Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Second Quarter Fiscal 2022 Financial Results
HARRISBURG, Pa., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"HARRISBURG, Pa., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the second quarter ended July 30, 2022. Second Quarter Summary: Total net sales increased 8.8% to $452.5 million. Comparable store sales increased 1.2%. The Company opened 11 new stores and closed one store, ending the quarter with 449 stores in 29 states, a year-over-year increase in store count of 9.8%.Operating income decreased 63.8% to $16.5 million and operating margin decreased 730 basis points to 3.7%.Net income was $14.1 million, or $0.22 per diluted share, as compared with $34.3 million, or $0.52 per diluted share, in the prior year.Adjusted net income(1) was $13.7 million, or $0.22 per diluted share, as compared with prior year adjusted net income of $34.0 million, or $0.52 per diluted share.Adjusted EBITDA(1) decreased 52.1% to $25.9 million and adjusted EBITDA margin(1) decreased 730 basis points to 5.7%. John Swygert, President, Chief Executive Officer and Interim Chief Financial Officer, stated, “We celebrated our 40th birthday of selling Good Stuff Cheap to every community we serve on July 29th and could not be prouder for all the hard work and dedication our team members have displayed over the years. We were pleased with the meaningful improvement we experienced in our sales trends during the second quarter. Our comparable store sales increased 1.2% compared to 2021, in line with our expectations. During the quarter we emphasized our extreme value proposition and reinvested back into price and experienced a slight change in mix, which impacted our merchandise margin. We expect to see the gross margin impact reverse during the third quarter.” “We are extremely excited with the closeout deals in our pipeline early in the third quarter. Given the numerous economic challenges and disruptions in the market today, we believe that extreme value will become increasingly important as we move through the back half of the year. As we said on our last call, we believe value will win and we are committed to providing the lowest price possible to the consumer,” Mr. Swygert concluded. (1) As used throughout this release, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA and adjusted EBITDA margin are not measures recognized under U.S. gen...