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He's our chief retail officer. This article is a transcript of this conference call produced for The Motley Fool. And one of the biggest anniversaries and challenges is going up against the stimulus. That's our amazing product and expert merchandising that really is the foundation of what we do. This is what we think of internally as a semi-rural surprise. And we're not planning to. Now look, this team was with me throughout the overwhelming majority of our 2020 through 2020 journey. Creating moments and memories like this for Henry are at the heart of our purpose. My basketball also has a number on it. Yeah. And those interactions provided them key insights that allowed them to dial in both the experience and the assortment. Gross margin increased by about 10 basis points over last year, driven by efficiencies and leverage, which were partially offset by higher inbound freight costs and the shift in store freight we discussed on our third quarter call. And finally, the most exciting part of the day is we're going to finish with a tour of our new store, our new prototype. It's no small feet what we've accomplished. Question is, the math, going forward is going to be better on comp? Jeremy Hamblin from Craig-Hallum. We're not category constrained.

And growth, we've got Five Below anywhere, and Five Beyond Everywhere. And I hope you're as excited to see it. But are these cushy, cloud-like slipper shoes legit?

One of our leaders discovered a post Henry's mom made on Facebook while he was in the hospital. So I love that part. We hit those stores 1,020 and our earnings per share was up five times. Five Below is poised for growth, and will continue to have a relentless focus on our customer and Five Beyond Everywhere. But with all the new merchandising things like you talked about your piercings and balloons, and even the pet category like that takes space. Speaking of doubles, here's a fun fact. So now turning to the full year, I'll compare our results against 2019 as 2020 was impacted by store closures due to COVID-19. Thanks for joining us this morning. adissage ajustable chanclas hipercor ciabatte ortopedicas sandale clasf cortexpower estarguapas I mean, there's going to be puts and takes as we go through the years. So far, you've heard Michael speak to the relevancy of our products, and the flexibility of our eight worlds while that equals growth. "Unlike traditional flip flops, OOFOS' slides supported my arches without causing any toe pain, but they werent as stylish as other pairs I own," says our own Textiles Lab analyst, Emma Seymour. We expect the second quarter to be the easiest comparison of the year with operating margin declines moderating from first quarter levels. But that team over there has been with us, too.

