Five Below has announced a leadership transition, with Joel Anderson stepping down from his roles of president and CEO, and from the board of directors, to pursue other interests. The retailer has appointed its chief operating officer, Kenneth Bull, as interim president and CEO, and Tom Vellios, co-founder and chairman, as interim executive chairman, Five […]
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Five Below has announced a leadership transition, with Joel Anderson stepping down from his roles of president and CEO, and from the board of directors, to pursue other interests.
The retailer has appointed its chief operating officer, Kenneth Bull, as interim president and CEO, and Tom Vellios, co-founder and chairman, as interim executive chairman, Five Below said in a Tuesday (July 16) press release.
The Five Below board has launched a search for a permanent CEO, according to the release.
Five Below also announced Tuesday, in the same press release, that its total sales for the 10-week period ended July 13 increased by 9.5% compared to the first 10 weeks of the same quarter a year ago, and that its comparable sales decreased 5% compared to the restated and comparable period ended July 15, 2023.
Announcing the appointment of Bull, Vellios said in the release: “I have tremendous confidence in Ken and the senior leadership team who will continue to execute on our growth strategy.”
Vellios added that Bull had been with the team for nearly two decades, has deep knowledge of the business, and has played a pivotal role in developing its strategic growth plans.
“With a long runway for continued growth and industry-leading returns on our new stores, we remain focused on driving sales, optimizing margins and providing customers with the exceptional value they expect from Five Below,” Vellios said.
Bull said in the release: “Our talented team and I will intensify our focus to deliver Wow product at amazing value to our customers with a one-of-a-kind, fun and engaging store experience.”
During Five Below’s most recent earnings call, which was held June 5, the retailer reported that a pullback in spending by lower-income consumers led to a decline in comparable sales during the first quarter.
Anderson said during the call that he attributed the decline in comparable sales in part to consumers being “more discerning with their dollars, increasingly buying to need.”
“We achieved positive comps in our higher-income cohorts, suggesting some trade-down of these customers seeking value at our stores,” Anderson said. “However, we saw underperformance in the lower-income demographic that more than offset these results.”
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