Five Below posted strong sales growth in its first-quarter and also announced it is searching for a new CFO.

The tween and teen value retailer said that chief financial officer and treasurer Kristy Chipman has told the company she intends to step down for "personal reasons." Five Below COO Ken Bull will also take on the role of interim CFO while the company searches for a permanent replacement. (Bull was previously CFO of Five Below for 10 years.)

Five Below reported n et income of $41.1 million, or earnings per share of $0.75, for the quarter ended May 3, compared to $31.5 million, or earnings per share of $57. in the year-ago quarter. Adjusted net earnings were $0.86, way in front of analysts' expectations of $0.66 per share.

Net sales increased by 19.5% to $970.5 million, beating

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