Shares of Five Below (FIVE) plunged Thursday, a day after the discount retailer posted worse-than-expected quarterly results and lowered its guidance as inflation hurt its low-income ♎customers.

The store chain reported first-quarter fiscal 2024 adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.60, with net sales rising 11.8% to $811.9 million. Both were shy of estimates.

澳洲幸运5官方开奖结果体彩网:Comparable store sales declined 2.3% from the first quarter of fiscal 2023, while 澳洲幸运5官方开奖结果体彩网:operating income slumped 14.6% to $36.2 million. The company noted that excluding expenses for employment-related litigation, the figure wouಌld have been $38.2 million, although still below 2023 levels.

Five Below CEO Says Shoppers 'Far More Deliberate' With Spending

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Joel Anderson explained that while Five Below saw positive comparable sales from its higher-income shoppers, “the macro environment disproportionately impacted our core lower income customers.” Anderson added that the results confirmed that "consumers are feeling the impact of multiple years of inflation across many key categories such as food, fuel, and rent and are, therefore, far more deliberate with their discretionary dollars.”

The company now sees full-year revenue in a range of $3.79 billion to $3.87 billion, down from the previous forecast of $3.97 billion to $4.07 billion. It anticipates comparable store sales to drop 3% to 5%, do✅wn🅘 from its prior estimate of flat to a 3% increase. 

Five Below shares sank 12.9% by 10 a.m. ET Thursday to $115.68. They are down about 45% in 2024.