Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2023 Financial Results
- Q4 Net Sales increased by 18.0% to $648.9 million.
- Q4 Comparable Store Sales rose by 3.9%.
- Q4 Earnings per Share surged by 44.7% to $1.23.
- Q4 Adjusted Earnings per Share grew by 46.4% to $1.23.
- Operating income increased by 44.3% to $97.7 million.
- Net income rose by 44.1% to $76.5 million.
- Adjusted net income increased by 45.5% to $76.3 million.
- Adjusted EBITDA rose by 43.2% to $110.6 million.
- The company opened 7 new stores, reaching a total of 512 stores in 30 states.
- The long-term store target was raised to 1,300 from 1,050.
- None.
Insights
The reported increase in Q4 net sales by 18.0% and comparable store sales by 3.9% indicates a robust consumer demand for Ollie's Bargain Outlet Holdings, Inc.'s offerings. The expansion of the store count by 9.4% aligns with the company's aggressive growth strategy. Furthermore, the improvement in operating margin to 15.0% reflects operational efficiency gains, which are essential in the retail sector where margins are typically tight.
The company's decision to raise its long-term store target to 1,300 suggests confidence in its business model and market opportunities. However, investors should monitor the execution of this expansion, as rapid growth can sometimes lead to operational challenges. The positive adjusted EBITDA growth of 43.2% is a strong indicator of the company's profitability and the increase in adjusted EBITDA margin to 17.0% is particularly noteworthy, as it suggests the company is growing profitably and not just increasing sales at the expense of margins.
The demographic trends highlighted by the CEO, particularly the migration from metropolitan to rural and suburban areas, could indeed be a tailwind for Ollie's, as their business model might resonate well with the value-focused consumers in these regions. This demographic shift may also provide a larger customer base and reduce competition with major metropolitan retailers. However, it is important to consider the competitive landscape and consumer spending patterns, as these factors will ultimately determine the success of the new stores.
The addition of 3.6 million new Ollie's Army members is a significant achievement in customer loyalty and retention. This not only indicates a growing customer base but also suggests potential for increased repeat business, which is a key driver of sustained revenue for retailers.
The increase in earnings per share (EPS) by 44.7% to $1.23 is a strong performance metric that often correlates with investor confidence and stock valuation. The retail industry is sensitive to economic cycles and such a significant increase in EPS during a quarter is indicative of Ollie's ability to capitalize on market conditions and possibly gain market share.
It's important for stakeholders to understand that while the short-term results are impressive, the long-term success hinges on the company's ability to maintain this growth trajectory without sacrificing profitability or operational efficiency. Investors should be aware that the retail sector is highly competitive and sensitive to consumer preferences, which can shift rapidly.
~ Q4 Net Sales increased
~ Q4 Earnings per Share increased
~ Q4 Adjusted Earnings per Share increased
~ Raising long-term store target to 1,300 from 1,050 ~
HARRISBURG, Pa., March 20, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2023.
Fourth Quarter Summary:
- Total net sales increased
18.0% to$648.9 million . Excluding the impact of the 53rd week, net sales increased11.9% . Net sales in the 53rd week were$34.0 million and contributed approximately$0.04 t o diluted earnings per share. - Comparable store sales increased
3.9% from the prior year increase of3.0% . - The Company opened 7 new stores, ending the quarter with 512 stores in 30 states, a year-over-year increase in store count of
9.4% . - Operating income increased
44.3% to$97.7 million and operating margin increased 270 basis points to15.0% . - Net income increased
44.1% to$76.5 million , or$1.23 per diluted share, as compared with net income of$53.1 million , or$0.85 per diluted share, in the prior year. - Adjusted net income(1) increased
45.5% to$76.3 million , or$1.23 per diluted share, as compared with prior year adjusted net income of$52.4 million , or$0.84 per diluted share. - Adjusted EBITDA(1) increased
43.2% to$110.6 million and adjusted EBITDA margin(1) increased 300 basis points to17.0% .
“Our record fourth quarter capped off a great year for Ollie’s. For the full fiscal year 2023, we generated record revenues, increased gross margin 370 basis points, and grew adjusted earnings per share by
Mr. Swygert continued, “We recently completed our latest third-party real estate feasibility study, which utilizes demographic data and density across a changing U.S. landscape. The migration trend out of larger metropolitan markets into rural and suburban areas is a positive trend for Ollie’s and the study concludes that we could operate as many as 1,300 stores nationwide, up from a previous target of 1,050.”
