Business
Ollie’s Bargain Outlet Holdings, Inc. Reports First Quarter Fiscal 2023 Financial Results
~ Net Sales increased 12.9% ~ ~ Comparable Store Sales increased 4.5% ~ ~ Earnings per Share increased 150.0% to $0.50 ~ ~ Adjusted Earnings per Share
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Net Sales increased 12.9% ~ ~ Comparable Store Sales increased 4.5% ~ ~ Earnings per Share increased 150.0% to $0.50 ~ ~ Adjusted Earnings per Share increased 145.0% to $0.49 ~ ~ Raising Fiscal Year Sales and Earnings Outlook ~ HARRISBURG, Pa., June 07, 2023 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the quarter ended April 29, 2023. First Quarter Summary: Total net sales increased 12.9% to $459.2 million. Comparable store sales increased 4.5% from the prior year decrease of 17.3%. The Company opened 9 new stores and closed one store, ending the quarter with 476 stores in 29 states, a year-over-year increase in store count of 8.4%.Operating income increased 124.8% to $38.5 million and operating margin increased 420 basis points to 8.4%.Net income increased 147.4% to $31.0 million or $0.50 per diluted share, as compared with net income of $12.5 million, or $0.20 per diluted share, in the prior year.Adjusted net income(1) increased 140.9% to $30.8 million, or $0.49 per diluted share, as compared with prior year adjusted net income of $12.8 million, or $0.20 per diluted share.Adjusted EBITDA(1) increased 88.5% to $49.5 million and adjusted EBITDA margin(1) increased 430 basis points to 10.8%. (1) As used throughout this release, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA and adjusted EBITDA margin are not measures recognized under U.S. generally accepted accounting principles (“GAAP”). Please see the accompanying financial tables which reconcile our comparable GAAP measures to these non-GAAP measures. “We are pleased with our first quarter performance, which exceeded our expectations and was driven by strong comparable store sales, new store productivity, and margin expansion. Customers are responding to our compelling deals, resulting in accelerating transaction trends and we are encouraged to see our product offerings appealing to a wider customer base that includes more higher income and younger-age shoppers,” said John Swygert, President and Chief Executive Officer. “Our deal flow remains robust, and we believe that we are well positioned in the current environment as consumers are increasingly looking for value. As a result of our strong first quarter performance and continued momentum in the business, ...