Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2024 Financial Results
~ Q4 Comparable Store Sales increased 2.8% ~ ~ Q4 Earnings per Share and Adjusted Earnings per Share were $1.11 and $1.19 ~ ~ Targeting 75 New Store Openings
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Q4 Comparable Store Sales increased 2.8% ~ ~ Q4 Earnings per Share and Adjusted Earnings per Share were $1.11 and $1.19 ~ ~ Targeting 75 New Store Openings for Fiscal 2025 ~ HARRISBURG, Pa., March 19, 2025 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2024. Fourth Quarter Summary: Total net sales increased 2.8% to $667.1 million. Excluding the impact of the 53rd week in fiscal 2023, net sales increased 8.5%. Net sales in the 53rd week of fiscal 2023 were $34.0 million and contributed approximately $0.04 to diluted earnings per share.Comparable store sales increased 2.8% from the prior year increase of 3.9%.The Company opened 13 new stores, ending the quarter with 559 stores in 31 states, an increase of 9.2% year-over-year.Pre-opening expenses increased by $3.2 million or $0.04 per diluted share, resulting from the earlier timing of store openings in fiscal 2025 as compared to 2024, and the dark rent expense associated with the bankruptcy acquired locations.Net income was $68.6 million, or $1.11 per diluted share.Adjusted net income(1) was $73.4 million, or $1.19 per diluted share.Adjusted EBITDA(1) was $109.4 million and adjusted EBITDA margin(1) was 16.4%. “We were very pleased with our financial results and the underlying trends in our business. At a time when consumers need it most, we are delivering unprecedented value through an ever-changing assortment that combines quality, national brands, and pricing in a way that can only be found at Ollie’s,” said Eric van der Valk, President and Chief Executive Officer. Mr. van der Valk continued, “With so many retailers closing stores or going bankrupt in the past year, there are a considerable number of abandoned customers, merchandise, real estate, and talent in the marketplace. We think there is a unique opportunity to take on some of these assets in a manner that strengthens our competitive positioning, broadens our footprint, and bolsters shareholder returns for years to come. With our expanded supply chain, flexible and resilient operating model, fortress balance sheet, and committed associates, we are ready. WE ARE OLLIE’S!” Fiscal Year Summary: Total net sales increased 8.0% to $2.272 billion. Excluding the impact of the 53rd week in fiscal 2023, net sale...