Stock Alert: Five Below Trades Above 11%

(RTTNews) - Shares of discount store chain Five Below, Inc. (FIVE) are climbing more than 11% Wednesday morning. The company is seeing encouraging initial sales trends after reopening 90% of its stores as of June 9. Also, the company plans to open 100 to 120 new stores in 2020.

The specialty retailer, however, has reported loss per share of $0.91 in the first-quarter missing average estimate of analysts polled by Thomson Reuters at $0.33 loss per share.

Net sales for the quarter also decreased 44.9% year-over-year to $200.9 million impacted by temporary store closures due to Covid-19.

Five Below stock has nearly doubled in the last couple of months. It is currently trading at $115.62 and has traded in the range of 47.53- $137.96 in the last 52 weeks.