Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Third Quarter Fiscal 2021 Financial Results
Company Announces Additional $200M Share Repurchase Authorization HARRISBURG, Pa., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc.
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"Company Announces Additional $200M Share Repurchase Authorization\nHARRISBURG, Pa., Dec. 02, 2021 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the third quarter ended October 30, 2021. Third Quarter Summary: Total net sales decreased 7.5% to $383.5 million.Comparable store sales decreased 15.5% from the prior year increase of 15.3%. Comparable store sales decreased 1.3% compared with the third quarter of fiscal 2019.The Company opened 18 new stores, ending the quarter with 426 stores in 29 states, a year-over-year increase in store count of 10.6%.Operating income decreased 47.7% to $30.2 million and operating margin decreased 600 basis points to 7.9%. Adjusted operating income(1) decreased 48.3% to $29.9 million and adjusted operating margin(1) decreased 610 basis points to 7.8%.Net income was $23.2 million, or $0.36 per diluted share, as compared with net income of $45.2 million, or $0.68 per diluted share, in the prior year.Adjusted net income(1) was $22.0 million, or $0.34 per diluted share, as compared with prior year adjusted net income of $43.2 million, or $0.65 per diluted share.Adjusted EBITDA(1) decreased 41.9% to $37.9 million and adjusted EBITDA margin(1) decreased 590 basis points to 9.9%. “Our third quarter performance was impacted by greater than anticipated supply chain related headwinds, leading to lower than expected results. While we believe that many of the factors impacting us are transitory in nature and we are taking proactive steps to navigate these challenges, these pressures have continued to impact our business in the fourth quarter,” said John Swygert, President and Chief Executive Officer. “Despite the near-term challenges, longer term, we remain bullish on the growth opportunities that lie ahead for several reasons. First, we are seeing incredible deals being presented to us each and every day and we expect to continue to capitalize on market disruptions, including order cancellations and abandoned goods associated with import shipping delays. Second, we have made meaningful progress in driving improved efficiencies and increased throughput across our distribution centers. Third, we continue to deliver extreme value to our customers, which is particularly important in inflationary times.” “As we look past 2021, we are co...