Shares of Five Below (FIVE) are soaring 13.17% in intraday trading on Thursday, following the discount retailer's impressive first-quarter results, raised annual guidance, and announcement of a new partnership with Uber Eats for nationwide delivery.

Five Below reported better-than-expected Q1 earnings of $0.86 per share, surpassing analyst estimates of $0.83. Revenue came in at $970.5 million, exceeding expectations of $966.49 million. The company's strong performance was driven by a robust 7.1% increase in comparable sales, outpacing Wall Street's projected 6.7% growth. In response to these results, Five Below raised its full-year 2025 guidance, with net sales now expected between $4.33 billion and $4.42 billion, up from its previous forecast of $4.21 billion to $4.33 billion.

Adding to the positive momentum, Five Below announced a partnership with Uber Eats to deliver products directly to customers' doorsteps nationwide. This strategic move is expected to expand the company's reach and convenience for shoppers. The news has been well-received by investors and analysts alike, with multiple firms raising their price targets for Five Below stock. Notable upgrades include Morgan Stanley increasing its target to $135 from $110, and Jefferies raising its target to $155 from $138. While the company also announced that CFO Kristy Chipman is stepping down for personal reasons, with COO Ken Bull serving as interim CFO, this management change appears to have had minimal impact on investor sentiment in light of the overall positive news.