Stock Market

Why Is Five Below (FIVE) Stock Down 14% Today?

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Five Below (NASDAQ:FIVE) stock is taking a beating on Wednesday after the retail company announced the departure of CEO Joel Anderson.

Anderson has immediately resigned from his roles as president and CEO of Five Below. This has the company seeking out a permanent replacement for him

Until a new CEO is found, Chief Operating Officer Kenneth Bull is serving as the interim president and CEO of Five Below. At this time, Tom Vellios is stepping up as interim executive chairman to support Bull. He’s the co-founder of the company and a former CEO.

Vellios said the following about Bull serving as interim CEO of Five Below!

“I have tremendous confidence in Ken and the senior leadership team who will continue to execute on our growth strategy. Ken has been an integral part of the Five Below team for nearly two decades, including leading the Company for 11 years as CFO and most recently as COO, with significant experience and deep knowledge of our business.”

FIVE Stock Slips on Updated Guidance

In this CEO update, Five Below also provided new outlooks for the second quarter of the year. That includes revenue ranging from $820 million to $826 million and diluted earnings per share between 53 cents and 56 cents. These don’t look good next to Wall Street’s estimates of $835.9 million in revenue and diluted EPS of 62 cents.

FIVE stock is down 13.5% as of Wednesday morning.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples include what’s happening with shares of Aditxt (NASDAQ:ADTX), Rocket Companies (NYSE:RKT) and Gabelli Multimedia Trust Rights (NYSE:GGTr) stock this morning. All of this news is ready at the links below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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