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    Home - E-commerce & Retail - Five Below names chief marketing officer, hints at ‘selective’ price adjustments
    E-commerce & Retail

    Five Below names chief marketing officer, hints at ‘selective’ price adjustments

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    Five Below names chief marketing officer, hints at ‘selective’ price adjustments
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    Dive Brief:

    • Five Below hired Jacob Hawkins as chief marketing officer, CEO Winnie Park said on Wednesday during an earnings call. He was previously Forever 21’s chief marketing, digital and omni officer, according to a LinkedIn profile.
    • Park said Hawkins will play an important role in raising brand awareness as many customers — especially the retailer’s target audience of elementary, middle and high schoolers — start their shopping journeys online. Five Below says it sees opportunities to direct more of its marketing spend to expanding work with creators on social media.  
    • Five Below reported its fourth quarter and full year earnings Wednesday. Q4 net sales rose 4% to $1.39 billion, when excluding the impact of an extra week. Full year net sales rose 8.9% to $3.88 billion when also excluding the impact of an extra week, while net income fell 5.1% to $277.8 million. Annual comps fell by 2.7%.

    Dive Insight:

    Five Below’s business reset, which began nearly a year ago and preceded Park’s December arrival, is working, analysts and the company said this week. 

    “The 4Q24 results reflect progress on the company’s transformation, which is focused on bringing newness in merchandising, increasing value, and improving the store experience,” Telsey Advisory Group analysts led by Joe Feldman said in a Thursday note.

    As part of the reset, Park said Five Below is returning to its “core focus at whole $1 to $5 price points.” It’s also working to simplify the shopping experience and operations. However, the uncertainty of tariffs could derail the company’s efforts to accelerate its recovery and growth, Chief Financial Officer and Treasurer Kristy Chipman said during the call. 

    “We’ve navigated tariffs before,” Chipman said. “However, the breadth and magnitude of the recently announced tariffs are significant given that approximately 60% of our total cost of goods are imported from China, either directly or through our domestic vendors.”

    As part of its response to tariff changes, Chipman said the retailer will make “selective price adjustments” mostly within its $1 to $5 product range. It’s also working to diversify sourcing and increase focus on product newness. 

    Chief Operating Officer Ken Bull, who served as interim CEO before Park’s appointment three months ago, described 2024 as “a tale of two halves,” as performance during the first part of the year missed the company’s expectations. 

    Five Below’s net sales rose nearly 12% year over year during Q1 of 2024, but comp sales fell by 2.3% from the prior year. In response, Bull said during the earnings call, through the second half of the year the company improved its operational execution with better staffing, optimized its labor and workflow, and improved its in-stock rates. The changes helped drive sales that exceeded the high end of guidance.

    Most shopping journeys begin online, according to a January survey by Emarketer and Impact.com. Park said a key part of the ongoing reset is working to meet customers where they are, both digitally and online with improved social media engagement and enhanced omnichannel offerings. 

    Chipman said the company’s guidance reflects a tariff-related margin headwind. For the full year, net sales should range from $4.21 billion to $4.33 billion with the expectation of opening 150 new stores, while comps are forecast to range from flat to up 3%.

    Five Below opened 228 new stores in 2024, including its first store in Wyoming. The retailer reported operating 1,771 stores in 44 states for the quarter ended Feb. 1, a year over year store count rise of nearly 15%. Looking ahead, Bull said the company still sees an opportunity to grow its physical presence to 3,500 stores. The retailer is eyeing the Pacific Northwest as its next expansion market.



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