Five Below CEO Joel Anderson told CNBC on Wednesday that the discount retailer has seen positive signs from back-to-school shopping despite the coronavirus pandemic shifting many districts across the U.S. into remote learning arrangements this fall.
“The merchants did a great job pivoting, and we’re seeing a great back-to-school season, albeit it’s very different than the traditional season — all about backpacks and pencils,” Anderson said on “Closing Bell.”
Instead, Anderson said, consumers have been favoring items that can help make learning from home a more enjoyable experience for children who live in places where in-person instruction has been canceled or delayed.
“Depending on the state, the municipality, they’re going back in their homes and they want to create an environment that makes school comfortable being at home, Zooming,” he said, referencing the videoconferencing provider Zoom.
Back-to-school shopping is a critical period for many U.S. retailers, but the changing dynamics