact of a non-recurring inventory write-off.

Previous wording

Selling, general and administrative expenses (including depreciation and amortization) increased to $563.1 million in the twenty-six weeks ended August 2, 2025 from $457.6 million in the twenty-six weeks ended August 3, 2024, an increase of $105.5 million, or 23.0%. As a percentage of net sales, selling, general and administrative expenses (including depreciation and amortization) increased approximately 30 basis points to 28.2% in the twenty-six weeks ended August 2, 2025 from 27.9% in the twenty-six weeks ended August 3, 2024. The increase in selling, general and administrative expenses (including depreciation and amortization) was the result of an increase of $70.6 million in store-related expenses primarily to support new and existing stores. Also contributing to the increase in selling, general and administrative expenses (including depreciation and amortization) was an increase of $34.9 million in corporate-related expenses primarily due to higher incentive compensation.

Current wording

Selling, general and administrative expenses (including depreciation and amortization) increased to $871.2 million in the thirty-nine weeks ended November 1, 2025 from $716.3 million in the thirty-nine weeks ended November 2, 2024, an increase of $154.9 million, or 21.6%. As a percentage of net sales, selling, general and administrative expenses (including depreciation and amortization) decreased approximately 10 basis points to 28.7% in the thirty-nine weeks ended November 1, 2025 from 28.8% in the thirty-nine weeks ended November 2, 2024. The increase in selling, general and administrative expenses (including depreciation and amortization) was the result of an increase of $110.4 million in store-related expenses primarily to support new and existing stores. Also contributing to the increase in selling, general and administrative expenses (including depreciation and amortization) was an increase of $44.5 million in corporate-related expenses primarily due to higher incentive compensation.

Previous wording

Income tax expense increased to $30.5 million in the twenty-six weeks ended August 2, 2025 from $21.2 million in the twenty-six weeks ended August 3, 2024, an increase of $9.3 million or 43.6%. The increase in income tax expense was primarily due to the $28.7 million increase in pre-tax income, discrete items, which includes the impact of share-based accounting, and non-deductible expenses.

Current wording

Income tax expense increased to $43.1 million in the thirty-nine weeks ended November 1, 2025 from $21.8 million in the thirty-nine weeks ended November 2, 2024, an increase of $21.3 million or 98.2%. The increase in income tax expense was primarily due to the $75.6 million increase in pre-tax income, non-deductible expenses, and discrete items, which includes the impact of share-based accounting.

Previous wording

Our effective tax rate for the twenty-six weeks ended August 2, 2025 was 26.7% compared to 24.8% in the twenty-six weeks ended August 3, 2024. Our effective tax rate for the twenty-six weeks ended August 2, 2025 was higher than the comparable prior year period primarily due to discrete items, which includes the impact of share-based accounting, and non-deductible expenses.

Current wording

Our effective tax rate for the thirty-nine weeks ended November 1, 2025 was 26.4% compared to 24.7% in the thirty-nine weeks ended November 2, 2024. Our effective tax rate for the thirty-nine weeks ended November 1, 2025 was higher than the comparable prior year period primarily due to non-deductible expenses and discrete items, which includes the impact of share-based accounting.

Previous wording

As a result of the foregoing, net income increased to $83.9 million in the twenty-six weeks ended August 2, 2025 from $64.5 million in the twenty-six weeks ended August 3, 2024, an increase of $19.4 million or 30.2%.

Current wording

As a result of the foregoing, net income increased to $120.4 million in the thirty-nine weeks ended November 1, 2025 from $66.2 million in the thirty-nine weeks ended November 2, 2024, an increase of $54.2 million or 82.0%.

Previous wording

Cash capital expenditures typically vary depending on the timing of new store openings and infrastructure-related investments. We plan to make cash capital expenditures of approximately $210 million in fiscal 2025, which exclude the impact of tenant allowances, and which we expect to fund from cash generated from operations, cash on hand, investments and, as needed, borrowings under our Revolving Credit Facility. We expect to incur approximately $110 million of our cash capital expenditure budget in fiscal 2025 to construct and open approximately 150 net new stores, with the remainder projected to be spent on our store relocations and remodels, corporate infrastructure and shipcenter facilities.

Current wording

Cash capital expenditures typically vary depending on the timing of new store openings and infrastructure-related investments. We plan to make cash capital expenditures of approximately $200 million in fiscal 2025, which exclude the impact of tenant allowances, and which we expect to fund from cash generated from operations, cash on hand, investments and, as needed, borrowings under our Revolving Credit Facility. We expect to incur approximately $110 million of our cash capital expenditure budget in fiscal 2025 to construct and open approximately 150 net new stores, with the remainder projected to be spent on our store relocations and remodels, corporate infrastructure and shipcenter facilities.

