Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Third Quarter Fiscal 2023 Financial Results
~ Raising Fiscal Year Sales and Earnings Outlook ~ ~ Net Sales increased 14.8% ~ ~ Comparable Store Sales increased 7.0% ~ ~ 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 14.8% ~ ~ Comparable Store Sales increased 7.0% ~ ~ Earnings per Share increased 37.8% to $0.51 ~ HARRISBURG, Pa., Dec. 06, 2023 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the third quarter ended October 28, 2023. Third Quarter Summary: Total net sales increased 14.8% to $480.1 million. Comparable store sales increased 7.0% from the prior year increase of 1.9%.The Company opened 23 new stores, ending the quarter with 505 stores in 30 states, a year-over-year increase in store count of 9.1%.Operating income increased 32.3% to $39.1 million and operating margin increased 100 basis points to 8.1%.Net income increased 37.8% to $31.8 million, or $0.51 per diluted share, as compared with net income of $23.1 million, or $0.37 per diluted share, in the prior year.Adjusted net income(1) increased 37.4% to $31.6 million, or $0.51 per diluted share, as compared with prior year adjusted net income of $23.0 million, or $0.37 per diluted share.Adjusted EBITDA(1) increased 29.5% to $51.1 million and adjusted EBITDA margin(1) increased 120 basis points to 10.6%. (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 had another strong quarter and are pleased with the positive trends in our business. Our third quarter sales and margins came in ahead of our expectations, driven by strong deal flow, lower supply chain costs, and continued execution throughout the organization. In the quarter, comparable store sales increased 7.0%, net sales increased 14.8% to $480 million, and adjusted EBITDA increased 29.5% to $51 million. We also opened a record 23 new stores in the quarter and saw very healthy new store productivity in the period,” said John Swygert, President and Chief Executive Officer. “The closeout deal flow is very strong. Consumers remain under pressure and are looking for ways to save money on branded merchandise they need and want in their homes. Manufacturers are creating new and in...