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    Travis Sherman

    Managing Director and Senior Equity Research Analyst at Truist Securities

    Travis Sherman is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in consumer and retail sector coverage with a particular focus on companies such as Five Below. Throughout his tenure at Truist, Sherman has delivered insightful analysis and investment recommendations that have contributed to client successes and firm-wide performance, including evaluating sales growth dynamics and margin impacts for covered companies. He began his investment banking and equities career after holding positions at SunTrust Robinson Humphrey, J.P. Morgan, Credit Suisse, and Kaufman Hall, advancing from associate roles to senior leadership. Sherman holds FINRA registrations with Truist Securities and possesses securities licenses supporting his professional credentials.

    Travis Sherman's questions to FIVE BELOW (FIVE) leadership

    Travis Sherman's questions to FIVE BELOW (FIVE) leadership • Q2 2025

    Question

    Travis Sherman of Truist Securities, on for Scott Ciccarelli, asked if the elimination of the de minimis exemption for competitors like TEMU created 'orphan sales' for Five Below and if Q2 gross margin benefited from pricing actions ahead of higher-cost inventory.

    Answer

    CEO Winnie Park acknowledged there was 'probably some impact' from the de minimis change but stated it wasn't a major factor due to Five Below's differentiated in-store experience for kids. Interim CFO & COO Kenneth Bull confirmed that learnings from the positive customer response to Q2 pricing are factored into the Q3 guidance.

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