“Looking ahead, we feel very good about our underlying business trends and the growth opportunities in front of us. Investments in people, process, and systems are driving productivity across the organization. With our increasing size and scale, we are becoming more meaningful to our vendor partners which is driving strong deal flow. Everybody loves a bargain and as consumers seek value, we are positioned to win,” Mr. Swygert concluded.
Fiscal Year Summary:
- Total net sales increased
15.1% to$2.10 3 billion. Excluding the impact of the 53rd week, net sales increased13.2% . - Comparable store sales increased
5.7% from the prior year decrease of3.0% . - The Company opened 45 new stores and closed 1 store in fiscal 2023.
- Operating income increased
74.0% to$227.8 million and operating margin increased 360 basis points to10.8% . - Net income totaled
$181.4 million , or$2.92 per diluted share, as compared with net income of$102.8 million , or$1.64 per diluted share, in the prior year. - Adjusted net income(1) was
$180.4 million , or$2.91 per diluted share, as compared with prior year adjusted net income of$101.8 million , or$1.62 per diluted share. - Adjusted EBITDA(1) increased
62.9% to$275.2 million and adjusted EBITDA margin(1) increased 390 basis points to13.1% .
(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.
Fourth Quarter Results
Net sales increased
Gross profit increased
Selling, general, and administrative expenses increased
Operating income increased
Net income increased
Adjusted EBITDA(1) increased
Fiscal 2023 Results
Net sales increased
Gross profit increased
Selling, general, and administrative expenses increased
Operating income increased
Net income increased
Adjusted EBITDA (1) totaled
Balance Sheet and Cash Flow Highlights
The Company's cash and cash equivalents and short-term investments were
During the fourth quarter of fiscal 2023, the Company invested
Inventories as of the end of fiscal 2023 increased
Capital expenditures were
Fiscal 2024 Outlook
Our outlook for the fiscal year ending February 1, 2025 (“fiscal 2024”) reflects a 52 week year versus 53 weeks in fiscal 2023. The Company estimates the following for the fiscal year ending February 1, 2025:
| New | ||
| New store openings, net of two closures | 48 | |
| Net sales | ||
| Comparable store sales increase | ||
| Gross margin | ||
| Operating income | ||
| Adjusted net income(1)(2) | ||
| Adjusted net income per diluted share(1)(2) | ||
| Annual effective tax rate (excludes excess tax benefits related to stock-based compensation) | ||
| Diluted weighted average shares outstanding | 62 million | |
| Capital expenditures | ||
(1) The outlook ranges as provided for adjusted net income and adjusted net income per diluted share exclude the excess tax benefits related to stock-based compensation as the Company cannot predict such estimates without unreasonable effort.
(2) The earnings outlook noted above includes interest income of approximately
Conference Call Information
A conference call to discuss fourth quarter and full-year fiscal 2023 financial results is scheduled for today, March 20, 2024, at 8:30 a.m. Eastern Time. To access the live conference call, please pre-register here. Registrants will receive a confirmation with dial-in instructions. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investors.ollies.us/.
A replay of the conference call webcast will be available at the investor relations website for one year.
About Ollie’s
We are America’s largest retailer of closeout merchandise and excess inventory, offering Real Brands and Real Bargain prices®! We offer extreme value on brand name products in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more. We currently operate 513 stores in 30 states and growing! For more information, visit http://www.ollies.us
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections, the outlook for the Company’s future business, prospects, financial performance, including our fiscal 2024 business outlook or financial guidance, and industry outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, capital market conditions, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including, but not limited to, supply chain challenges, legislation, national trade policy, and the following: our failure to adequately procure and manage our inventory, anticipate consumer demand or achieve favorable product margins; changes in consumer confidence and spending; risks associated with our status as a “brick and mortar” only retailer; risks associated with intense competition; our failure to open new profitable stores, or successfully enter new markets, on a timely basis or at all; fluctuations in comparable store sales and results of operations, including on a quarterly basis; factors such as inflation, cost increases and energy prices; the risks associated with doing business with international manufacturers and suppliers including, but not limited to, potential increases in tariffs on imported goods; our inability to operate our stores due to civil unrest and related protests or disturbances; our failure to properly hire and to retain key personnel and other qualified personnel; changes in market levels of wages; risks associated with cybersecurity events and the timely and effective deployment, protection and defense of computer networks and other electronic systems, including email; our inability to obtain favorable lease terms for our properties; the failure to timely acquire, develop, open, and operate, or the loss of, or disruption or interruption in the operations of, any of our centralized distribution centers; risks associated with our lack of operations in the growing online retail marketplace; risks associated with litigation, the expense of defense, and potential for adverse outcomes; our inability to successfully develop or implement our marketing, advertising and promotional efforts; the seasonal nature of our business; risks associated with natural disasters, whether or not caused by climate change; outbreak of viruses, global health epidemics, pandemics, or widespread illness; changes in government regulations, procedures and requirements; and our ability to service indebtedness and to comply with our financial covenants together with each of the other factors set forth under the heading “Risk Factors” in our filings with the United States Securities and Exchange Commission (“SEC”). Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Ollie’s undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.
