Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Record Second Quarter Fiscal 2020 Financial Results
~ Comparable Store Sales Increase 43.3% ~~ Operating Margin Increases 820 Basis Points to 17.4% ~~ Diluted EPS Increases 294.7% to $1.50 ~~ Adjusted Diluted
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Comparable Store Sales Increase 43.3% ~~ Operating Margin Increases 820 Basis Points to 17.4% ~~ Diluted EPS Increases 294.7% to $1.50 ~~ Adjusted Diluted EPS Increases 197.1% to $1.04 ~\n HARRISBURG, Pa., Aug. 27, 2020 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported financial results for the second quarter ended August 1, 2020. Second Quarter Summary: Total net sales increased 58.5% to $529.3 million. Comparable store sales increased 43.3%. The Company opened 6 stores, ending the quarter with 366 stores in 25 states, a year-over-year increase in store count of 10.2%.Operating income increased 199.3% to $92.0 million and operating margin increased 820 basis points to 17.4%.Net income increased 294.8% to $99.4 million and net income per diluted share increased 294.7% to $1.50.Adjusted net income(1) increased 193.5% to $68.9 million and adjusted net income per diluted share(1) increased 197.1% to $1.04.Adjusted EBITDA(1) increased 164.9% to $99.4 million. John Swygert, President and Chief Executive Officer, stated, “We delivered our best quarter in our 38-year history with record top- and bottom-line results. Our performance reflects the strength of our business model as we remained nimble and responsive to opportunities in the marketplace to meet heightened levels of customer demand during the COVID-19 pandemic. We executed the Ollie’s formula—buy cheap and sell cheap—and had the right products at great prices. I am very grateful for the extraordinary contributions of our entire team—our merchants, distribution centers, store support center and store associates—who have worked tirelessly to keep pace with the spike in demand and to ensure the continued health and safety of our customers and each other.” Mr. Swygert continued, “We continue to be pleased with customer response to our great deals, with comparable store sales trends currently tracking in the high teens. However, we fully expect sales growth to continue to slow as we progress through the second half of the year. Due to the uncertainty related to COVID-19, we are not providing guidance for the second half of fiscal 2020. We remain confident that we are very well-positioned to benefit from the continued disruption in the marketplace as we continue to leverage our strong vendor relationships and the expertise of our teams. It’s t...