Ollie’s Bargain Outlet Holdings, Inc. Reports Fourth Quarter and Fiscal 2024 Financial Results
Ollie's Bargain Outlet (NASDAQ: OLLI) reported strong Q4 and fiscal 2024 results, with Q4 comparable store sales up 2.8% and total net sales increasing to $667.1 million. The company's Q4 earnings per share reached $1.11, while adjusted EPS was $1.19.
For fiscal 2024, total net sales grew 8.0% to $2.272 billion, with net income increasing 10.1% to $199.8 million ($3.23 per diluted share). The company expanded its store presence, opening 50 new stores and closing three, ending the year with 559 locations across 31 states.
The company maintains a strong financial position with $428.7 million in cash and cash equivalents, and announced plans to accelerate growth with 75 new store openings targeted for fiscal 2025. This expansion includes the recent acquisition of 40 former Big Lots store locations.
Ollie's Bargain Outlet (NASDAQ: OLLI) ha riportato risultati solidi per il quarto trimestre e per l'anno fiscale 2024, con vendite comparabili nei negozi in aumento del 2,8% e vendite nette totali che sono salite a 667,1 milioni di dollari. Gli utili per azione del quarto trimestre dell'azienda hanno raggiunto 1,11 dollari, mentre l'EPS rettificato è stato di 1,19 dollari.
Per l'anno fiscale 2024, le vendite nette totali sono cresciute dell'8,0% a 2,272 miliardi di dollari, con un utile netto aumentato del 10,1% a 199,8 milioni di dollari (3,23 dollari per azione diluita). L'azienda ha ampliato la sua presenza nei negozi, aprendo 50 nuovi punti vendita e chiudendone tre, chiudendo l'anno con 559 sedi in 31 stati.
L'azienda mantiene una solida posizione finanziaria con 428,7 milioni di dollari in contante e equivalenti, e ha annunciato piani per accelerare la crescita con 75 nuove aperture di negozi previste per l'anno fiscale 2025. Questa espansione include l'acquisizione recente di 40 ex sedi di Big Lots.
Ollie's Bargain Outlet (NASDAQ: OLLI) informó resultados sólidos para el cuarto trimestre y el año fiscal 2024, con ventas comparables en tiendas aumentando un 2.8% y ventas netas totales que alcanzaron los 667.1 millones de dólares. Las ganancias por acción del cuarto trimestre de la compañía fueron de 1.11 dólares, mientras que el EPS ajustado fue de 1.19 dólares.
Para el año fiscal 2024, las ventas netas totales crecieron un 8.0% hasta 2.272 mil millones de dólares, con un ingreso neto que aumentó un 10.1% a 199.8 millones de dólares (3.23 dólares por acción diluida). La compañía amplió su presencia en tiendas, abriendo 50 nuevas y cerrando tres, terminando el año con 559 ubicaciones en 31 estados.
La compañía mantiene una sólida posición financiera con 428.7 millones de dólares en efectivo y equivalentes, y anunció planes para acelerar el crecimiento con 75 nuevas aperturas de tiendas previstas para el año fiscal 2025. Esta expansión incluye la reciente adquisición de 40 antiguas ubicaciones de Big Lots.
올리의 바겐 아울렛 (NASDAQ: OLLI)는 4분기 및 2024 회계연도에 대한 강력한 실적을 보고했으며, 4분기 비교 가능한 매장 매출이 2.8% 증가하고 총 순매출이 6억 6,710만 달러로 증가했습니다. 회사의 4분기 주당 순이익은 1.11달러에 도달했으며, 조정된 EPS는 1.19달러였습니다.
2024 회계연도 동안 총 순매출은 8.0% 증가하여 22억 7,200만 달러에 달했으며, 순이익은 10.1% 증가하여 1억 9,980만 달러(희석 주당 3.23달러)로 증가했습니다. 회사는 50개의 새로운 매장을 열고 3개 매장을 닫아 31개 주에 걸쳐 559개의 매장으로 연도를 마감했습니다.
회사는 4억 2,870만 달러의 현금 및 현금성 자산을 보유하고 있으며, 2025 회계연도에 75개의 새로운 매장 개점을 목표로 성장 가속화 계획을 발표했습니다. 이 확장은 최근 40개의 이전 빅 롯 매장 위치 인수를 포함합니다.
