Five Below, Inc. (NASDAQ: FIVE), the trend-right, extreme-value
brand for tweens, teens and beyond, announced the appointment of
Karen Bowman to its Board of Directors, effective January 24, 2024.
Following Ms. Bowman’s appointment, Five Below’s Board will
increase to twelve directors, four of whom are female.
Thomas Vellios, Chairman of the Board, commented, “We are
thrilled to welcome Karen Bowman to our Board of Directors. With
over three decades of professional and consulting experience
spanning diverse industries, including a keen focus on the consumer
sector, Ms. Bowman brings valuable insights and strategic acumen to
our team. Her track record of driving growth and innovation aligns
with our corporate vision. We look forward to leveraging her
experience as we continue to create value for our investors and
stakeholders.”
Ms. Bowman commented, “I could not be more excited to join the
Board of Directors at Five Below. My passion lies in the consumer
industry, where I’ve witnessed firsthand the transformative power
of innovation and customer-centric strategies. I look forward to
collaborating with fellow board members and contributing to the
strategic vision for sustainable growth and value creation for the
company."
Ms. Bowman is currently the Deloitte Global Boardroom and
Executive Program Leader and the Deloitte US Vice Chairman and
National Sector Leader for the Automotive Industry. Previously, she
served as a member of the US Deloitte Board of Directors and as a
member of the Board of Directors for Deloitte Consulting LLP. She
was also the leader of the Deloitte US Business Transformation
Integrated Market Offering. She has more than 30 years of
professional and consulting experience across a broad range of
industries, with specific focus on the consumer industry. She helps
clients transform their businesses as well as align their people
and business strategies. Ms. Bowman holds a Juris Doctor from Wake
Forest University and a Bachelor’s Degree in Political Science from
the University of Oklahoma.
Forward-Looking Statements:This news release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 as contained in
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which reflect management's current
views and estimates regarding the Company's industry, business
strategy, goals and expectations concerning its market position,
future operations, margins, profitability, capital expenditures,
liquidity and capital resources, store count potential and other
financial and operating information. Investors can identify these
statements by the fact that they use words such as "anticipate,"
"assume," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"future" and similar terms and phrases. The Company cannot assure
investors that future developments affecting the Company will be
those that it has anticipated. Actual results may differ materially
from these expectations due to risks related to disruption to the
global supply chain, risks related to the Company's strategy and
expansion plans, risks related to disruptions in our information
technology systems and our ability to maintain and upgrade those
systems, risks related to the inability to successfully implement
our online retail operations, risks related to cyberattacks or
other cyber incidents, risks related to our ability to select,
obtain, distribute and market merchandise profitably, risks related
to our reliance on merchandise manufactured outside of the United
States, the availability of suitable new store locations and the
dependence on the volume of traffic to our stores, risks related to
changes in consumer preferences and economic conditions, risks
related to increased operating costs, including wage rates, risks
related to inflation and increasing commodity prices, risks related
to potential systematic failure of the banking system in the United
States or globally, risks related to extreme weather, pandemic
outbreaks, global political events, war, terrorism or civil unrest
(including any resulting store closures, damage, or loss of
inventory), risks related to leasing, owning or building
distribution centers, risks related to our ability to successfully
manage inventory balance and inventory shrinkage, quality or safety
concerns about the Company's merchandise, increased competition
from other retailers including online retailers, risks related to
the seasonality of our business, risks related to our ability to
protect our brand name and other intellectual property, risks
related to customers' payment methods, risks related to domestic
and foreign trade restrictions including duties and tariffs
affecting our domestic and foreign suppliers and increasing our
costs, including, among others, the direct and indirect impact of
current and potential tariffs imposed and proposed by the United
States on foreign imports, risks associated with the restrictions
imposed by our indebtedness on our current and future operations,
the impact of changes in tax legislation and accounting standards
and risks associated with leasing substantial amounts of space. For
further details and a discussion of these risks and uncertainties,
see the Company's periodic reports, including the annual report on
Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K, filed with or furnished to the Securities and Exchange
Commission and available at www.sec.gov. If one or more of
these risks or uncertainties materialize, or if any of the
Company's assumptions prove incorrect, the Company's actual results
may vary in material respects from those projected in these
forward-looking statements. Any forward-looking statement made by
the Company in this news release speaks only as of the date on
which the Company makes it. Factors or events that could cause the
Company's actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
About Five Below:Five Below is a leading
high-growth value retailer offering trend-right, high-quality
products loved by tweens, teens and beyond. We believe life is
better when customers are free to "let go & have fun" in an
amazing experience filled with unlimited possibilities. With most
items priced between $1 and $5, and some extreme value items priced
beyond $5 in our incredible Five Beyond offering, Five Below makes
it easy to say YES! to the newest, coolest stuff across eight
awesome Five Below worlds: Style, Room, Sports, Tech, Create,
Party, Candy and New & Now. Founded in 2002 and headquartered
in Philadelphia, Pennsylvania, Five Below today has over 1,500
stores in 43 states. For more information, please
visit www.fivebelow.com or find Five Below on Instagram,
TikTok, X and Facebook @FiveBelow.
Investor Contact: Five Below,
Inc.Christiane PelzVice President, Investor Relations &
Treasury215-207-2658InvestorRelations@fivebelow.com
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