Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Second Quarter Fiscal 2023 Financial Results
~ Raising Fiscal Year Sales and Earnings Outlook ~ ~ Net Sales increased 13.7% ~ ~ Comparable Store Sales increased 7.9% ~ ~ Earnings per Share increased
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Raising Fiscal Year Sales and Earnings Outlook ~ ~ Net Sales increased 13.7% ~ ~ Comparable Store Sales increased 7.9% ~ ~ Earnings per Share increased 209.1% to $0.68 ~ ~ Adjusted Earnings per Share increased 204.5% to $0.67 ~ HARRISBURG, Pa., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the second quarter ended July 29, 2023. Second Quarter Summary: Total net sales increased 13.7% to $514.5 million.Comparable store sales increased 7.9% from the prior year increase of 1.2%.The Company opened six new stores, ending the quarter with 482 stores in 29 states, a year-over-year increase in store count of 7.3%.Operating income increased 217.5% to $52.5 million and operating margin increased 650 basis points to 10.2%.Net income increased 199.2% to $42.2 million, or $0.68 per diluted share, as compared with net income of $14.1 million, or $0.22 per diluted share, in the prior year.Adjusted net income(1) increased 205.5% to $41.7 million, or $0.67 per diluted share, as compared with prior year adjusted net income of $13.7 million, or $0.22 per diluted share.Adjusted EBITDA(1) increased 146.7% to $64.0 million and adjusted EBITDA margin(1) increased 670 basis points to 12.4%. (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. generally accepted accounting principles (“GAAP”). Please see the accompanying financial tables which reconcile our comparable GAAP measures to these non-GAAP measures. “We feel very good about the current trends and momentum of our business. With over 40 years of closeout buying experience and growing relationships across the industry, we are seeing very strong deal flow, and our customers are clearly responding. In the second quarter, comparable store sales increased 7.9%, with nearly 70% of our product categories contributing to the increase. On top of the strong deal flow, changes to our marketing program and investments in our people and supply chain are driving better execution and an even more exciting shopping experience for our customers. This is raising productivity levels across the organization, which contributed to the more than doubling of our adjusted EBITDA margin in the ...