And our goal, Scott, is to continue to keep it that way, that when somebody walks into the front half of that store, it's still large, overwhelming, 90% plus feels like it's Five Below, and that's the commitment. A slight angle stretches from toe-to-tail, which aims to relieve pressure from sore joints while the thick sole lightly grips your feet. Two questions. Take a look at some of the different ways we partner with local charities to make a difference. I -- just to add, Chuck. But it's great to see all of you and we are looking forward to having you here. So -- as the vintage comes up on their ten year initial real estate lease, we have the option to either take some bigger space, keep them in that and remodel it. So we think we have the ability to not only garner new customers, but also retain customers longer. Plus, it's water-resistant, so it's a great choice to take to the beach. Joel?. Sales have grown, 10 times operating income has grown 15 times, our operating margins improved 400%. CANT BELIEVE This truly represents the culture of innovation that we have here at Five Below. And then, Ken, on comps, could you help bridge drivers of the 3% to 5% same store sales in this plan relative to low single digits in the past plan? Great question. What are the details behind the triple-double? We're going --. First, we expect mid-single digit lift for all our remodels to the Five Beyond prototype. ET. We are here with our entire leadership team who are very excited to share with you insights about our business and to meet you. Our store crew sprang into action. So I am not near as pessimistic as your model might outline you. And then Paul, on on rents. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. It has a very nice payback for us, Rich and the team are really evaluating how far we can take that into our network. If you ordered black, we didn't send you pink. It's what we called a runway layout, one way in, one way out. And we love them all because they do exposes to more customers who then love the brand. You have to see innovation. Look, in the end, we're going to go profitable sales. And it truly, as Michael said, we have migrated from items on a shelf to a store within a store concept. He can't wait to go to the store called Five Below. We saw an opportunity to get back to that intimate knowledge that Tom and David had in those early years, but at scale by leveraging modern tactics and techniques. For Q&A, we have Andrea and Elsie both with mics. Yeah. And when you see the store today. But we do the downside, we look at the downside. As a result, we now expect to open approximately 160 stores in 2022. Take note: The brand recommends not leaving these out in the sun to prevent aging and shrinkage. These are the best pillow slides that are worth hitting "add to cart" on Amazon right now. To that end, we will finish this year, 2022 with over 60 stores in the Philadelphia market. Well, that equals supporting our growth. Michael, went into the details about Bugha. To make the world smarter, happier, and richer. We opened a record 17 new stores in the fourth quarter. Four-wall EBITDA margin of approximately 25%, with a net cash investment to open a new store of approximately $400,000. This year marks the 10th anniversary of that celebration, and what a celebration it was. All my friends. With Bugha, the team collaborated. Yeah. nonfiction slides But where it's most visible to our customers and quite frankly, all of you is in the continued evolution and optimization of our prototype. Although, we have reduced that reliance for a number of years now as we continue to move into other countries like India and Vietnam. And if you look at some of the things we're talking about, right, the drivers, we got a 3% to 5% comp that we're looking at in those years, '23 through '25. We're merchandising, marketing, visual, come together and make everything fun. How do you think it will perform? Our new store model for the new Five Beyond prototype, calls for a near one AUV of approximately $2.2 million. We leverage our Five Below way to create a culture where they feel included and belong, and bring their unique personality to bring our purpose to life. It is exclusive relationships that really allow us to create and bring our own direct to retail items. We'll discuss their respective areas. It's actually rent going the other way. Really great to see everybody live and in-person. You're internalizing some parts of the business. As consumer looks for value, that's a real opportunity for us. But based on our guidance, you can see how we feel about where we are so far, guiding to that flat to negative two, up against some pretty significant payments and impact that you all remember from last year's first quarter. And this is just the beginning. Like I want you to think about this for a second. But now let's turn to why we are all here. You heard Felipe talk about what we're now going to learn about our customer. But you'll see it today firsthand. The 50% is where it will be this year. Getting your ears pierced? The prototype is a measurement of all our success. Reviewing playdohs super cloud slime!! Thanks a lot. Everyone, welcome to Five Below. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. And it serves as a reminder for all our associates that we wake up every day, and our goal is simply to break the paradigms of retail. We had fun interactive departments like Sugar Rush and the $5 Tea Shop and Five D style. And you also heard us and we've talked about it before in terms of stock buybacks and repurchases that we'll look at that opportunistically and we call it out today that we actually took advantage of that in January. Yeah. We're in the middle of the March, April one.

The Five Beyond experiences here and the value distortion is clear. I'll continue with this table, Chuck and then Matt. We'll take a quick break at that point and then Ken will share more on our long-term vision and thoughts on fiscal year '22, which, as you may know, is a unique year for us. We think long-term, though, will end up a winner and that as customers turn to value. It was quite simply, 2020 through 2020. The second iteration was our fresh prototype. Thank you, Judy. review process. We updated this article in June 2022 to ensure all products and styles selected by the Good Housekeeping Insitute Textiles Lab were in stock and correctly priced. Before we break, we're going to run a quick video and then I'll see you back up here in 15 minutes. It was a place where they could spend their allowance and call Five Below the "yes store" because Mom always said yes. We are still a strong growth retailer. Not only e-commerce, but having some fun with the brand. And I want to share a fun fact. It's the commitment he gets from [Inaudible], the finance team. So really, I think what you're looking at is, there is a little bit more of an uncertainty and just a little bit wider range than we normally do to be able to cover that. We have now cycled about two weeks of stimulus payments. adilette trefoil lite We're about two weeks into it versus when that third payment came out.

