Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Second Quarter Fiscal 2021 Financial Results
~ Company Achieves 2-Year Comparable Store Sales Stack of +15.3% ~~ Strong Earnings Flow-Through, Resulting in Diluted EPS of $0.52 ~ HARRISBURG, Pa., Aug.
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Company Achieves 2-Year Comparable Store Sales Stack of +15.3% ~~ Strong Earnings Flow-Through, Resulting in Diluted EPS of $0.52 ~ HARRISBURG, Pa., Aug. 26, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the second quarter ended July 31, 2021. “We are very pleased with our results for the second quarter as we delivered comparable store sales growth of 15.3% on a two-year stack basis, well ahead of our long-term growth algorithm, and adjusted EBITDA growth of 44% as compared to 2019,” stated John Swygert, President and Chief Executive Officer. “Our performance reflects the strength of our business model as well as outstanding execution by our team, particularly with the headwinds of heightened supply chain challenges.” Second Quarter Summary: Total net sales decreased 21.4% to $415.9 million.Comparable store sales decreased 28.0% from the prior year increase of 43.3%, resulting in a two-year stack of positive 15.3%.The Company opened 12 new stores, ending the quarter with 409 stores in 28 states, a year-over-year increase in store count of 11.7%.Operating income decreased 50.3% to $45.7 million and operating margin decreased 640 basis points to 11.0%.Net income was $34.3 million, or $0.52 per diluted share, as compared with $99.4 million, or $1.50 per diluted share, in the prior year.Adjusted net income(1) was $34.0 million, or $0.52 per diluted share, as compared with prior year adjusted net income of $68.9 million, or $1.04 per diluted share.Adjusted EBITDA(1) decreased 45.6% to $54.1 million and adjusted EBITDA margin(1) decreased 580 basis points to 13.0%. Mr. Swygert continued, “We continue to face strong year-over-year comparisons in the third quarter as we, once again, delivered record sales and profits last year. For the third quarter of fiscal 2021, we expect comparable stores sales growth of 5% to 7% on a two-year stack basis. Deal flow remains as strong as ever, despite temporary supply chain challenges, and we continue to leverage our expertise and relationships in the closeout industry to secure the very best deals for our customers. As always, we will tightly manage what is in our control and we feel very good about our ability to execute across the organization and navigate these transitory supply chain pressures. We remain confi...