Teen and tween value retailer Five Below isn’t backing down from its rapid store expansion anytime soon.
The company on Thursday said it will open 145 to 150 stores in fiscal 2019, up from 125 new locations last year.
Five Below, which currently has 750 stores in 33 states, sees the potential for 2,500-plus stores in the United States.
“Our 2018 store openings are on track to be another record class with first year average unit volumes expected to be over $2 million,” said CEO and president Joel Anderson. “We are excited to continue our high growth with a record number of new store openings and remain confident in our 20/20 through 2020 goals and our ability to reach our 2,500+ U.S. store potential.”
The retailer’s store opening plans were included in its fourth quarter results. Net income totaled $89.3 million, or $1.59 per share, for the quarter ended Feb. 2, up from $67.4 million, or $1.21 per share,…