Five Below's CEO and president steps down amid weak sales

Five Below says its CEO and President Joel Anderson has stepped down amid languishing sales at the discount retailer catering to teens. The company also cut its financial outlook for the current quarter. Five Below has been wrestling with slower spending from its lower-income shoppers and increasing theft. The Philadelphia-based company said Tuesday that Kenneth Bull will serve as interim president and CEO, effective immediately, while it searches for a permanent CEO. Bull has been with the company for nearly two decades, including 11 years as chief financial officer and most recently as chief operating officer.