Discount store chain Five Below has appointed Winnie Park as its new CEO after reporting double-digit sales growth for the third quarter.

Park will begin her role as CEO and member of the board on December 16, succeeding Kenneth Bull who has been interim CEO since July. Bull will continue as COO following the appointment.

Park was most recently the CEO of fashion retailer Forever 21. She has a career spanning more than three decades with extensive experience in driving customer-centric business strategies, merchandising and brand building across specialty and value retail.

“I’m a huge fan of the Five Below brand and its unique ability to connect with and empower teens and pre-teens through an amazing assortment of extreme-value items in a fun shopping environment,” Park commented on her appointment. “There is an enormous opportunity to build on the exciting initiatives that are already underway as we elevate our product, value and experience.”

In a separate announcement, Five Below reported a 14.6 per cent increase in net sales for the third quarter ended November 2, extending the 13.5 per cent growth in the second quarter. Comparable sales were up by a modest 0.6 per cent.

Meanwhile, net income plunged from $14.6 million last year to $1.7 million.

Bull said the results exceeded expectations thanks to stronger performance across a broader group of merchandise and improved operational execution. 

The company has raised its guidance for the full year amid positive results from Black Friday and encouraging prospects for the coming holiday season. It expects net sales to be in the range of $3.84 billion to $3.87 billion and net income of $240 million to $250 million.