** Shares of discount retailer Five Below FIVE.O up 6.4% at $128.94 premarket

** Co raised annual sales forecast and lower end of profit forecast following market close on Wednesday, after reporting upbeat Q1 results and forecasting Q2 net sales above expectations

** FIVE sees annual net sales between $4.33 billion and $4.42 billion vs prior view of $4.21 billion to $4.33 billion

** Expects adjusted annual EPS between $4.25 and $4.72 vs previous forecast of $4.10 to $4.72

** Separately, co announced CFO Kristy Chipman is stepping down; COO Ken Bull to be Interim CFO

** Brokerage Jefferies sees likely upside to forecast, says CFO transition will have minimal impact on co

** Citi says current guidance for second half of year looks conservative, but appropriate given uncertain macroeconomic background

** Average rating of 22 analysts is "hold"; median PT is $123 - data compiled by LSEG

** Up to last close, stock has risen 15% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))