Five Below's sales were hurt due to overstock of Squishmallows and price-sensitive customers.
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AdvertisementFive Below said its sales were hurt this quarter because it bought far more Squishmallows than its customers wanted.
The popular soft toys went viral in the years after their 2017 launch, becoming "Gen Z's Beanie Babies," Business Insider reported in 2020.
On Wednesday, Five Below cut its forecasts for the year because of price-sensitive customers who are prioritizing buying food, candy, and drinks over Squishmallows.
Persons:
—, Joel Anderson
Organizations:
Service, Business