Thank you, Joel, and welcome, everyone. In fact, in 2022, we'll open 15 new stores in urban markets. When you when Joel talked about keeping the Five beyond area confine, we have higher walls. The other intangibles people, Ken, -- left earlier. He is also -- the stores organization is also in many ways the recipient of, and must execute all, our growth initiatives. We built new capabilities. And most importantly, we built a stronger foundation for our continued growth. We've got a phenomenal real estate team. The first quarter will be the most difficult comparison, giving the timing of last year's stimulus payments. We doubled the size of the store to 7,000 square-feet, and keeping this easy in, easy out environment was important to parents at that time. OK. unilab chamber This put Five Below literally just a touch away. Who's Ready for a $192 Per Month Increase to Their Social Security Check? That's what we do at Five Below every day. And you can tell by what Ken outlined, the difference in our first quarter comp to our ultimate comp for the year shows you that we've got pretty good data now on. We've doubled the size of our crew since 2015, and we'll basically double it again by 2025. She's been with us since 2019, and her number is 755. Yeah. And with that, I'll turn it back to Joel. We always talk about the foundation that we have to build to keep this successful growth going, and that's a combination of people, that's systems and infrastructure. And quite honestly it helps us just have better visibility and our sell through us and will only make us stronger both in our stores and online. So that the younger kids aspire to go to the Five Below and that -- that's how we wake up and think about it all the time. No, I think you're you're dead on, Joe. So if you don't see some really good examples of that during the tour, ask the question again. But that's what we expect to happen. It's still amazing how consistent the performance is from store to store. Michael's been with us since 2015 and his basketball number is 364. This is a very important day for Five Below. It was introduced in 2008, and it was a racetrack layout. Our first phase was crawl. You've got Dollar General with pOpshelf. Ken and I, been doing this so long together, we just finish each other's sentences. So they've been copying. Eric's been with us since 2014. Look, I think it's also, Ken, why so many retailers and companies for that matter in the last two years haven't given guidance. Welcome back, everyone. First, a few key points on how we leverage scale as we continue to grow. We are positively hyped to bring more fun to our furry family members. I, too, want to welcome you to Five Bellow's first ever Investor Day. We've got to look we've got to be really good at that. There we go. And here's how.

And as they say, a picture is worth a thousand words, a video must be a million. He is the Fortnite World Cup champion who just claimed his third consecutive Fortnite Champion series title. And you've heard it from everybody here today, especially Michael, in terms of the products. Joel talked about going public in 2012. Thank you. There's no packaging, there's no box, there's no air. What's the Lowest Your Social Security Increase Will Likely Be? SG&A expenses of 21%, or about 100 basis points higher than last year, driven by higher store expenses. Let's turn to the specifics of our growth vision. We now believe we have the opportunity to triple our U.S. store base to 3,500 by 2030, and we'll double sales and will more than double earnings by 2025. And we're in a fortunate spot that we don't have to play defense. Michael, we called it out to the average and volumes now of existing existing stores is $2.5 million. And as an added benefit, which is going to save about $1 million per year in freight and packaging on just this one item. And if you see some special item, enjoy that, too. All of that saves on freight. But I'll tell you what. !. Of the incremental new store potential you outlined, about a thousand incremental stores. Stock Advisor list price is $199 per year. Diluted EPS of $0.54 to $0.62, and a 25% effective tax rate. And then I think the last part of your question was around the, where we are now going up against that stimulus. And we are going to be up against some pretty significant trends out there that we had last year. In addition, we are also unveiling our new reimagined tech department, which are going to also see later on the store tour. For five below, we will have no unwelcome guests joining me on stage this morning, but we got lots of candy back there. I want to talk about incremental return on capital and the scope for that to maybe be a little bit bigger? Well, thanks for all the questions, and I'm happy to answer them in the coming weeks as is Ken. Thanks, Paul Lejuez, Citi. Before providing some color on our fiscal 2022 guidance and color. One, just curious, how are you thinking about rent? So how do we get there, right? And I think, it'd be really easy, quite honestly, Karen, to speed that up. These benefits have helped us to successfully navigate through the challenges that presented us themselves over the last two years, and continue here into 2022. And do not forget to shop. These relationships foster innovation, provide greater efficiencies, and give us more control over our sourcing, creating a more streamlined and efficient supply chain. We ended the year with 1,190 stores or CAGR of a 15% on a two-year basis. akatsuki sandals cloud slide Granted, the focus here was on growth. That team is growing, and you can see by the results that we've talked about in terms of especially the year one economics and how consistent they've been. And what you're going to see is a lot of room and a lot of tech. And our merchants just continue to find new rituals that we can bring to market and new milestones. And Matt, on the comp drivers, we spoke about it and you heard a lot about it today. And it was also our first attempt at creating an environment that delivered on our purpose. These insights have broad applications across the entire business to drive sales. All this growth, and we are just getting started. Cloud Slide Dupes! I think the theme in all of that is, as you just said, control is controlling our destiny. And it's real simple. Our continued growth and scale of the business enable us to drive efficiencies with speed and accuracy, moving our product faster through the network. After they successfully complete their first holiday, it's iconic. They helped us accelerate our growth. We are accelerating. Maybe -- you're right. In fact, it was in 2016, when we first reached the annual $1 billion in sales milestone. Yeah.

