Ollie’s Bargain Outlet Holdings, Inc. Reports First Quarter Fiscal 2020 Financial Results

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[{"type":"text","content":"HARRISBURG, Pa., May 28, 2020 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported financial results for the first quarter ended May 2, 2020. \n First Quarter Summary: Total net sales increased 7.5% to $349.4 million. Comparable store sales decreased 3.3% compared with a 0.8% increase in the prior year. The Company opened 17 stores and closed two stores, ending the quarter with 360 stores in 25 states, an increase in store count of 11.1% year over year.Operating income increased 5.4% to $43.0 million. Adjusted operating income(1) increased 6.9%.Net income decreased 13.6% to $33.5 million and net income per diluted share decreased 13.6% to $0.51.Adjusted net income(1) increased 6.7% to $32.2 million and adjusted net income per diluted share(1) increased 6.5% to $0.49.Adjusted EBITDA(1) increased 6.6% to $49.7 million. John Swygert, President and Chief Executive Officer, stated, “We are pleased with and proud of our first quarter performance in light of the challenges we faced from COVID-19 and the current economic backdrop. We saw comparable sales turn positive following steep declines mid-quarter, coinciding with the arrival of stimulus checks in addition to our communications to customers that we remain open and have great deals on items they need. The inflection in our comp trend clearly demonstrates our ability to pivot quickly and respond to changing customer demands. We are very grateful for the extraordinary work of our merchant, distribution center and store support center teams and incredibly proud of our store associates who have gone above and beyond to serve our customers. My heartfelt thanks goes to the entire Ollie’s family for their tireless work to ensure the continued health and safety of our customers and each other.” Mr. Swygert continued, “Our second quarter sales are off to a strong start and we will continue to respond to the current environment by remaining agile, managing costs and leveraging our strong cash position. That said, given the continued uncertainties regarding the duration and severity of the impact of COVID-19, we are not providing fiscal 2020 guidance. As we look ahead, we are uniquely well-positioned to capitalize on the market disruption we expect to see later this year. Based on our proven business model, strong track record of success in both good and ba...

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