Five Below Inc (NASDAQ:FIVE) shares are moving lower in extended trading on Wednesday on the heels of the company’s first-quarter financial results. Here’s a rundown of the report.

Five Below stock is showing notable weakness. Why is FIVE stock dropping?

Five Below Beats Q1 Estimates

Five Below posted first-quarter revenue of $1.29 billion, beating estimates of $1.22 billion, according to Benzinga Pro. The specialty retailer reported adjusted earnings of $2.22 per share, beating estimates of $1.74 per share.

Net sales were up 32.5% year-over-year as comparable sales grew by 22.7%. Five Below said it opened 49 net new stores and ended the quarter with 1,970 total stores.

“Our continued focus on compelling newness at amazing value ...