Investor Contact:
John Rouleau
ICR
John.Rouleau@icrinc.com
Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Statements of Income (In thousands except for per share amounts) (Unaudited) | |||||||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
| Net sales | $ | 648,949 | $ | 549,789 | $ | 2,102,662 | $ | 1,827,009 | |||||||||||
| Cost of sales | 385,950 | 343,306 | 1,270,297 | 1,170,915 | |||||||||||||||
| Gross profit | 262,999 | 206,483 | 832,365 | 656,094 | |||||||||||||||
| Selling, general and administrative expenses | 156,097 | 131,020 | 562,672 | 490,569 | |||||||||||||||
| Depreciation and amortization expenses | 7,616 | 6,209 | 27,819 | 22,907 | |||||||||||||||
| Pre-opening expenses | 1,632 | 1,558 | 14,075 | 11,700 | |||||||||||||||
| Operating income | 97,654 | 67,696 | 227,799 | 130,918 | |||||||||||||||
| Interest (income) expense, net | (4,632 | ) | (2,085 | ) | (14,686 | ) | (2,965 | ) | |||||||||||
| Income before income taxes | 102,286 | 69,781 | 242,485 | 133,883 | |||||||||||||||
| Income tax expense | 25,811 | 16,693 | 61,046 | 31,093 | |||||||||||||||
| Net income | $ | 76,475 | $ | 53,088 | $ | 181,439 | $ | 102,790 | |||||||||||
| Earnings per common share: | |||||||||||||||||||
| Basic | $ | 1.24 | $ | 0.85 | $ | 2.94 | $ | 1.64 | |||||||||||
| Diluted | $ | 1.23 | $ | 0.85 | $ | 2.92 | $ | 1.64 | |||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||
| Basic | 61,558 | 62,178 | 61,741 | 62,495 | |||||||||||||||
| Diluted | 61,956 | 62,394 | 62,068 | 62,704 | |||||||||||||||
| Percentage of net sales(2) | |||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
| Cost of sales | 59.5 | 62.4 | 60.4 | 64.1 | |||||||||||||||
| Gross profit | 40.5 | 37.6 | 39.6 | 35.9 | |||||||||||||||
| Selling, general and administrative expenses | 24.1 | 23.8 | 26.8 | 26.9 | |||||||||||||||
| Depreciation and amortization expenses | 1.2 | 1.1 | 1.3 | 1.3 | |||||||||||||||
| Pre-opening expenses | 0.3 | 0.3 | 0.7 | 0.6 | |||||||||||||||
| Operating income | 15.0 | 12.3 | 10.8 | 7.2 | |||||||||||||||
| Interest (income) expense, net | (0.7 | ) | (0.4 | ) | (0.7 | ) | (0.2 | ) | |||||||||||
| Income before income taxes | 15.8 | 12.7 | 11.5 | 7.3 | |||||||||||||||
| Income tax expense | 4.0 | 3.0 | 2.9 | 1.7 | |||||||||||||||
| Net income | 11.8 | % | 9.7 | % | 8.6 | % | 5.6 | % | |||||||||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. The extra week contributed | |||||||||||||||||||
| (2) Components may not add to totals due to rounding. | |||||||||||||||||||
| Ollie’s Bargain Outlet Holdings, Inc. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| February 3, | January 28, | ||||||
| Assets | 2024 | 2023 | |||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 266,262 | $ | 210,596 | |||
| Short-term investments | 86,980 | 60,165 | |||||
| Inventories | 505,790 | 470,534 | |||||
| Accounts receivable | 2,223 | 2,374 | |||||
| Prepaid expenses and other assets | 10,173 | 10,627 | |||||
| Total current assets | 871,428 | 754,296 | |||||
| Property and equipment, net | 270,063 | 175,947 | |||||
| Operating lease right-of-use assets | 475,526 | 436,326 | |||||
| Goodwill | 444,850 | 444,850 | |||||
| Trade name | 230,559 | 230,559 | |||||
| Other assets | 2,168 | 2,118 | |||||
| Total assets | $ | 2,294,594 | $ | 2,044,096 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Current portion of long-term debt | $ | 639 | $ | 430 | |||
| Accounts payable | 128,097 | 90,204 | |||||
| Income taxes payable | 14,744 | 3,056 | |||||
| Current portion of operating lease liabilities | 89,176 | 88,636 | |||||
| Accrued expenses and other | 82,895 | 76,959 | |||||
| Total current liabilities | 315,551 | 259,285 | |||||
| Revolving credit facility | - | - | |||||
| Long-term debt | 1,022 | 858 | |||||
| Deferred income taxes | 71,877 | 70,632 | |||||