The cushioned, two-inch rubber platform sandals known as "pillow slides" were a big trend TikTok and it's not hard to understand why people can't get enough of them (even though they definitely fall squarely in the category of "ugly shoe.") Really great to see everyone in that. He knows a lot about our history. Its durable, anti-slip sole also makes it a great option for your next gym or spa excursion.

Excuse me. precipitation He heads our product development, our sourcing, and our brand marketing initiatives. For example, we've been able to reduce the average distance to our stores by nearly 40% over the past several years. We also leverage our qualitative and quantitative understanding of our customers as a key input into how we design and deliver amazing experiences for them. Having your own room is a big milestone. I think it's great.

Michael's going to share our product vision with you. It'll have some impact on an operating income but not near like the old days when we used to run, what, 60 to 80? That means Five Below cares about the future of the planet. Give us that flexibility to give that constant growth and innovation. We are striving to be so much more eco conscious with our products and packaging. ITS NOT TOO GOOD TO BE TRUE. John Heinbockel -- Guggenheim Partners -- Analyst. And we'll have it done by '25. And keeping them keeping you relevant for a longer period of time. Not only is George excited, the entire team is excited about our future. And Ed, I'll tell you, Michael's starting to see some other trends emerge. That's how we do it at Five Below. Remember, it's an experience. The Ukraine war and stimulus really starts to hurt you guys. We have not had [Inaudible]. Additionally, we also executed $60 million in stock repurchases in the fourth quarter, buying back about $369,000 shares. 15.1K Likes, 147 Comments. To put together this list of the best cloud slides you can buy, we consulted our own Lab experts as well as podiatrists, then scoured online reviews for the highest-rated pairs with rave reviews. We see the stores starting off at a 2.2 million productivity in the about 25% EBITDA. That's our corporate headquarters, and our field leadership. But when you think about doubling sales over the next few years, it seems pretty conservative. Yeah. It took us ten years to perfect the concept of Five Below, and that was validated with our IPO in July of 2012. That's the -- lower end customer is the one is probably going to be the most stressed, right, from an inflationary standpoint. It's hard to believe that it's only been 20 years since Five Below was started just outside of Philadelphia. We've also established by coastal consolidation points on the East and West Coasts to consolidate domestic vendors product. And we look forward to continuing the dialog. And what's amazing is that we're in-person, right? Eric spoke to our supply chain infrastructure and the ability to build capacity to help grow our business. But we're always relevant for way low prices, and we never sacrifice on quality. Actually, it wasn't too long ago.

