J P M O R G A N North America Equity Research 10 June 2026 Five Below Mgmt Access Points & Model Implications; Reiterate Overweight Post our recent management access and fieldwork, we thought value-add to share our follow-up takeaways and model implications. 5 Key Takeaways & Model Implications: Take #1: Breaking Down High-Single-Digit "Underlying" Comps: Clarifying the +high-single-digit underlying comp run-rate (excluding all of "trend" and inclusive of pricing actions) cited on the 6/3 EPS call – our wor ...