Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2022 Financial Results
~ Q4 Net Sales increased 9.7%; Q4 Comparable Store Sales increased 3.0% ~ ~ Q4 Earnings per Share increased 19.7% to $0.85 ~ ~ Q4 Adjusted Earnings per Share
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Q4 Net Sales increased 9.7%; Q4 Comparable Store Sales increased 3.0% ~ ~ Q4 Earnings per Share increased 19.7% to $0.85 ~ ~ Q4 Adjusted Earnings per Share increased 21.7% to $0.84 ~ ~ Initiates Fiscal 2023 Guidance ~ HARRISBURG, Pa., March 22, 2023 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2022. Fourth Quarter Summary: Total net sales increased 9.7% to $549.8 million. Comparable store sales increased 3.0% from the prior year decrease of 10.5%.The Company opened 5 new stores, ending the quarter with 468 stores in 29 states, a year-over-year increase in store count of 8.6%.Operating income increased 17.8% to $67.7 million. Adjusted operating income(1) increased 16.5% to $66.8 million and adjusted operating margin(1) increased 70 basis points to 12.1%.Net income totaled $53.1 million, or $0.85 per diluted share, as compared with net income of $44.7 million, or $0.71 per diluted share, in the prior year.Adjusted net income(1) was $52.4 million, or $0.84 per diluted share, as compared with prior year adjusted net income of $43.9 million, or $0.69 per diluted share.Adjusted EBITDA(1) increased 16.8% to $77.2 million and adjusted EBITDA margin(1) increased 80 basis points to 14.0%. “We are pleased with our fourth quarter performance, which reflects an improvement in our transaction trends and a 3.0% increase in comparable store sales. Our team executed well in a highly promotional environment and delivered a 110 basis point increase in gross margin compared to last year,” said John Swygert, President and Chief Executive Officer. “For 2023, we are focused on offering great deals, expanding operating margins, and growing our store base, all of which will position us to deliver consistent, long-term growth for our shareholders. We believe we are well positioned to thrive in the current environment and our customers are responding to the tremendous values in our stores. Our deal pipeline is strong, and we are excited about the opportunities ahead of us.” Fiscal Year Summary: Total net sales increased 4.2% to $1.827 billion.Comparable store sales decreased 3.0% from the prior year decrease of 11.1%.The Company opened 40 new stores and closed 3 stores in fiscal 2022.Operating income decreased 36.0% to $130.9 million....