| Long-term operating lease liabilities | 397,912 | 351,251 | |||||
| Other long-term liabilities | - | 1 | |||||
| Total liabilities | 786,362 | 682,027 | |||||
| Stockholders’ equity: | |||||||
| Preferred stock | - | - | |||||
| Common stock | 67 | 67 | |||||
| Additional paid-in capital | 694,959 | 677,694 | |||||
| Retained earnings | 1,167,951 | 986,512 | |||||
| Treasury - common stock | (354,745 | ) | (302,204 | ) | |||
| Total stockholders’ equity | 1,508,232 | 1,362,069 | |||||
| Total liabilities and stockholders’ equity | $ | 2,294,594 | $ | 2,044,096 | |||
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net cash provided by operating activities | $ | 143,636 | $ | 113,367 | $ | 254,497 | $ | 114,346 | |||||||
| Net cash used in investing activities | (24,786 | ) | (72,828 | ) | (150,087 | ) | (111,454 | ) | |||||||
| Net cash used in financing activities | (12,143 | ) | (12,047 | ) | (48,744 | ) | (39,273 | ) | |||||||
| Net increase (decrease) in cash and cash equivalents | 106,707 | 28,492 | 55,666 | (36,381 | ) | ||||||||||
| Cash and cash equivalents at the beginning of the period | 159,555 | 182,104 | 210,596 | 246,977 | |||||||||||
| Cash and cash equivalents at the end of the period | $ | 266,262 | $ | 210,596 | $ | 266,262 | $ | 210,596 | |||||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. | |||||||||||||||
Ollie’s Bargain Outlet Holdings, Inc.
Supplemental Information
Reconciliation of GAAP to Non-GAAP Financial Measures
(Dollars in thousands)
(Unaudited)
The Company reports its financial results in accordance with GAAP. We have included the non-GAAP measures of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating income, adjusted net income, and adjusted net income per diluted share in this press release as these are key measures used by our management and our board of directors to evaluate our operating performance and the effectiveness of our business strategies, make budgeting decisions, and evaluate compensation decisions. Management believes it is useful to investors and analysts to evaluate these non-GAAP measures on the same basis as management uses to evaluate the Company’s operating results. We believe that excluding items that may not be indicative of, or are unrelated to, our core operating results, and that may vary in frequency or magnitude from net income and net income per diluted share, enhances the comparability of our results and provides a better baseline for analyzing trends in our business.
The tables below reconcile the most directly comparable GAAP measure to non-GAAP financial measures: operating income to adjusted operating income, net income to adjusted net income, net income per diluted share to adjusted net income per diluted share, and net income to EBITDA and adjusted EBITDA.
Adjusted operating income excludes gains from insurance settlements; adjusted net income and adjusted net income per diluted share exclude gains from insurance settlements, adjustments to the provisions for income taxes and excess tax benefits related to stock-based compensation, each of which may not occur with the same frequency or magnitude in future periods. We define EBITDA as net income before net interest income or expense, depreciation and amortization expenses, and income taxes. Adjusted EBITDA represents EBITDA as further adjusted for gains from insurance settlements and non-cash stock-based compensation expense.
Non-GAAP financial measures should be viewed as supplementing, and not as an alternative to or substitute for, the Company’s financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company's financial position, results of operations, and cash flows and should therefore be considered in assessing the Company's actual financial condition and performance. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.