Ollie's Bargain Outlet (NASDAQ: OLLI) a annoncé de bons résultats pour le quatrième trimestre et l'exercice 2024, avec des ventes comparables en magasin en hausse de 2,8 % et des ventes nettes totales atteignant 667,1 millions de dollars. Le bénéfice par action du quatrième trimestre de l'entreprise a atteint 1,11 dollar, tandis que le BPA ajusté était de 1,19 dollar.
Pour l'exercice 2024, les ventes nettes totales ont augmenté de 8,0 % pour atteindre 2,272 milliards de dollars, avec un bénéfice net en hausse de 10,1 % à 199,8 millions de dollars (3,23 dollars par action diluée). L'entreprise a élargi sa présence en magasin, ouvrant 50 nouveaux magasins et fermant trois, terminant l'année avec 559 emplacements dans 31 États.
L'entreprise maintient une solide position financière avec 428,7 millions de dollars en liquidités et équivalents, et a annoncé des projets pour accélérer sa croissance avec 75 nouvelles ouvertures de magasins prévues pour l'exercice 2025. Cette expansion comprend l'acquisition récente de 40 anciens emplacements de Big Lots.
Ollie's Bargain Outlet (NASDAQ: OLLI) hat starke Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 gemeldet, mit einem Anstieg der vergleichbaren Filialumsätze um 2,8% und einem Anstieg der gesamten Nettoumsätze auf 667,1 Millionen Dollar. Der Gewinn pro Aktie für das vierte Quartal betrug 1,11 Dollar, während der bereinigte EPS 1,19 Dollar betrug.
Für das Geschäftsjahr 2024 stiegen die gesamten Nettoumsätze um 8,0% auf 2,272 Milliarden Dollar, während der Nettogewinn um 10,1% auf 199,8 Millionen Dollar (3,23 Dollar pro verwässerter Aktie) zunahm. Das Unternehmen erweiterte seine Filialpräsenz, indem es 50 neue Filialen eröffnete und drei schloss, und beendete das Jahr mit 559 Standorten in 31 Bundesstaaten.
Das Unternehmen hält eine starke finanzielle Position mit 428,7 Millionen Dollar in liquiden Mitteln und kündigte Pläne an, das Wachstum mit 75 neuen Filialeröffnungen für das Geschäftsjahr 2025 zu beschleunigen. Diese Expansion umfasst die kürzliche Übernahme von 40 ehemaligen Big Lots Standorten.
- Net sales increased 8.0% to $2.272 billion in fiscal 2024
- Comparable store sales grew 2.8% in Q4 and fiscal 2024
- Net income increased 10.1% to $199.8 million in fiscal 2024
- Gross margin improved 70 basis points to 40.3% in fiscal 2024
- Strong cash position of $428.7 million with no outstanding borrowings
- Accelerated store expansion with 75 new locations planned for 2025
- Strategic acquisition of 40 former Big Lots locations at favorable terms
- Q4 net income decreased 10.4% to $68.6 million
- Q4 adjusted EBITDA margin decreased 60 basis points to 16.4%
- Pre-opening expenses increased by $3.2 million in Q4
- Q4 operating margin declined 100 basis points to 14.0%
Insights
Ollie's Bargain Outlet reported solid Q4 and fiscal 2024 results with mixed near-term metrics but strong full-year performance and aggressive expansion plans. Q4 comparable store sales increased
The company's financial position remains exceptionally strong with
Particularly noteworthy is Ollie's opportunistic acquisition of 40 former Big Lots store locations, capitalizing on retail bankruptcies to secure favorable lease terms in established trade areas. This move demonstrates management's ability to leverage market disruption to fuel growth while maintaining financial discipline.
While Q4 showed some margin pressure with adjusted EBITDA margin decreasing 60 basis points to
The increased pre-opening expenses (
Ollie's strategic positioning amid the retail apocalypse deserves particular attention. Their aggressive store expansion plan—75 new locations in fiscal 2025—directly counters the broader brick-and-mortar contraction trend. More revealing is their tactical acquisition of 40 former Big Lots stores, demonstrating an opportunistic approach to capitalize on competitors' distress.
