Five Below, Inc. (NASDAQ:FIVE), the trend-right, extreme-value
brand for tweens, teens and beyond, today announced that Kristy
Chipman will join the Company as Chief Financial Officer and
Treasurer on July 17, 2023, reporting to Joel Anderson, President
and CEO. Ms. Chipman will lead the Company's finance and accounting
organization, overseeing SEC reporting and financial operations,
financial planning & analysis, investor relations, internal
audit, enterprise risk management, tax and treasury, and serve as
the Company's principal financial officer and principal accounting
officer. Ms. Chipman succeeds Ken Bull, who, as previously
announced, has assumed the new role of Chief Operating Officer of
Five Below.
"We are excited to welcome Kristy to the Five
Below team as our new CFO," said Mr. Anderson. "Kristy has a track
record of delivering results with a collaborative approach and has
demonstrated strong financial stewardship as a leader throughout
her career. We look forward to her leadership of our finance
organization and her contributions in helping drive our Triple
Double strategy."
"Five Below is an amazing Company with an
incredible growth runway driven by a talented and passionate team,"
said Ms. Chipman. "I look forward to working with Joel and the
finance team to continue to serve as a partner within the
organization, building on Five Below's track record of success and
delivering value to all stakeholders."
Ms. Chipman most recently served as Executive
Vice President, Chief Financial Officer and Chief Operating Officer
at Ruth's Chris Hospitality Group. Prior to Ruth's Chris, she
served in a variety of financial leadership roles with Orangetheory
Fitness, Domino's Pizza and McDonald's Corporation.
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 (in addition to COVID-19), 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 nearly 1,400
stores in 43 states. For more information, please visit
www.fivebelow.com or find Five Below on Instagram, TikTok,
Twitter and Facebook @FiveBelow.
Investor Contact: Five Below,
Inc.Christiane PelzVice President, Investor Relations &
Treasury215-207-2658InvestorRelations@fivebelow.com
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