Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2021 Financial Results
~ Company Exceeds EPS Expectations ~ ~ Initiates Fiscal 2022 Guidance ~ HARRISBURG, Pa., March 23, 2022 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings,
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Company Exceeds EPS Expectations ~ ~ Initiates Fiscal 2022 Guidance ~ HARRISBURG, Pa., March 23, 2022 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2021. Fourth Quarter Summary: Total net sales decreased 2.8% to $501.1 million. Comparable store sales decreased 10.5% from the prior year increase of 8.8%. Comparable store sales decreased 2.0% compared with the fourth quarter of fiscal 2019.The Company opened five new stores, ending the quarter with 431 stores in 29 states, a year-over-year increase in store count of 11.1%.Operating income decreased 32.2% to $57.5 million. Adjusted operating income(1) decreased 32.1% to $57.3 million and adjusted operating margin(1) decreased 500 basis points to 11.4%.Net income totaled $44.7 million, or $0.71 per diluted share, as compared with net income of $64.7 million, or $0.98 per diluted share, in the prior year.Adjusted net income(1) was $43.9 million, or $0.69 per diluted share, as compared with prior year adjusted net income of $63.8 million, or $0.97 per diluted share.Adjusted EBITDA(1) decreased 28.2% to $66.1 million and adjusted EBITDA margin(1) decreased 470 basis points to 13.2%. “During the fourth quarter we exceeded our earnings expectations. We navigated numerous headwinds including unprecedented inflation in merchandise and transportation costs, shipping delays of imported product, and backlogs at our distribution centers. We accomplished this by controlling what we could by leveraging our vast network of vendor partners, improving efficiencies in our distribution centers, and keeping a tight control on expenses. We continued to execute our retail expansion strategy and deliver great deals to our customers during these challenging times,” said John Swygert, President and Chief Executive Officer. Mr. Swygert continued, “Looking ahead, we are excited to celebrate our 40th anniversary and have several special events planned to recognize this milestone. We are also pleased to announce that for the first time in our Company’s history, we are launching a store remodel program, which we expect will improve our customers’ shopping experience and drive higher sales. We remain highly confident in our business model and expect to see trends improve as we move through th...