Five Below Stock Jumps on New CEO, Raised Outlook | Global News Avenue

The following five shares (fiveShares of the discount retailer soared more than 13% in premarket trading after the discount retailer announced a new chief executive and raised its outlook for the year, citing “strong” Black Friday sales.

On Thursday, Five Below announced the appointment of Forever 21’s Winnie Park as its new CEO. The company announced the sudden departure of CEO Joel Anderson. Julywhile lowering its sales guidance. then, chief operating officer Kenneth Bull fills the role on an interim basis.

“Strong results over the Black Friday weekend provide an encouraging start to the holiday season, although the highest volume days are still ahead,” Buell said. “In addition, there are five fewer shopping days between Thanksgiving and Christmas this year, which is also reflected in our outlook.”

Full-year forecast raised

Investors were pleased with the company’s outlook for the upgrade.

Net sales for the year are expected to be between $3.84 billion and $3.87 billion, assuming comparable sales decline approximately 3%. This compares to a previous forecast of net sales of $3.73 billion to $3.8 billion, which assumed comparable sales would decline approximately 4% to 5.5%.

After adjustment Earnings per share (EPS) The price range is expected to be $4.78 to $4.96, compared with the previous range of $4.35 to $4.71.

Third-quarter results also exceeded expectations. Net sales of $843.7 million exceeded analysts’ expectations of $797.4 million polled by Visible Alpha. Adjusted earnings per share were 42 cents, also beating estimates of 16 cents.

JPMorgan analysts noted that Five Below management said on an earnings call that store traffic began to pick up in the middle of the second quarter, marking a “180-degree turn” from the second quarter. Analysts raised their price target on the stock to $110 from $83 per share, but remained underweight.

Here are five stocks that have lost half their value this year.