Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Third Quarter Fiscal 2020 Financial Results
~ Comparable Store Sales Increase 15.3% ~~ Operating Margin Increases 300 Basis Points to 13.9% ~~ Diluted EPS Increases 65.9% to $0.68 ~~ Adjusted Diluted
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Comparable Store Sales Increase 15.3% ~~ Operating Margin Increases 300 Basis Points to 13.9% ~~ Diluted EPS Increases 65.9% to $0.68 ~~ Adjusted Diluted EPS Increases 58.5% to $0.65 ~ HARRISBURG, Pa., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the third quarter ended October 31, 2020. Third Quarter Summary: Total net sales increased 26.7% to $414.4 million. Comparable store sales increased 15.3%.The Company opened 19 new stores, including one relocation, ending the quarter with 385 stores in 25 states, a year-over-year increase in store count of 11.6%.Operating income increased 61.7% to $57.8 million and operating margin increased 300 basis points to 13.9%.Net income increased 67.7% to $45.2 million and net income per diluted share increased 65.9% to $0.68.Adjusted net income(1) increased 61.1% to $43.2 million and adjusted net income per diluted share(1) increased 58.5% to $0.65.Adjusted EBITDA(1) increased 53.4% to $65.3 million. John Swygert, President and Chief Executive Officer, stated, “I am extremely proud of our entire team for working tirelessly during these unprecedented times and delivering another exceptional quarter. We once again demonstrated our ability to respond to opportunities in the market, resulting in strong comparable store sales growth. We opened 46 new stores this year and I am very pleased with our ability to execute these projects in a challenging environment. These stores continued to perform exceptionally well. Across the organization, we remain focused on what we do best: offering great deals and delivering great value to our customers. My heartfelt thanks goes out to the entire Ollie’s family for their dedication to ensure the continued health and safety of our customers and each other during these difficult times.” Mr. Swygert continued, “Our inventory pipeline remains strong and we are maintaining flexibility in our open-to-buy to capture great deals. Quarter-to-date, our comparable store sales increases are tracking in the low single-digits. That said, this holiday season is subject to many uncertainties regarding the impact of the pandemic and there are a lot of large volume days still ahead of us. What we do know is that value will always be a priority for the consumer and we have a proven abili...