Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Record Fourth Quarter and Fiscal 2020 Financial Results
Company Announces $100M Increase in Share Repurchase Authorization Fourth Quarter Total Net Sales Increase 22.1% Comparable Store Sales Increase 8.8% Diluted
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"Company Announces $100M Increase in Share Repurchase Authorization Fourth Quarter Total Net Sales Increase 22.1% Comparable Store Sales Increase 8.8% Diluted EPS Increases 27.3% to $0.98; Adjusted Diluted EPS Increases 31.1% to $0.97 Full-Year Total Net Sales Increase 28.4% Comparable Store Sales Increase 15.6% Diluted EPS Increases 72.0% to $3.68; Adjusted Diluted EPS Increases 61.2% to $3.16 HARRISBURG, Pa., March 18, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2020. Fourth Quarter Summary: Total net sales increased 22.1% to $515.8 million. Comparable store sales increased 8.8%.The Company opened 4 new stores and closed one location, ending the quarter with 388 stores in 25 states, a year-over-year increase in store count of 12.5%.Operating income increased 31.2% to $84.7 million. Adjusted operating income(1) increased 31.7% to $84.5 million and adjusted operating margin(1) increased 120 basis points to 16.4%.Net income increased 28.6% to $64.7 million and net income per diluted share increased 27.3% to $0.98.Adjusted net income(1) increased 31.0% to $63.8 million and adjusted net income per diluted share(1) increased 31.1% to $0.97.Adjusted EBITDA(1) increased 32.9% to $92.1 million and adjusted EBITDA margin(1) increased 150 basis points to 17.9%. John Swygert, President and Chief Executive Officer, stated, “We delivered a record fourth quarter performance, capping off the best full-year results in Ollies’ 38-year history. Sales increased 22%, driven by new store growth, exceptional productivity and an 8.8% comparable store sales increase. This strong top-line sales growth, combined with gross margin expansion and tight expense control, drove 31% adjusted EPS growth in the quarter. Our incredible performance reflects the strength and responsiveness of our business model as well as outstanding execution by our team. I am very grateful for the extraordinary contributions and dedication of the entire Ollie’s family who have worked tirelessly during a challenging year while prioritizing the health and safety of our customers and each other.” Mr. Swygert continued, “Throughout this year we successfully leveraged our expertise and relationships in the closeout industry to secure the very best deals for our...