Five Below (FIVE +6%) is warming up after delivering spectacular Q1 (Apr) earnings last night. Some of the value retailer’s outstanding Q1 results were strengthened by government stimulus hitting in March along with continuing at-home trends benefiting its Room world. In addition, despite the fact that no future stimulus is on the docket, FIVE is still providing upside guidance for Q2 (Jul).The bottom line, investors are distinctly relieved to see solid Q1 results/guidance. Just last week, Dollar Tree (DLTR) slashed full-year EPS guidance to just $5.80-6.05, below the consensus of $6.20 at the time. DLTR expects increasing freight costs to hurt EPS by $0.70-0.80 over the remaining three quarters of 2021, which is a massive amount. This freight cost projection is substantially higher than it was just a few months ago. Investors are relieved that FIVE did not also slash guidance.Although the results from Q1 somewhat eased concerns, investors remain concerned ahead of the company facing tougher comps later in the fiscal year. FIVE’s relatively high forward P/E of 42x may put it at risk a bit if comps do not blow people away.