<h3>深度简报：</h3>
<ul>
<li>Five Below 在商店中取消了 “Five Beyond” 专区，并将产品整合到相关商品类别中，首席执行官 Winnie Park 在周三的财报电话会议上告诉分析师。Five Beyond 的店中店概念突出了高价产品，并在 2021 年经过试点测试后推出。</li>
<li>根据周三发布的信息，该零售商第一季度的净销售额增长了 32.5%，接近 13 亿美元。可比销售额增长了 22.7%，Five Below 将其之前提供的全年销售预期上调至 54 亿至 54.8 亿美元的范围。</li>
<li>Park 告诉分析师，Five Below 在这一季度的增长在各个部门都很广泛，尤其是游戏和玩具受到了 “整体软玩具趋势” 的推动。</li>
</ul>
<h3>深度洞察：</h3>
<p>像软玩具这样的病毒趋势，以及在 Park 任期内的运营变化，正在与消费者产生共鸣。</p>
<p>“在我们的门店中，我们为全家提供有趣的寻宝购物体验，” Park 在电话会议上说。“我们的劳动力模型旨在确保库存充足，同时我们简化的定价结构和改善的视觉展示使我们的商店更容易购物。”</p>
<p>首席执行官补充说，Five Below 现在正在测试新的布局和设计，以进一步改善购物体验，价值仍然是公司产品的 “关键组成部分”。</p>
<p>Five Below 第一季度的可比增长主要是由于交易量增长了 19%。在此期间，平均消费额 modestly 增加了 4%。</p>
<p>Jefferies 的分析师在周四的电子邮件中表示，交易量的这种不成比例增长可能是由于病毒趋势的巨大影响。</p>
<p>“虽然 18 个部门中有 15 个的可比销售额表现积极，但第一季度的超常结果主要是受到软玩具趋势的推动，这吸引了流量，但产生了较小的购物篮，并解释了交易增长与消费额之间的巨大差距，” Jefferies 的分析师表示，并补充说业务仍然很好。</p>
<p>根据 William Blair 分析师在周四的报告，巨大的可比增长在股市中引发了 “好消息是坏消息” 的反应。尽管表现积极，Five Below 的股票仍然下跌，因为投资者担心 2027 年面临更艰难的同比可比销售情况以及第一季度销售的趋势依赖性。</p>
<p>“在我们看来，Five Below 是本次财报周期中最新的消费者品牌，成为轮换交易的受害者，似乎无论公司报告什么，抛售都是不可避免的，” William Blair 的分析师指出。</p>
<p>高管在电话会议上表示，退税也对第一季度的业绩产生了积极影响。公司正在监测这些退税的影响减弱以及其他宏观压力对消费者的影响。</p>
<p>“我们保持谨慎，” 首席财务官 Daniel Sullivantold 在电话会议上告诉分析师。“我们关注客户所处的世界，燃料成本上升，通货膨胀持续，劳动力市场略显疲软。我们认为，他们所感受到的一部分痛苦在第一季度并未显现，纯粹是因为同比的税收收入显著上升。”</p>
<p>这种谨慎影响了公司未来的可比增长预测，GlobalData 的董事总经理 Neil Saunder 在周四的电子邮件评论中表示。</p>
<p>“展望未来，前景仍然非常积极，但受到了一定程度的谨慎影响，” Saunders 指出。“第二季度的可比增长预计在 7% 到 9% 之间。这是市场超越的，但显然低于当前水平。虽然一些投资者感到失望，但我们认为这是一项突出的表现——尤其是该连锁店正在面对更艰难的去年同期数据，而消费者环境可能会稍微放缓。”</p>

FIVE

<p>Five Below 取消了其 “Five Beyond” 区域，将高价商品整合到标准类别中。第一季度净销售额增长 32.5%，达到 13 亿美元，可比销售额增长 22.7%，主要受流行趋势如软玩具和退税的推动。公司将全年销售指引上调至 54 亿至 54.8 亿美元。尽管业绩强劲，但由于投资者对未来可比增长和对短期趋势的依赖表示担忧，股价下跌。管理层对通货膨胀等宏观压力保持谨慎态度</p>

<h3>Dive Brief:</h3>
<div class="lb-trans"><h3>深度简报：</h3>
</div><ul>
<li>Five Below got rid of its “Five Beyond” section in stores and integrated the products in line with their applicable merchandise categories, CEO Winnie Park told analysts on an earnings call Wednesday. The Five Beyond store-within-a-store concept highlighted higher-priced products and was rolled out following pilot tests in 2021.</li>
<li>The retailer’s first quarter net sales increased by 32.5% to nearly $1.3 billion, per a Wednesday release. Comparable sales increased by 22.7%, and Five Below raised its previously provided full-year sales expectations to now be in a range from $5.4 billion to $5.48 billion.</li>
<li>Five Below’s growth in the quarter was broad-based across departments, with games and toys driven in particular by “the overall squishy trend,” Park told analysts.</li>