This counter-cyclical expansion reflects a calculated bet on physical retail's continued relevance in the discount sector. Ollie's treasure-hunt merchandising model remains relatively e-commerce resistant compared to other retail segments. The company's reference to "abandoned customers" from bankrupt retailers signals their intent to absorb market share while securing prime real estate at favorable terms.
The
The
Ollie's aggressive growth strategy amid retail disruption positions them to potentially emerge as a significantly larger player in the discount retail landscape, efficiently absorbing market share, talent, and real estate made available through competitors' failures while maintaining financial discipline.
~ Q4 Comparable Store Sales increased
~ Q4 Earnings per Share and Adjusted Earnings per Share were
~ Targeting 75 New Store Openings for Fiscal 2025 ~
HARRISBURG, Pa., March 19, 2025 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the fourth quarter and full-year fiscal 2024.
Fourth Quarter Summary:
- Total net sales increased
2.8% to$667.1 million . Excluding the impact of the 53rd week in fiscal 2023, net sales increased8.5% . Net sales in the 53rd week of fiscal 2023 were$34.0 million and contributed approximately$0.04 t o diluted earnings per share. - Comparable store sales increased
2.8% from the prior year increase of3.9% . - The Company opened 13 new stores, ending the quarter with 559 stores in 31 states, an increase of
9.2% year-over-year. - Pre-opening expenses increased by
$3.2 million or$0.04 per diluted share, resulting from the earlier timing of store openings in fiscal 2025 as compared to 2024, and the dark rent expense associated with the bankruptcy acquired locations. - Net income was
$68.6 million , or$1.11 per diluted share. - Adjusted net income(1) was
$73.4 million , or$1.19 per diluted share. - Adjusted EBITDA(1) was
$109.4 million and adjusted EBITDA margin(1) was16.4% .
“We were very pleased with our financial results and the underlying trends in our business. At a time when consumers need it most, we are delivering unprecedented value through an ever-changing assortment that combines quality, national brands, and pricing in a way that can only be found at Ollie’s,” said Eric van der Valk, President and Chief Executive Officer.
Mr. van der Valk continued, “With so many retailers closing stores or going bankrupt in the past year, there are a considerable number of abandoned customers, merchandise, real estate, and talent in the marketplace. We think there is a unique opportunity to take on some of these assets in a manner that strengthens our competitive positioning, broadens our footprint, and bolsters shareholder returns for years to come. With our expanded supply chain, flexible and resilient operating model, fortress balance sheet, and committed associates, we are ready. WE ARE OLLIE’S!”
Fiscal Year Summary:
- Total net sales increased
8.0% to$2.27 2 billion. Excluding the impact of the 53rd week in fiscal 2023, net sales increased9.8% . Net sales in the 53rd week of fiscal 2023 were$34.0 million and contributed approximately$0.04 t o diluted earnings per share. - Comparable store sales increased
2.8% from the prior year increase of5.7% . - The Company opened 50 new stores and closed three stores, ending the year with 559 stores in 31 states, an increase of
9.2% year-over-year. - Net income was
$199.8 million , or$3.23 per diluted share. - Adjusted net income(1) was
$202.4 million , or$3.28 per diluted share. - Adjusted EBITDA(1) was
$313.1 million and adjusted EBITDA margin(1) was13.8% .
(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 margin increased 20 basis points to
Selling, general, and administrative expenses as a percentage of net sales increased to
Pre-opening expenses increased to
Operating income was
Net income decreased
Adjusted EBITDA(1) decreased
Fiscal 2024 Results
Net sales increased
Gross margin increased 70 basis points to
Selling, general, and administrative expenses as a percentage of net sales increased to
Pre-opening expenses increased to
Operating income was
Net income increased
Adjusted EBITDA(1) increased
Balance Sheet and Cash Flow Highlights
The Company's cash and cash equivalents and short-term investments were
Inventories as of the end of fiscal 2024 increased
Capital expenditures were
During the fourth quarter of fiscal 2024, the Company invested
This morning, the Company issued a separate press release announcing a new share repurchase authorization for the repurchase of an additional
Real Estate Update
The Company recently announced the acquisition of an additional 40 former Big Lots store locations subsequent to year-end, securing the path to our accelerated growth target of 75 stores for fiscal 2025. These store locations are leased properties with below market rent and favorable leasing structures, located in good trade areas, and have been serving value-oriented customers for many years. The purchase price for these acquired stores was funded by cash on hand.
