Five Below, Inc. (NASDAQ:FIVE) Q2 2019 Earnings Conference Call - Final Transcript
Aug 28, 2019 • 04:30 pm ET
Good day everyone and welcome to the Five Below Second Quarter 2019 Earnings Conference Call. [Operator Instructions]
At this time, I'd like to turn the conference call over to Christiane Pelz, VP of Investor Relations. Please go ahead.
Thank you, Jamie. Good afternoon, everyone and thanks for joining us today for Five Below's second quarter 2019 financial results conference call. On today's call are Joel Anderson, President and Chief Executive Officer and Ken Bull, Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions.
I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and our SEC filings.
The forward-looking statements made today are as of the date of this call and we do not undertake any obligation to update our forward-looking statements. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of our website at fivebelow.com.
I will now turn the call over to Joel.
Joel D. Anderson
Thank you, Christiane, and thanks everyone for joining us for our second quarter earnings call. Before I begin my normal review of the quarter. I want to pause for a minute and start with some thoughts on tariffs. It's -- clearly, it has been business as usual with the various announcements. Our teams have done an amazing job managing through all of the complexities, and I want to thank them for their nimbleness and hard work and helping to offset the impact of the tariffs. I am just as appreciative of our vendor partners for all their efforts to help mitigate the impact on our customers. Our believes in the fundamentals of our core business and the commitment we have to our customers, our associates and our shareholders hasn't changed and we remain focused on delivering extreme value and while to our customers day in and day out.
Now I will review the highlights of the quarter before handing it over to Ken to discuss our financials and our outlook and then we will open the call for questions.
In the second quarter sales grew 20% to $417 million driven by continued outperformance of our new stores and a comp of 1.4%. Earnings per share grew 13% to $0.51 or 19% growth adjusting both periods for the tax benefit of share based accounting. Sales were within the guidance range and while our comp performance was below expectations, strong new store performance enabled us to deliver earnings per share near the high end of our guidance range.
Now I'll provide more color on our new store performance in Q2 as