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Zihan Ma

Senior Research Analyst and Equity Analyst at Bernstein

Zhihan Ma is a Senior Research Analyst and Equity Analyst at Sanford C. Bernstein & Co. LLC, specializing in retail and consumer sector analysis with a particular focus on ESG integration and retail strategy. She holds an MBA from Harvard Business School and an undergraduate degree from Princeton University, bringing strong educational credentials to her research. Ma began her career at Goldman Sachs & Co. LLC as a Corporate Officer/Principal before joining Bernstein in May 2017, where she has since advanced to a senior research role covering major retailers including Target. While specific performance metrics and FINRA registrations were not available in the search results, her media appearances on CNBC and analyst commentary on major retail earnings indicate active engagement in institutional equity research.

Zihan Ma's questions to FIVE BELOW (FIVE) leadership

Question · Q3 2026

Zihan Ma asked about near-term Q4 trends relative to guidance, specifically if there's conservatism, and longer-term, if current trends continue, how it might change the pace of new store openings.

Answer

CFO Dan Sullivan stated there's no conservatism in the Q4 guide, which balances business momentum with holiday uncertainties. Regarding new store growth, he emphasized opening 'great stores' over just 'many stores,' with the current pace of 150 net new stores reflecting strong execution, particularly in new markets like the Pacific Northwest.

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