And then as part of that, how were you thinking about lapping some of the trends? And it's one of the groups that actually the reopening from the pandemic benefited pretty significantly. adissage ajustable chanclas hipercor ciabatte ortopedicas sandale clasf cortexpower estarguapas Judy is our chief experience officer. We also expect to grow comparable sales on an annual basis beginning in 2023 from 3 to 5%. That works fine for an in-store customer. I mean, seriously. Quite honestly, we perfected the idea of easy in, sticky out. I get a chance to talk about product. We try and create an environment for our customers, a place where they can let go and have fun in the most amazing experience where they can buy the newest, coolest stuff. We were purposeful with building out this team. Enjoy some of that candy. We curate the best products each season for our customers. So based on what we've seen so far, you see how that's translated into our guide for the first quarter. We're talking about lapping stimulus and we're talking about inflationary times moving forward. George will take you through the experience during the store visit later. But look, we put it on the slide. Five Beyond probably going to play a pretty big role in that. This year, we're excited to set a goal of $10 million in giving. It's one of the very reasons George, highlighted Philadelphia as an example, where we're going to densify that from 60 to 120 stores. Can you discuss the factors for why there's that much uncertainty contributing to that wider guide? And that's the other unique aspect of this this brand is that as our awareness continues to grow, more and more non teens and tweens continue to discover us.

What's really been surprising is just the opposite. For example, the strong relationship enabled us to proactively secure a multi-year ocean container contracts that cover approximately 90% of our product demand for '22 and '23. We have still an unbelievable runway. Sales for the year were $2.85 billion and grew 24% on a two-year CAGR basis. Five Below is about execution. You're going to have the opportunity today to interact with all of them. We are committed to accelerating new store growth over several new markets and over the years to come to deliver on our long-term potential. monitored s058 | . FEEL THE GROOVE. Cute. You're going to see in that store everything that you'd see in an existing store except for the expand side beyond the balloon and the ear piercing. Allow me to tell you the story. As the shops became more defined, we expanded the customer value to $5 and beyond. And if you can, please just say your name and your company and keep your questions to one so that everyone in the room can ask a question. And we love our pets. Yeah. Yeah. So how are you repositioning the store and rethinking other categories within it? And everyone on the slide is going to join me up here in a little bit. That's more than double where we were in 2012. Translation: They're best for wearing at the beach, post-workout at the gym or simply while puttering around the house. original sound. The Motley Fool has a disclosure policy. The proforma model we presented our IPO ten years ago, has grown significantly in both total sales and store profitability. Achieve the impossible. #fiveandbelow #TeamofTomorrow #mcdonaldshacks #DIYwithBlock #DuetDoWet #fivebelowfinds #fivebelowbuys #fivebelowhaul". New Five Below Finds | squishy slides! At that time, the formal part of our presentation will conclude and then we'll open it up for Q&A. It's all of that and beyond. Five Below was created for tweens and teens. We are -- we have begun to implement engineered labor standards to drive additional productivity activity increases to help offset rising wages. Note that these pillow slides run big, so I recommend sizing down from your typical size for a perfect fit. But we're pretty confident in that ability to be able to grow that based on what we've seen. Over the next few years, you're expecting your per store volumes to approach $3 million. A champ, and he's only available at Five Below. So we'll go to the online. The next generation, well, that one only took three years to improve the experience once again, and that's when we introduced the Beyond prototype in 2020. We're trendy. And over the next ten years, we grow our store county in Philly an additional 30 stores. The first is, when you think about Five Beyond and expanding the Tam, right. And with that, I'll turn it back over to Joel. Hey, look. But honestly, I really am excited about what we're going to be able to do with the iteration of what Five Beyond actually is becoming. The fresh prototype was introduced in 2017. The lightweight, durable material is often used to make yoga mats, orthotics and the outer soles of sneakers, since it has excellent shock-absorbing properties, according to professional podiatrist Dr. Emily Splichal. Look, we still believe strongly in gaming. Squish and sensory and slime lickers all at the same time. And it really takes a lot of the unknowns out of the equation.

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