Five Below rises after annual sales forecast raise, upbeat Q1 results

Shares of discount retailer Five Below FIVE.O up 6.4% at $128.94 premarket

Co raised annual sales forecast and lower end of profit forecast following market close on Wednesday, after reporting upbeat Q1 results and forecasting Q2 net sales above expectations

FIVE sees annual net sales between $4.33 billion and $4.42 billion vs prior view of $4.21 billion to $4.33 billion

Expects adjusted annual EPS between $4.25 and $4.72 vs previous forecast of $4.10 to $4.72

Separately, co announced CFO Kristy Chipman is stepping down; COO Ken Bull to be Interim CFO

Brokerage Jefferies sees likely upside to forecast, says CFO transition will have minimal impact on co

Citi says current guidance for second half of year looks conservative, but appropriate given uncertain macroeconomic background

Average rating of 22 analysts is "hold"; median PT is $123 - data compiled by LSEG

Up to last close, stock has risen 15% YTD