Five Below, Inc. ( FIVE ) shares are down after the company reported its first-quarter financial results Wednesday. Here's a look at the details in the report.

The Details:

Five Below ( FIVE ) reported quarterly earnings of 60 cents per share which missed the analyst consensus estimate of 63 cents by 4.76% and represents a 10.45% decrease from the same period last year.

The company reported quarterly sales of $811.86 million which missed the analyst consensus estimate of $836.97 million by 3% and represents an 11.79% increase over sales of $726.25 million from the prior year’s period.

Five Below ( FIVE ) said comparable sales decreased by 2.3% versus the first quarter of fiscal 2023 and the effective tax rate was 23.5% compared to 18.6% in the first quarter of fiscal 2023.

“While our first quarter sales were disappointing, disciplined cost management enabled us to deliver adjusted EPS within our earnings outlook. Needs-based items such as those in our Candy, Food and Beauty departments outperformed expectations and drove positive sales results. We also saw positive comparable sales from our higher income customers; however, the macro environment disproportionately impacted our core lower income customers, resulting in overall comparable sales declines,” said Joel Anderson, President and CEO of Five Below ( FIVE ).

“Five Below remains an extreme value, high growth retailer. We are excited to open approximately 230 new stores by the end of this year and bring Five Below ( FIVE ) to more neighborhoods, offering trend-right, WOW items at amazing value.”

Outlook: 

Five Below ( FIVE ) sees full-year earnings between $5.00 and $5.40 per share, versus the $6.00 per share estimate, and full-year revenue of between $3.79 billion and $3.87 billion, versus the $4.03 billion estimate.

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FIVE Price Action: According to Benzinga Pro, Five Below ( FIVE ) shares are down 15.7% after-hours at $111.99 at the time of publication Wednesday.

Image: Mike Mozart from Wikimedia Commons