Five Below Inc ( FIVE ) shares fell in Tuesday’s after-hours session after the company announced a CEO transition and provided updated guidance for the second quarter.

What Happened: After the market close on Tuesday, value retailer Five Below ( FIVE ) announced that Joel Anderson stepped down from his roles as president and CEO to pursue other interests. Anderson will also step down from the company’s board.

COO Kenneth Bull has been named interim president and CEO, effective immediately. Five Below ( FIVE ) co-founder, non-executive chairman and former CEO Thomas Vellios will assume the role of executive chairman on an interim basis to support the executive leadership team while the board looks for a permanent CEO.

“I have tremendous confidence in Ken and the senior leadership team who will continue to execute on our growth strategy,” Vellios said.

“Ken has been an integral part of the Five Below ( FIVE ) 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. He has played a pivotal role in architecting our strategic growth plans and leading key supporting initiatives.”

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What Else: Five Below ( FIVE ) also announced that total sales for the 10 weeks ending July 13 increased 9.5% on a year-over-year basis, but said comparable sales fell 5%.

As a result, the company now expects second-quarter sales of $820 million to $826 million and anticipates a 6% to 7% decrease in comparable sales. Diluted income per common share is expected to be in the range of 53 cents to 56 cents per share.

Five Below ( FIVE ) said it will discuss its outlook for the rest of the year when it reports earnings for the second quarter. The company is expected to report second-quarter financial results sometime near the end of August.

FIVE Price Action: Five Below ( FIVE ) shares were down 9.34% after hours at $92.53 at the time of writing, according to Benzinga Pro.