Previous wording

Historically, we have funded our capital expenditures and working capital requirements during the fiscal year with cash on-hand, net cash provided by operating activities and borrowings under our Revolving Credit Facility, which expires in September 2027, as needed, and we expect that funding to continue. When we have used our Revolving Credit Facility, the amount of indebtedness outstanding under it has tended to be the highest in the beginning of the fourth quarter of each fiscal year. To the extent that we have drawn on the facility, we have paid down the borrowings before the end of the fiscal year with cash generated during our peak selling season in the fourth quarter. As of August 2, 2025, we did not have any direct borrowings under our Revolving Credit Facility and had approximately $225 million available on the line of credit.

Current wording

Historically, we have funded our capital expenditures and working capital requirements during the fiscal year with cash on-hand, net cash provided by operating activities and borrowings under our Revolving Credit Facility, which expires in September 2027, as needed, and we expect that funding to continue. When we have used our Revolving Credit Facility, the amount of indebtedness outstanding under it has tended to be the highest in the beginning of the fourth quarter of each fiscal year. To the extent that we have drawn on the facility, we have paid down the borrowings before the end of the fiscal year with cash generated during our peak selling season in the fourth quarter. As of November 1, 2025, we did not have any direct borrowings under our Revolving Credit Facility and had approximately $220 million available on the line of credit, net of$5 million in outstanding letters of credit.

Previous wording

On November 27, 2023, our Board of Directors approved a new share repurchase program for up to $100 million of our common stock through November 27, 2026. In fiscal 2024, we purchased 266,997 shares at an aggregate cost of approximately $40.0 million, or an average price of $149.79 per share. There were no repurchases during the twenty-six weeks ended August 2, 2025. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be modified or discontinued at any time.

Current wording

On November 27, 2023, our Board of Directors approved a new share repurchase program for up to $100 million of our common stock through November 27, 2026. In fiscal 2024, we purchased 266,997 shares at an aggregate cost of approximately $40.0 million, or an average price of $149.79 per share. There were no repurchases during the thirty-nine weeks ended November 1, 2025. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be modified or discontinued at any time.

Previous wording

Net cash provided by operating activities for the twenty-six weeks ended August 2, 2025 was $225.7 million, an increase of $128.0 million compared to the twenty-six weeks ended August 3, 2024. The increase was primarily due to changes in working capital and an increase in operating cash flows from store performance, partially offset by an increase in income taxes paid.

Current wording

Net cash provided by operating activities for the thirty-nine weeks ended November 1, 2025 was $145.5 million, an increase of $78.4 million compared to the thirty-nine weeks ended November 2, 2024. The increase was primarily due to an increase in operating cash flows from store performance, partially offset by an increase in income taxes paid and changes in working capital.

Previous wording

Cash Provided by (Used in) Investing Activities

Current wording

Cash Used in Investing Activities

Previous wording

Net cash provided by investing activities for the twenty-six weeks ended August 2, 2025 was $8.7 million, an increase of $30.7 million compared to the twenty-six weeks ended August 3, 2024. The increase was primarily due to a decrease in capital expenditures, partially offset by an increase in net purchases of investment securities and other investments.

Current wording

Net cash used in investing activities for the thirty-nine weeks ended November 1, 2025 was $121.7 million, an increase of $91.0 million compared to the thirty-nine weeks ended November 2, 2024. The increase was primarily due to an increase in net purchases of investment securities and other investments, partially offset by a decrease in capital expenditures.

Previous wording

Net cash used in financing activities for the twenty-six weeks ended August 2, 2025 was $3.4 million, a decrease of $43.0 million compared to the twenty-six weeks ended August 3, 2024. The decrease was primarily due to a decrease in the repurchase and retirement of common stock.

Current wording

Net cash used in financing activities for the thirty-nine weeks ended November 1, 2025 was $4.6 million, a decrease of $41.9 million compared to the thirty-nine weeks ended November 2, 2024. The decrease was primarily due to a decrease in the repurchase and retirement of common stock.

Previous wording

From February 2, 2025 to August 2, 2025, we have entered into 85 new fully executed retail leases with average terms of approximately 10 years and other lease modifications that have future minimum lease payments of approximately $168.3 million.

Current wording

From February 2, 2025 to November 1, 2025, we have entered into 102 new fully executed retail leases with average terms of approximately 10 years and other lease modifications that have future minimum lease payments of approximately $193.5 million.