The low-end consumer 'is really being stretched,' says Five Below CEO
Publishing timestamp: 2024-06-06 16:12:39
Summary
Five Below CEO Joel Anderson says lower-income consumers are feeling stretched with their spending, leading to lower-than-expected revenue and weak guidance. Despite signs of easing inflation, consumer sentiment remains low. Shares plummeted nearly 11% and the company is down more than 44% in 2024. CEO notes that consumers are buying more to need, particularly in consumable categories. Wealth manager reveals where super-rich are investing, while Guggenheim predicts Tesla shares to tumble and BTIG warns of a possible false breakout in the S&P 500.
Sentiment: NEGATIVE
Tickers: FIVE,
Keywords: economy, breaking news: economy, business, breaking news: business, five below inc, business news, retail industry,