Discount retailer Five Below (NASDAQ:FIVE) will be reporting results tomorrow after the bell. Here's what investors should know.

Last quarter Five Below reported revenues of $736.4 million, up 14.2% year on year, beating analyst revenue expectations by 1.1%. It was a beat and raise quarter for the company. Same-store sales, revenue, and EPS came in ahead of expectations, although gross margin missed and was down year on year. While next quarter's revenue guidance was roughly in line (the other thing to pick on in addition to the gross margin miss), full year guidance was raised for same-store sales, revenue, and EPS.

Is Five Below buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Five Below's revenue to grow 20.2% year on year to $1.35 billion, improving on the 12.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $3.79 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates five times over the last two years.

Looking at Five Below's peers in the general merchandise retail segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Big Lots's revenues decreased 7.2% year on year, beating analyst estimates by 0.5% and Nordstrom reported revenues up 2.3% year on year, exceeding estimates by 0.9%. Big Lots traded flat on the results, and Nordstrom was down 10%.

Read our full analysis of Big Lots's results here and Nordstrom's results here.

Investors in the general merchandise retail segment have had steady hands going into the earnings, with the stocks up on average 1% over the last month. Five Below is up 7.5% during the same time, and is heading into the earnings with analyst price target of $222, compared to share price of $206.3.

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