Five Below on Wednesday announced the appointment of Winnie Park as chief executive officer, effective Dec. 16. Park will also become a member of the company’s board of directors.
Most recently Park was the chief executive of fast-fashion retailer Forever 21, a position she held with the company since 2022. Park, whose retail executive career spans over three decades, was also previously the CEO of Paper Source.
“I’m a huge fan of the Five Below brand and its unique ability to connect with and empower teens and pre-teens through an amazing assortment of extreme-value items in a fun shopping environment,” Park said in a statement. “There is enormous opportunity to build on the exciting initiatives that are already underway as we elevate our product, value and experience.”
COO Kenneth Bull, who has been also acting as interim CEO for several months, will continue on as Five Below’s chief operating officer.
Five Below announced Park’s arrival along with its Q3 earnings. For the quarter, net sales increased nearly 15% year over year to $843.7 million, and comparable sales were relatively flat. Net income dropped 88% to $1.7 million compared to the year-ago quarter.
The retailer also opened a record 82 stores during the quarter. “We added more labor into the stores this year, beginning in August, and have begun creating work efficiencies and reducing tasks for our crew,” Bull said on an earnings call regarding the quarter.
The company increased its full-year guidance following a strong Black Friday weekend. Net sales are expected in the range of $3.84 billion to $3.87 billion. The company previously expected net sales in the range of $3.73 billion to $3.8 billion. Net income for the fiscal year is forecast to be in the range of $240 million to $250 million.