</ul>
<div class="lb-trans"><ul>
<li>Five Below 在商店中取消了 “Five Beyond” 专区，并将产品整合到相关商品类别中，首席执行官 Winnie Park 在周三的财报电话会议上告诉分析师。Five Beyond 的店中店概念突出了高价产品，并在 2021 年经过试点测试后推出。</li>
<li>根据周三发布的信息，该零售商第一季度的净销售额增长了 32.5%，接近 13 亿美元。可比销售额增长了 22.7%，Five Below 将其之前提供的全年销售预期上调至 54 亿至 54.8 亿美元的范围。</li>
<li>Park 告诉分析师，Five Below 在这一季度的增长在各个部门都很广泛，尤其是游戏和玩具受到了 “整体软玩具趋势” 的推动。</li>
</ul>
</div><h3>Dive Insight:</h3>
<div class="lb-trans"><h3>深度洞察：</h3>
</div><p>Viral trends, such as Squishy Dumpling toys, and operational changes during the course of Park’s tenure are resonating with shoppers.</p>
<div class="lb-trans"><p>像软玩具这样的病毒趋势，以及在 Park 任期内的运营变化，正在与消费者产生共鸣。</p>
</div><p>“Across our fleet, we host fun treasure hunt shopping experiences for the whole family,” Park said on the call. “Our labor model is designed to ensure in-stock positions, while we simplified pricing structure and improved visual presentations have made our stores easier to shop.”</p>
<div class="lb-trans"><p>“在我们的门店中，我们为全家提供有趣的寻宝购物体验，” Park 在电话会议上说。“我们的劳动力模型旨在确保库存充足，同时我们简化的定价结构和改善的视觉展示使我们的商店更容易购物。”</p>
</div><p>The chief executive added that Five Below is now testing new layouts and designs in stores to further improve the shopping experience, with value remaining a “critical component” to the company’s offerings.</p>
<div class="lb-trans"><p>首席执行官补充说，Five Below 现在正在测试新的布局和设计，以进一步改善购物体验，价值仍然是公司产品的 “关键组成部分”。</p>
</div><p>Five Below’s Q1 comp growth was mainly driven by a 19% increase in transactions. Average ticket increased more modestly by 4% during the period.</p>
<div class="lb-trans"><p>Five Below 第一季度的可比增长主要是由于交易量增长了 19%。在此期间，平均消费额 modestly 增加了 4%。</p>
</div><p>That disproportionate growth stemming from transactions is likely due to outsized impact of viral trends, Jefferies analysts said in an emailed note Thursday.</p>
<div class="lb-trans"><p>Jefferies 的分析师在周四的电子邮件中表示，交易量的这种不成比例增长可能是由于病毒趋势的巨大影响。</p>
</div><p>“While 15 of 18 departments comped positively, the outsized Q1 result was disproportionately fueled by the squishy trend, which drove traffic but produced smaller baskets and explains the wide gap between transaction growth and ticket,” the Jefferies analysts said, adding that the business is still great.</p>
<div class="lb-trans"><p>“虽然 18 个部门中有 15 个的可比销售额表现积极，但第一季度的超常结果主要是受到软玩具趋势的推动，这吸引了流量，但产生了较小的购物篮，并解释了交易增长与消费额之间的巨大差距，” Jefferies 的分析师表示，并补充说业务仍然很好。</p>
