Business
Ollie’s Bargain Outlet Holdings, Inc. Reports Third Quarter Fiscal 2024 Financial Results
~ Net Sales increased 7.8% ~ ~ Earnings per Share increased 13.7% to $0.58 ~ ~ Opened Record 24 new stores this quarter ~ HARRISBURG, Pa., Dec. 10, 2024
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Net Sales increased 7.8% ~ ~ Earnings per Share increased 13.7% to $0.58 ~ ~ Opened Record 24 new stores this quarter ~ HARRISBURG, Pa., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the third quarter ended November 2, 2024. Third Quarter Summary: Total net sales increased 7.8% to $517.4 million.Comparable store sales decreased 0.5% from the prior year increase of 7.0%.The Company opened 24 new stores and closed three stores, including two permanent closures and one temporary closure related to Hurricane Helene, ending the quarter with 546 stores in 31 states, a year-over-year increase in store count of 8.1%.Operating income increased 14.0% to $44.5 million and operating margin increased 50 basis points to 8.6%.Net income increased 12.8% to $35.9 million, or $0.58 per diluted share.Adjusted net income(1) increased 13.1% to $35.7 million, or $0.58 per diluted share.Adjusted EBITDA(1) increased 17.0% to $59.8 million and adjusted EBITDA margin(1) increased 100 basis points to 11.6%. (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 great quarter and are pleased with our results. We delivered strong earnings on higher sales, gross margin, and disciplined expense control. We also took advantage of a number of real estate opportunities that strengthened our new store pipeline and enhanced our competitive positioning for the future,” said John Swygert, Chief Executive Officer. “The transition of the CEO role and responsibilities is progressing as planned. Eric van der Valk will become CEO at the beginning of fiscal 2025. I have had an amazing 20 plus year career at Ollie’s and would like to thank each and every team member that has been part of our family. While proud of what we have accomplished, I am even more excited about our growth potential and positioning going forward. Our value proposition is clear, our deal flow is strong, and our ability to execute is as good as it’s ever been,” Mr. Swygert concluded. Third Quart...