Five Below soars after discount retailer raises Q1 forecasts

Shares of discount chain Five Below jump ~12% to $84.14 premarket
Co raises first-quarter net sales and adjusted income per share forecasts

Expects Q1 net sales to be about $967 million vs prior range of $905 million to $925 million

Expects Q1 adjusted income per share to be between $0.82 and $0.84 versus prior forecast of $0.50 to $0.61

Co also says Tom Vellios, co-founder and executive chair, will transition into advisory role to the board and management through the end of calendar year 2025
Up to last close, stock down about 28% YTD