Business
Ollie’s Bargain Outlet Reports First Quarter Fiscal 2024 Financial Results
~ Comparable Store Sales increased 3.0% ~~ Earnings per Share increased 50.0% to $0.75 ~~ Adjusted Earnings per Share increased 49.0% to $0.73 ~~ Raising
About this update from Ollie's Bargain Outlet Holdings, Inc.
[{"type":"text","content":"~ Comparable Store Sales increased 3.0% ~~ Earnings per Share increased 50.0% to $0.75 ~~ Adjusted Earnings per Share increased 49.0% to $0.73 ~~ Raising Fiscal Year Sales and Earnings Outlook ~ HARRISBURG, Pa., June 05, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the first quarter ended May 4, 2024. First Quarter Summary: Total net sales increased 10.8% to $508.8 million.Comparable store sales increased 3.0% from the prior year increase of 4.5%.The Company opened 4 new stores, ending the quarter with 516 stores in 30 states, a year-over-year increase in store count of 8.4%.Operating income increased 46.6% to $56.5 million and operating margin increased 270 basis points to 11.1%.Net income increased 49.6% to $46.3 million or $0.75 per diluted share.Adjusted net income(1) increased 47.0% to $45.2 million, or $0.73 per diluted share.Adjusted EBITDA(1) increased 40.3% to $69.4 million and adjusted EBITDA margin(1) increased 280 basis points to 13.6%. (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. John Swygert, Chief Executive Officer, stated, “We are extremely pleased with our performance this quarter. Our team is executing at a very high level, offering amazing deals to our customers, delivering consistent financial results, and investing in future growth. Our first quarter comparable store sales, total revenue, gross margin, and expenses were all better than expected, demonstrating the strength of our business. Consumers clearly remain under pressure and are seeking value in their purchases. Our unique business model is delivering exceptional values on the branded merchandise that our customers want and need, at prices 20 to 70 percent below the fancy stores. Everyone loves a Bargain and Bargain is our middle name.” First Quarter Results Net sales increased 10.8% to $508.8 million in the first quarter of fiscal 2024 as compared with net sales of $459.2 million in the first quarter of fiscal 2023. The increase in net sales was the result of n...