</div><p>The monstrous comp growth has set up a &#34;good news is bad news&#34; reaction in the stock market, according to William Blair analysts in a Thursday note. Five Below's shares were down, despite the positive performance, because investors are concerned about the set up for tougher year-over-year comps in 2027 and the trend-reliance in Q1 sales.</p>
<div class="lb-trans"><p>根据 William Blair 分析师在周四的报告，巨大的可比增长在股市中引发了 “好消息是坏消息” 的反应。尽管表现积极，Five Below 的股票仍然下跌，因为投资者担心 2027 年面临更艰难的同比可比销售情况以及第一季度销售的趋势依赖性。</p>
</div><p>&#34;In our view, Five Below is the latest consumer name falling victim to the rotation trade this earnings cycle, where its seems like a sell-off is inevitable no matter what the company reports,&#34; William Blair analysts noted.</p>
<div class="lb-trans"><p>“在我们看来，Five Below 是本次财报周期中最新的消费者品牌，成为轮换交易的受害者，似乎无论公司报告什么，抛售都是不可避免的，” William Blair 的分析师指出。</p>
</div><p>Tax refunds also contributed positively to Q1 results, executives said on the call. The company is monitoring the waning impact of those refunds along with other macro pressures on the consumer.</p>
<div class="lb-trans"><p>高管在电话会议上表示，退税也对第一季度的业绩产生了积极影响。公司正在监测这些退税的影响减弱以及其他宏观压力对消费者的影响。</p>
</div><p>“We're being cautious,” CFO Daniel Sullivantold analysts. “We're looking at the world that our customers are living in with rising fuel costs with very sticky inflation with a somewhat soft labor market. And we think a piece of that pain that they are feeling wasn't felt in the first quarter purely because of tax proceeds year-over-year that were significantly up.”</p>
<div class="lb-trans"><p>“我们保持谨慎，” 首席财务官 Daniel Sullivantold 在电话会议上告诉分析师。“我们关注客户所处的世界，燃料成本上升，通货膨胀持续，劳动力市场略显疲软。我们认为，他们所感受到的一部分痛苦在第一季度并未显现，纯粹是因为同比的税收收入显著上升。”</p>
</div><p>That caution has impacted the company’s comp growth projections looking forward, GlobalData Managing Director Neil Saunder said in emailed comments Thursday.</p>
<div class="lb-trans"><p>这种谨慎影响了公司未来的可比增长预测，GlobalData 的董事总经理 Neil Saunder 在周四的电子邮件评论中表示。</p>
</div><p>“Looking ahead, the outlook remains very positive but is tempered by a dose of caution,” Saunders noted. “Comparable growth is projected to be around 7% to 9% for the second quarter. This is market beating, but obviously a step down from current levels. While some investors are disappointed, we believe it to be a standout performance – especially as the chain is lapping tougher prior year numbers and the consumer environment may soften a little.”</p>
<div class="lb-trans"><p>“展望未来，前景仍然非常积极，但受到了一定程度的谨慎影响，” Saunders 指出。“第二季度的可比增长预计在 7% 到 9% 之间。这是市场超越的，但显然低于当前水平。虽然一些投资者感到失望，但我们认为这是一项突出的表现——尤其是该连锁店正在面对更艰难的去年同期数据，而消费者环境可能会稍微放缓。”</p>
</div>

Five Below 取消了 ‘Five Beyond’ 店内区域