PHILADELPHIA (AP) — PHILADELPHIA (AP) — Five Below Inc. (FIVE) on Wednesday reported fiscal first-quarter net income of $123.1 million.

The Philadelphia-based company said it had profit of $2.21 per share. Earnings, adjusted for non-recurring costs, were $2.22 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.

The discount retailer posted revenue of $1.29 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $1.2 billion.

For the current quarter ending in July, Five Below expects its per-share earnings to range from $1.17 to $1.29.

The company said it expects revenue in the range of $1.18 billion to $1.2 billion for the fiscal second quarter.

Five Below expects full-year earnings in the range of $8.65 to $9.05 per share, with revenue ranging from $5.4 billion to $5.48 billion.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FIVE at https://www.zacks.com/ap/FIVE