PHILADELPHIA, PA – (June 3, 2026) – Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the first quarter ended May 2, 2026.

•Net sales increased by 32.5% to $1,285.6 million from $970.5 million in the first quarter of fiscal 2025; comparable sales increased by 22.7%.

•The Company opened 49 net new stores and ended the quarter with 1,970 stores in 46 states. This represents an increase in stores of 7.9% from the end of the first quarter of fiscal 2025.

•Operating income was $154.2 million compared to $50.8 million in the first quarter of fiscal 2025. Adjusted operating income(1) was $154.8 million compared to $59.6 million in the first quarter of fiscal 2025.

•The effective tax rate was 24.3% compared to 27.2% in the first quarter of fiscal 2025.

•Net income was $123.1 million compared to $41.1 million in the first quarter of fiscal 2025. Adjusted net income(1) was $123.5 million compared to $47.5 million in the first quarter of fiscal 2025.

•Diluted income per common share was $2.21 compared to $0.75 in the first quarter of fiscal 2025. Adjusted diluted income per common share(1) was $2.22 compared to $0.86 in the first quarter of fiscal 2025.

(1) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with generally accepted accounting principles in the United States ("GAAP") is set forth in the schedule accompanying this release. See also “Non-GAAP Information.”

Winnie Park, CEO of Five Below, said, “We are thrilled with our outstanding first quarter performance, which is a testament to the team’s execution of our customer-centric strategy. The result was broad-based growth across our merchandising worlds, new and existing customers, and all demographic and geographic segments. Our continued focus on compelling newness at amazing value and great store execution are at the heart of our operating flywheel. We successfully amplified social media trends and drove outsized traffic through coordinated merchandising and marketing efforts.”

Ms. Park continued, “Our teams have demonstrated focus, discipline and agility in navigating macroeconomic uncertainty and we are committed to delivering amazing product at great value. With a solid foundation in place, we are well positioned to deliver durable top- and bottom-line growth with our unique brand value proposition as THE destination for the KID and the KID in all of us."

The Company expects the following results for the second quarter and full year of fiscal 2026. This outlook includes the expected impact of tariff rates currently in place through July 24, 2026, and assumes tariffs thereafter revert to rates in place at the start of the fiscal year. This outlook excludes the impact of tariff refunds and share repurchases, if any.

•Net sales are expected to be in the range of $1.18 billion to $1.20 billion based on opening approximately 50 new stores and assumes an approximate 7% to 9% increase in comparable sales.

•Net income is expected to be in the range of $64 million to $71 million. Adjusted net income(2) is expected to be in the range of $65 million to $72 million.

•Diluted income per common share is expected to be in the range of $1.15 to $1.27 on approximately 55.7 million diluted weighted average shares outstanding. Adjusted diluted income per common share(2) is expected to be in the range of $1.17 to $1.29.

(2) Adjusted net income and adjusted diluted income per common share exclude the impact of retention awards granted in fiscal 2024, net of income tax impact.

•Net sales are expected to be in the range of $5.40 billion to $5.48 billion based on opening approximately 150 net new stores and assumes an approximate 6% to 8% increase in comparable sales.

•Net income is expected to be in the range of $480 million to $502 million. Adjusted net income(3) is expected to be in the range of $482 million to $504 million.

•Diluted income per common share is expected to be in the range of $8.62 to $9.02 on approximately 55.7 million diluted weighted average shares outstanding. Adjusted diluted income per common share(3) is expected to be in the range of $8.65 to $9.05.

•Gross capital expenditures are expected to be in the range of $230 million to $250 million.

(3) Adjusted net income and adjusted diluted income per common share exclude the impact of retention awards granted in fiscal 2024, net of income tax impact.

A conference call to discuss the financial results for the first quarter of fiscal 2026 is scheduled for today, June 3, 2026, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call.

This press release includes the following non-GAAP financial measures: gross profit, adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share. The Company has reconciled these non-GAAP financial measures, with respect to the first quarter ended May 2, 2026, with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures provide its management with comparable financial data for internal financial analysis and provide meaningful supplemental information to investors. Non-GAAP financial measures have limitations as analytical tools. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP.

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be protected by the “safe harbor” provisions therein. Such statements reflect management’s current views and estimates regarding the Company’s industry, business strategy, goals, expectations and outlook concerning its market position, 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. Although we believe there is a reasonable basis for such forward-looking statements, our actual results may differ materially from these expectations due to risks that include, but are not limited to, risks related to disruption to the global supply chain, increased cost of freight, constraints on shipping capacity to transport inventory or the timely receipt of inventory, risks related to the Company’s strategy and expansion plans, risks related to our ability to attract, retain, and motivate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to our ability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, such as the failure to secure customers’ confidential or credit card information, or other private data relating to our crew or the Company, including the costs associated with protection against or remediation of such incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use, 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, including risks related to direct and indirect impact of current and potential tariffs imposed, threatened, or proposed by the United States on foreign imports, including, without limitation, the tariffs themselves, any counter-measures thereto (in addition to any applicable foreign trade restrictions, generally) and any indirect effects on consumer discretionary spending, risks related to the availability of suitable new store locations and the dependence on the volume of traffic to our stores and website, risks related to our dependence on our executive officers, senior management and other key personnel or our ability to hire additional qualified personnel, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, risks related to inflation and increasing commodity prices and related effects, such as a reduction in our unit sales (including an inability to increase sales), damage to our reputation with our customers, our becoming less competitive in the marketplace or exposure to fraud or theft due to customer payment-related risks, risks related to potential recessions and systematic failure of the banking system in the United States or globally, risks related to natural disasters, adverse weather conditions, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any negative effects to our business and results of operations), risks related to building, operating or expanding shipcenters or network capacity, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company’s merchandise (including the impact of product and food safety claims and legislation), 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 associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards, risks related to our insurance programs and their effect on our financial performance and risks associated with leasing substantial amounts of space and owning real property. For further details and a discussion of these and other risks and uncertainties that may cause our actual results to differ materially from the expectations contained herein, 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, despite the Company’s reasonable basis for such 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.

Five Below is a leading growth retailer offering trend-right, extreme value, high-quality products loved by the kid and the kid in all of us. 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, Five Below makes it easy to say YES! to the newest, coolest stuff across awesome Five Below worlds: Candy, Style, Party, Room, Create, Tech, Sports and New & Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,900 stores in 46 states. For more information, please visit www.fivebelow.com or follow @fivebelow on TikTok, Instagram and Facebook.

Five Below, Inc.

Christiane Pelz

Vice President, Investor Relations

InvestorRelations@fivebelow.com

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GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations

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(4) Gross profit, a non-GAAP financial measure, is equal to our net sales less our cost of goods sold.

(5) Retention awards relate to the on-going expense recognition of cash and equity granted to certain individuals in fiscal 2024 during the CEO transition that will be earned and will vest through fiscal 2026.

(6) Represents charges related to the cost-optimization of certain functions.

(7) Components may not add to total due to rounding.