| Reconciliation of GAAP operating income to adjusted operating income | |||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Operating income | $ | 97,654 | $ | 67,696 | $ | 227,799 | $ | 130,918 | |||||
| Gain from insurance settlements | - | (897 | ) | - | (897 | ) | |||||||
| Adjusted operating income | $ | 97,654 | $ | 66,799 | $ | 227,799 | $ | 130,021 | |||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. | |||||||||||||
| Ollie’s Bargain Outlet Holdings, Inc. Supplemental Information Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands except for per share amounts) (Unaudited) | |||||||||||||||
| Reconciliation of GAAP net income to adjusted net income | |||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 76,475 | $ | 53,088 | $ | 181,439 | $ | 102,790 | |||||||
| Gain from insurance settlements | - | (897 | ) | - | (897 | ) | |||||||||
| Adjustment to provision for income taxes (2) | - | 208 | - | 208 | |||||||||||
| Excess tax benefits related to stock-based compensation (3) | (176 | ) | 25 | (1,074 | ) | (257 | ) | ||||||||
| Adjusted net income | $ | 76,299 | $ | 52,424 | $ | 180,365 | $ | 101,844 | |||||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. (2) The effective tax rate used for the adjustment to the provision for income taxes was the normalized effective tax rate in the quarter in which the related costs (gains from insurance settlements) were incurred. (3) Amount represents the impact from the recognition of excess tax benefits pursuant to Accounting Standards Update 2016-09, Stock Compensation. | |||||||||||||||
| Reconciliation of GAAP net income per diluted share to adjusted net income per diluted share | ||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | |||||||||||||
| February 3, | January 28, | February 3, | January 28, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income per diluted share | $ | 1.23 | $ | 0.85 | $ | 2.92 | $ | 1.64 | ||||||
| Adjustments as noted above, per dilutive share: | ||||||||||||||
| Gain from insurance settlements, net of taxes | - | (0.01 | ) | - | (0.01 | ) | ||||||||
| Adjustment to provision for income taxes (2) | - | - | - | - | ||||||||||
| Excess tax benefits related to stock-based compensation | - | - | (0.02 | ) | - | |||||||||
| Adjusted net income per diluted share (2) | $ | 1.23 | $ | 0.84 | $ | 2.91 | $ | 1.62 | ||||||
| Diluted weighted-average common shares outstanding | 61,956 | 62,394 | 62,068 | 62,704 | ||||||||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. | ||||||||||||||
| (2) Components may not add to totals due to rounding. | ||||||||||||||
| Ollie’s Bargain Outlet Holdings, Inc. Supplemental Information Reconciliation of GAAP to Non-GAAP Financial Measures (Dollars in thousands) (Unaudited) | |||||||||||||||
| Reconciliation of GAAP net income to EBITDA and adjusted EBITDA | |||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 76,475 | $ | 53,088 | $ | 181,439 | $ | 102,790 | |||||||
| Interest (income) expense, net | (4,632 | ) | (2,085 | ) | (14,686 | ) | (2,965 | ) | |||||||
| Depreciation and amortization expenses | 9,703 | 7,780 | 35,120 | 28,903 | |||||||||||
| Income tax expense | 25,811 | 16,693 | 61,046 | 31,093 | |||||||||||
| EBITDA | 107,357 | 75,476 | 262,919 | 159,821 | |||||||||||
| Gain from insurance settlements | - | (897 | ) | - | (897 | ) | |||||||||
| Non-cash stock-based compensation expense | 3,229 | 2,638 | 12,237 | 9,951 | |||||||||||
| Adjusted EBITDA | $ | 110,586 | $ | 77,217 | $ | 275,156 | $ | 168,875 | |||||||
| (1)The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. | |||||||||||||||
| Key Statistics | |||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||
| February 3, | January 28, | February 3, | January 28, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Number of stores open at beginning of period | 505 | 463 | 468 | 431 | |||||||||||
| Number of new stores | 7 | 5 | 45 | 40 | |||||||||||
| Number of closed stores | - | - | (1 | ) | (3 | ) | |||||||||
| Number of stores open at end of period | 512 | 468 | 512 | 468 | |||||||||||
| Average net sales per store (in thousands) (2) | $ | 1,273 | $ | 1,179 | $ | 4,286 | $ | 4,043 | |||||||
| Comparable stores sales change | (3.0)% | ||||||||||||||
| Comparable store count – end of period | 455 | 417 | 455 | 417 | |||||||||||
| (1) The fourth quarter and full year 2023 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods. | |||||||||||||||
| (2) Average net sales per store represents the weighted average of total net weekly sales divided by the number of stores open at the end of each week for the respective periods presented. | |||||||||||||||
FAQ
What was Ollie's Bargain Outlet Holdings' Q4 net sales increase?
By how much did Q4 Comparable Store Sales increase for Ollie's Bargain Outlet Holdings?
What was the percentage increase in Q4 Earnings per Share for Ollie's Bargain Outlet Holdings?
How many new stores did Ollie's Bargain Outlet Holdings open in Q4?
What is Ollie's Bargain Outlet Holdings' new long-term store target?
