Business
Ollie’s Bargain Outlet Holdings, Inc. Reports First Quarter Fiscal 2021 Financial Results
Total Net Sales Increase 29.5% Comparable Store Sales Increase 18.8% Diluted EPS Increases 64.7% to $0.84 Adjusted Diluted EPS Increases 63.3% to $0.80
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"Total Net Sales Increase 29.5% Comparable Store Sales Increase 18.8% Diluted EPS Increases 64.7% to $0.84 Adjusted Diluted EPS Increases 63.3% to $0.80 HARRISBURG, Pa., May 27, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the first quarter ended May 1, 2021. First Quarter Summary: Total net sales increased 29.5% to $452.5 million. Comparable store sales increased 18.8%.The Company opened 11 new stores, including two relocations, ending the quarter with 397 stores in 25 states, a year-over-year increase in store count of 10.3%.Operating income increased 65.7% to $71.2 million and operating margin increased 340 basis points to 15.7%.Net income increased 65.1% to $55.2 million and net income per diluted share increased 64.7% to $0.84.Adjusted net income(1) increased 64.9% to $53.1 million and adjusted net income per diluted share(1) increased 63.3% to $0.80.Adjusted EBITDA(1) increased 59.2% to $79.2 million and adjusted EBITDA margin(1) increased 330 basis points to 17.5%. John Swygert, President and Chief Executive Officer, stated, “We are extremely pleased to have delivered strong first quarter results on the heels of an incredible 2020. Our performance reflects the power of our business model as we continue to deliver great deals to our customers. We had strong earnings flow-through as the nearly 30% growth in sales resulted in a 63% increase in adjusted earnings per share for the first quarter. Our consistent execution is a testament to the extraordinary contributions and dedication of the Ollie’s family.” “After the onset of COVID last year, our stores remained open to serve our customers and we experienced record sales and profits, delivering comparable stores sales growth of 43% in the second quarter of 2020. Our current quarter-to-date comparable store sales are tracking ahead of our expectations and we are very excited about the momentum in our business. Following May, which had by far the highest monthly comparable sales increase of the prior-year second quarter, comparisons to last year ease, furthering our confidence. Our deal flow remains as robust as ever, and we are well-positioned to capture opportunities in the marketplace as we leverage our industry expertise and strong liquidity position. Based on our proven business model, our...