Five Below, Inc. (NASDAQ: FIVE) reported its fiscal first quarter earnings after the markets closed on Wednesday. The retailer had $0.08 in earnings per share (EPS) on $153.7 million in revenue which beat Thomson Reuters consensus estimates of $0.07 in EPS on $151.32 million in revenue.

Revenues increased by 22% from $126.00 million in the first quarter of the previous year.  At the same time, the company had $0.07 in EPS.

The company expects net sales in the fiscal second quarter to be in the range of $182 million to $185 million and GAAP EPS to be in the range of $0.12 to $0.13. There are consensus estimates of $0.12 in EPS and $182.34 million in revenue for the fiscal second quarter.

Five Below opened 19 new stores during this quarter and ended the quarter with 385 stores in 23 states, representing a 19% increase from the fiscal first quarter of 2014. The company expects to open 25 additional stores during the second fiscal quarter, and for the fiscal year Five Below expects to open 70 new stores.

The main goal that Five Below is pursuing is store growth, as it plans to expand into 6 new states in 2015.

Joel Anderson, CEO of Five Below, commented on earnings:

We are pleased with our first quarter results. Continued strength in new store performance drove the sales and earnings upside versus our guidance, reinforcing our excitement and confidence in the store growth potential for this brand. During the quarter we opened 19 new locations, including our entry into the new states of Kentucky and Alabama.

The CEO went on to say:

Our entire team is intently focused on driving brand awareness and engagement through marketing enhancements, continually updating our merchandise mix to keep the stores looking fresh and the product presentation compelling, and ensuring that we have the proper systems and infrastructure in place as we continue to grow and scale Five Below.

At the end of this quarter the company had $52.4 million in cash and cash equivalents compared to $17.8 million in the same period last year.

Shares of Five Below closed Wednesday up 2.5% at $35.10 on a 52-week trading range of $28.51 to $47.89. Following the earnings report, shares were up 9% at $38.35 in the after-hours. The stock has a consensus analyst price target of $40.13.

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