Five Below (NASDAQ:FIVE) stock is climbing higher on Thursday following the release of its earnings report for the third quarter of 2022.
That earnings report starts with the company’s diluted EPS of 29 cents. That’s better than the 15 cents per share Wall Street had expected for the quarter, even if it is a drop from the 43 cents reported in Q3 2021.
Adding to that is the discount retailer’s revenue of $645 million. That’s more good news for FIVE stock compared to analysts’ revenue estimate of $614 million. It’s also a 6.2% year-over-year (YOY) increase from $607.6 million.
Joel Anderson, President and CEO of Five Below, said the following in the earnings report:
“We delivered third quarter results that were better than our guidance in spite of the difficult macro environment and challenging year-over-year comparison. Our performance was driven by ticket and transaction metrics that improved throughout the quarter, disciplined expense management and continued focus on our long-term Triple Double vision.”
Q4 Guidance Is Also Boosting FIVE Stock
FIVE stock is also gaining thanks to a strong outlook for the upcoming quarter. Specifically, the company expects diluted EPS to range from $2.93 to $3.09 on revenue of between $1.08 billion and $1.11 billion. To put that in perspective, Wall Street’s guidance has diluted EPS and revenue coming in at $2.93 and $1.07 billion, respectively.
FIVE stock is up 10.7% as of Thursday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.