Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Second Quarter Fiscal 2024 Financial Results
~ Comparable Store Sales increased 5.8% ~ ~ Earnings per Share increased 16.2% to $0.79 ~ ~ Adjusted Earnings per Share increased 16.4% to $0.78 ~ ~ Raising
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Comparable Store Sales increased 5.8% ~ ~ Earnings per Share increased 16.2% to $0.79 ~ ~ Adjusted Earnings per Share increased 16.4% to $0.78 ~ ~ Raising Fiscal Year Sales and Earnings Outlook ~ HARRISBURG, Pa., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the second quarter ended August 3, 2024. Second Quarter Summary: Total net sales increased 12.4% to $578.4 million. Comparable store sales increased 5.8% from the prior year increase of 7.9%.The Company opened nine new stores, ending the quarter with 525 stores in 31 states, a year-over-year increase in store count of 8.9%.Operating income increased 15.6% to $60.8 million and operating margin increased 30 basis points to 10.5%.Net income increased 16.1% to $49.0 million, or $0.79 per diluted share.Adjusted net income(1) increased 15.6% to $48.2 million, or $0.78 per diluted share.Adjusted EBITDA(1) increased 16.4% to $74.5 million and adjusted EBITDA margin(1) increased 50 basis points to 12.9%. (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. “Today, more than ever, everyone loves a bargain, and we are pleased that our great deal flow, disciplined expense control, and the strong execution of our teams led to better than expected sales and earnings for the second quarter. The process improvements and investments we have made in our people, supply chain, stores, and marketing continue to pay off in the form of better productivity, consistent execution, and strong financial performance,” said John Swygert, Chief Executive Officer. “We have now generated nine consecutive quarters of comparable store sales growth. We are confident in our ability to continue executing at a high level and winning into the future. With our upgraded outlook for fiscal 2024, we expect to open 50 new stores, return to a 40 percent annual gross margin, and deliver an adjusted EBITDA margin in the low-teens,” Mr. Swygert concluded. Second Quarter Results Net sales increased 12.4% to $578.4 million in the se...