Five Below (FIVE) on Friday raised its fiscal Q1 projected adjusted diluted income outlook to between $0.82 and $0.84 per share, up from previous range of $0.50 to $0.61 per share.

Analysts polled by FactSet expect $0.56.

Net sales for the upcoming fiscal quarter ending May 3 are now expected to be $967 million, compared with the prior guidance of $905 million to $925 million. Analysts surveyed by FactSet expect $914.6 million.

The company also said that Tom Vellios, its co-founder and executive chair, is stepping down, effective the June 12, the date of its annual meeting, and transitioning into an advisory role through the end of 2025.

Current director Mike Devine is expected to be appointed nonexecutive chair, the company said.

The company's shares were up nearly 12% in premarket activity.