Five Below Expands into California

Five Below (Philadelphia) will soon begin opening 12 stores throughout Southern California and plans to continue expanding throughout the state aggressively. The company wants to make the state its top market, outpacing business done in Texas, reports The Orange County Register.

“We couldn’t be more excited to come to California,” says Five Below’s Chief Executive Officer Joel Anderson, who hails from Southern California.

Nine of the stores have already opened and three are slated to open in May. These latest stores are part of the chain’s efforts to expand its current fleet from 549 to potentially 2000 total stores.

Last year, the chain’s sales grew 20 percent to $1 billion and profits rose 24 percent to $72 million.