PHILADELPHIA, PA – Five Below, Inc. (NASDAQ:FIVE) conducted its Annual Meeting of Shareholders on Monday, with a strong presence of shareholders either in person or by proxy. The meeting saw the election of nine directors to the board, the ratification of the company's independent auditor, and an advisory approval of executive compensation.
A total of 55,192,192 shares were eligible to vote, with 51,206,091 shares represented at the meeting. Shareholders voted overwhelmingly in favor of the nine nominees to the board, with each director receiving a significant majority of the votes cast. Joel D. Anderson, Kathleen S. Barclay, Karen Bowman, Dinesh S. Lathi, Richard L. Markee, Thomas M. Ryan, Mimi E. Vaughn, Thomas G. Vellios, and Zuhairah S. Washington will serve on the board until the 2025 Annual Meeting of Shareholders.
The appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending February 1, 2025, was ratified with a substantial majority, receiving 49,528,432 votes for, 1,656,446 against, and 21,213 abstentions.
Additionally, the compensation of the company's named executive officers received advisory approval, with 47,379,809 votes for, 2,149,746 against, and 30,389 abstentions.
These results reflect the shareholders' confidence in the company's governance and executive leadership. The definitive proxy statement detailing each matter presented to shareholders was filed with the U.S. Securities and Exchange Commission on May 2, 2024.
The election outcomes and votes are based on information provided by Five Below, Inc. in a recent SEC filing.
In other recent news, discount retailer Five Below reported a 12% increase in total sales to $811.9 million in the first quarter of 2024, despite a 2.3% dip in comparable store sales. This was accompanied by a rise in gross profit to $263.5 million and adjusted operating income of $38.2 million. The company also reported adjusted earnings per share at $0.60. In the same period, Five Below opened 61 new stores, bringing the total to 1,605. Looking forward, the company anticipates Q2 net sales between $830 million and $850 million, and full-year sales forecast between $3.79 billion and $3.87 billion. However, Loop Capital has revised its financial outlook for Five Below, reducing the company's price target from $190 to $120 due to a disappointing first quarter performance. Despite the challenges, Five Below maintains a strong liquidity position with $370 million in cash and no debt, indicating a solid foundation for its ongoing growth strategies. These are the recent developments for the company.
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