Five Below CEO Resigns Amid Declining Comparable Sales

Joel Anderson steps down as CEO and president, with Kenneth Bull named interim CEO during the search for a permanent replacement.

Five Below's comparable sales fell by 5% despite a 9.5% increase in total sales for the recent 10-week period.
The company lowered its second-quarter sales guidance to $820-$826 million, anticipating a 6%-7% drop in comparable sales.
Shares of Five Below dropped significantly following the announcement of the CEO's departure and revised guidance.
Several analysts downgraded Five Below's stock and reduced their price targets in response to the news.
Kenneth Bull, with nearly two decades at Five Below, will lead the company as interim CEO while the board searches for a permanent successor.