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Five Below names Chipman next CFO

Published 06/14/2023, 12:02 PM
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Investing.com -- Shares of specialty discount retailer Five Below Inc (NASDAQ:FIVE) edged lower after it said Kristy Chipman would join as chief financial officer in July.

Chipman succeeds Ken Bull, who took on a new role of chief operating officer of Five Below.

Five Below shares dipped 0.1% on Thursday but are up 8.6% so far this year.

Chipman recently was CFO and chief operating officer at the steak house chain operator Ruth's Hospitality (NASDAQ:RUTH) Group. Before that, she held executive roles at Orangetheory Fitness, Domino's Pizza (NYSE:DPZ), and McDonald's (NYSE:MCD)

Discount retailers are trying to navigate uncertain economic times as shoppers hold back on discretionary purchases. In the April quarter, Five Below’s same-store sales rose 2.7%, helped by the popularity of Squish, Hello Kitty, anime, collectibles and consumables such as candy and snacks. 

Five Below guided to second-quarter same-store sales rising 2% to 3% and full-year same-store sales rising 1% to 3%.

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