Business Context and Reporting Period
This Form 8-K was filed by FIVE BELOW, INC. on April 26, 2013. The report addresses a clarification regarding a misallocation in the Company's prior disclosure of Fiscal Year 2012 results compared to Fiscal Year 2011, originally presented in the Form 10-K for the fiscal year ended February 2, 2013.
Key Financial Metrics
The filing clarifies the components of net sales growth while confirming that total net sales and comparable store sales percentages remain unchanged.
- Total Net Sales (FY 2012): $418.8 million
- Total Net Sales (FY 2011): $297.1 million
- Total Net Sales Increase: $121.7 million
- Comparable Store Sales Increase: 7.1% (unchanged)
- Comparable Store Sales Dollar Increase (Corrected): $18.5 million
- Non-Comparable Store Sales Dollar Increase (Corrected): $103.2 million
The filing does not provide updated figures for profit, cash flow, margins, debt, or liquidity, as the correction was deemed immaterial to the audited financial statements.
Material Changes Versus Prior Period
The Company identified a misallocation in the dollar value attribution of sales growth between comparable and non-comparable stores in its previous reporting.
- Previously Disclosed Comparable Store Sales Increase: $98.4 million
- Corrected Comparable Store Sales Increase: $18.5 million
- Previously Disclosed Non-Comparable Store Sales Increase: $23.3 million
- Corrected Non-Comparable Store Sales Increase: $103.2 million
The total dollar increase in net sales ($121.7 million) and the percentage increase in comparable store sales (7.1%) remain accurate and unaffected by this correction.
Management Commentary and Risks
Management stated that the misallocation was deemed immaterial. The error had no impact on the Company's audited financial statements or the disclosed percentage increase in comparable store sales. This filing serves solely to provide clarifying disclosure regarding the specific dollar amounts attributed to comparable versus non-comparable store growth.
Investor Verification Checklist
- Verify that the total net sales increase of $121.7 million remains consistent across all filings.
- Confirm that the 7.1% comparable store sales growth rate is unchanged.
- Note the significant reclassification of sales growth drivers: the majority of the dollar growth ($103.2 million) is now attributed to non-comparable stores (new store openings) rather than comparable store performance.
- Review the original Form 10-K for the fiscal year ended February 2, 2013, to understand the context of the initial disclosure error.