Two Five Below insiders sold roughly $3.7 million in company stock days after the discount retailer posted strong second-quarter results and raised its full-year guidance. Director Michael Devine sold about 4,250 shares on Sept. 4 in two batches, roughly 3,400 shares at $250.44 each and 850 shares at $251.28 each, for a total of about $1.1 million, leaving him 12,953 shares worth approximately $3.1 million at the current price of $243. Chief Operating Officer Kenneth Bull sold about 1,510 shares the same day at prices ranging from $240 to $255, averaging $248, for roughly $2.6 million, and still holds about 75,064 shares worth approximately $18.2 million. The sales followed Five Below's Sept. 2 earnings report, in which net sales rose 23% to $1.3 billion, comparable store sales surged 14%, adjusted operating income jumped 105% to $113 million, and adjusted net income climbed 108% to $93.4 million, or $1.68 per share. The company raised its full-year outlook to $5.63 billion to $5.71 billion in net sales, 10% to 12% comparable sales growth, and adjusted earnings per share of $9.83 to $10.31, and launched a $600 million share buyback program. Analysts upgraded their targets after the report, with Morgan Stanley raising its target by $65 to $300 per share and UBS lifting its target by $40 to $325 per share.
Morgan Stanley
UBS Group AGFive Below IncInsiders sold $3.7M after strong Q2 results, raised guidance, and a $600M buyback; mixed signal for the stock.
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