Five Below (NASDAQ:FIVE), the discount American retailer, saw its stock drop 15% following the departure of chief executive Joel Anderson with immediate effect.
The company, in a statement after Tuesday’s close, announced that Kenneth Bull would be its interim chief executive, and, the board had launched the search for a permanent replacement.
Five Below (NASDAQ:FIVE) founder and chair Thomas Vellios has taken up executive responsibilities to support Bull.
At the same time, Five Below announced downgraded second-quarter guidance.
It reported a 9.5% increase in total sales for the 10-week period ended July 13, 2024, compared to the same period last year. But, comparable sales decreased by 5.0%.
Five Below updated its second-quarter guidance, now expecting sales to be between $820 million and $826 million, with a decrease in comparable sales by 6% to 7%.