Five Below Plans to Open 200 More Stores in 2023

By Jack Rogers for Globest.com

Citing “momentum” from its holiday sales, retail chain Five Below has announced the most aggressive expansion plan in its history, opening new stores in 200 locations this year.

The company announced its latest expansion blueprint in a release detailing Five Below’s sales for the holiday season stretching from Oct. 30 to Jan.7.

Five Below said its sales rose 11.2% during this period, topping $1B for the first time; this compared with $902M in 2021 when the chain broke even. Five Below expects its net sales to come in (its fiscal year ends Jan. 28) above $3B for 2022.

Discount retail chains have been a hot growth sector in the past year.

Dollar stores, boosted by demand for less expensive groceries and goods of all types in underserved rural as well as urban areas, outpaced other retailers in new store openings, according to a report last month in the Wall Street Journal.

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