Kenneth Bull is Five Below’s new chief operating officer, the retailer announced Tuesday.
Five Below promoted Bull from chief financial officer to COO. Bull has been with the company for 17 years, including 11 years as CFO. The company will conduct a search for a new CFO. Bull will serve in both roles until a new CFO is chosen.
Bull joined Five Below when the discount retailer, which focuses on the teen and tween segment, had 27 stores. “As incredible as our growth has been since then, I could not be more excited about our future opportunities, assuming the role of COO and driving the initiatives that support our Triple Double growth vision,” Bull said.
That vision is to increase its U.S. store potential to 3,500 plus, which is triple its current level, and to double sales and more than double earnings per share through 2025.
For the third quarter, Five Below said its net sales increased by 6.2% to $645 million, while comp sales decreased by 2.7% year over year. The company opened 40 new stores and ended that quarter with 1,292 stores in 42 states.
The company’s 2022 Q4 and full-year earnings call is scheduled for Wednesday afternoon.
Bull joined Five Below as senior vice president of finance in 2005. He also served as secretary. Bull was CFO and treasurer since 2012. Before joining the company, Bull worked in senior finance roles at other retailers, including at Urban Outfitters.
More recently, Five Below said it plans to expand its Five Beyond concept to grow sales. The Five Beyond concept is a collection of items beyond the company’s signature $5 price point. Other retailers in the segment, like Dollar Tree, have made similar moves to expand price points in recent years. Five Below also recently added assisted self-checkouts in most of its stores.
CEO Joel Anderson described Bull as “the perfect candidate for the role of COO,” pointing to Bull’s ability to instill a culture of discipline and financial stewardship. Bull also oversaw the company’s transition into a public company.
“With his significant experience and deep knowledge of the company and its operations, Ken is uniquely qualified to excel in this new role. We are also fortunate to be able to leverage his leadership and skills to recruit and onboard a new CFO while ensuring a smooth transition,” Anderson said.