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Shares of value retailer Five Below Inc (NASDAQ:FIVE) are diving Wednesday after the company announced a CEO transition and provided updated guidance for the second quarter. Multiple analysts downgraded the stock and slashed price targets following the announcements.
What To Know: Five Below announced that Joel Anderson stepped down from his roles as president and CEO to pursue other interests. Anderson will also step down from the company's board.
COO Kenneth Bull has been named interim president and CEO, effective immediately. Five Below co-founder, non-executive chairman and former CEO Thomas Vellios will assume the role of executive chairman on an interim basis to support the executive leadership team while the board looks for a permanent CEO.
Five Below also announced that total sales for the 10 weeks ending July 13 increased 9.5% on a year-over-year basis, but said comparable sales fell 5%.
As a result, the company now expects second-quarter sales of $820 million to $826 million and anticipates a 6% to 7% decrease in comparable sales. Diluted income per common share is expected to be in the range of 53 cents to 56 cents per share.
Related Link: Amazon To Rally Around 9%? Here Are 10 Top Analyst Forecasts For Wednesday
Analyst Changes:
FIVE Price Action: Five Below shares were down 14.3% at $87.52 at the time of publication, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
Posted In: FIVE