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On Wednesday, specialty retailer Five Below Inc. (FIVE - Free Report) reported strong second quarter fiscal 2017 financial results after the bell, beating estimates on both the top and bottom line.

Five Below reported diluted earnings of 30 cents per share, surpassing the Zacks Consensus Estimate of 26 cents and increasing over 66% from the prior-year period; net income was $16.8 million for the quarter Revenues came in at $283.3 million, also beating our consensus estimate and growing 28.7% year-over-year, while comparable store sales increased 9.3%.

Operating income grew 67.4% to $26.3 million from $15.7 million reported in the second quarter of fiscal 2016.

"Our strong second quarter results demonstrate the amazing appeal of the Five Below brand. We exceeded the high end of our sales, comp and earnings outlook…We saw solid broad-based performance across our worlds, with notable contribution from the spinner trend,” said CEO Joel Anderson.

Fidget spinners seemingly came out of nowhere earlier this summer, and they became arguably the biggest gadget trend of 2017. They are simply constructed, with “inline skate and ball bearings, and can spin for 2 minutes or more while you're working, hanging out with friends or trying to relax,” notes Tom’s Guide. Five Below makes the futz spinner™ that sells for $3 a pop.

Looking ahead, the retailer expects net sales in the range of $241 million to $246 million for the third quarter based on opening approximately 35 new stores, in addition to a 3% to 5% increase in comps. EPS is projected to fall in the range of 11 cents to 13 cents per share.

Five Below is currently a #2 (Buy), with a VGM score of ‘B.’ The company closed the day up 1.44%, but has fallen a slight 0.35% after its earnings report was released.

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