Fiscal 2025 Outlook
The Company is accelerating new store openings during fiscal 2025 to 75 stores from 50 in fiscal 2024. With that framework in place, the Company estimates the following for the fiscal year ending January 31, 2026:
| New store openings | 75 |
| Net sales | |
| Comparable store sales increase | |
| Gross margin | |
| Operating income(1) | |
| Adjusted net income(1)(2)(3) | |
| Adjusted net income per diluted share(1)(2)(3) | |
| Annual effective tax rate (excludes excess tax benefits related to stock-based compensation) | |
| Diluted weighted average shares outstanding | 62 million |
| Capital expenditures | |
(1) The earnings outlook noted above includes dark rent expenses of approximately
(2) 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.
(3) The earnings outlook noted above includes interest income of approximately
Conference Call Information
A conference call to discuss fourth quarter and full-year fiscal 2024 financial results is scheduled for today, March 19, 2025, 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 https://investors.ollies.com/.
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 575 stores in 31 states and growing! For more information, visit http://www.ollies.com.
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 2025 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 and trade sanctions on imported goods and international trade disputes; 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 e-mail; our inability to obtain favorable lease or acquisition 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, and severe weather events; outbreak of viruses, global health epidemics, pandemics, or widespread illness; changes in government regulations, procedures and requirements, including as a result of executive orders and other policies promulgated by the current administration; 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. The Company 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
Managing Director of Corporate Communication & Business Development
JRouleau@ollies.us
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 1, | February 3, | February 1, | February 3, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Net sales | $ | 667,084 | $ | 648,949 | $ | 2,271,705 | $ | 2,102,662 | ||||||||||||
| Cost of sales | 395,480 | 385,950 | 1,357,253 | 1,270,297 | ||||||||||||||||
| Gross profit | 271,604 | 262,999 | 914,452 | 832,365 | ||||||||||||||||
| Selling, general and administrative expenses | 169,847 | 156,097 | 612,406 | 562,672 | ||||||||||||||||
| Depreciation and amortization expenses | 9,208 | 7,616 | 33,224 | 27,819 | ||||||||||||||||
| Pre-opening expenses | 4,824 | 1,632 | 19,319 | 14,075 | ||||||||||||||||
| Operating income | 87,725 | 97,654 | 249,503 | 227,799 | ||||||||||||||||
| Interest income, net | (4,054 | ) | (4,632 | ) | (16,311 | ) | (14,686 | ) | ||||||||||||
| Income before income taxes | 91,779 | 102,286 | 265,814 | 242,485 | ||||||||||||||||
| Income tax expense | 23,225 | 25,811 | 66,052 | 61,046 | ||||||||||||||||
| Net income | $ | 68,554 | $ | 76,475 | $ | 199,762 | $ | 181,439 | ||||||||||||
| Earnings per common share: | ||||||||||||||||||||
| Basic | $ | 1.12 | $ | 1.24 | $ | 3.26 | $ | 2.94 | ||||||||||||
| Diluted | $ | 1.11 | $ | 1.23 | $ | 3.23 | $ | 2.92 | ||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Basic | 61,335 | 61,558 | 61,339 | 61,741 | ||||||||||||||||
| Diluted | 61,884 | 61,956 | 61,767 | 62,068 | ||||||||||||||||
| Percentage of net sales(2) | ||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
| Cost of sales | 59.3 | 59.5 | 59.7 | 60.4 | ||||||||||||||||
| Gross profit | 40.7 | 40.5 | 40.3 | 39.6 | ||||||||||||||||
| Selling, general and administrative expenses | 25.5 | 24.1 | 27.0 | 26.8 | ||||||||||||||||
| Depreciation and amortization expenses | 1.4 | 1.2 | 1.5 | 1.3 | ||||||||||||||||
| Pre-opening expenses | 0.7 | 0.3 | 0.9 | 0.7 | ||||||||||||||||
| Operating income | 13.2 | 15.0 | 11.0 | 10.8 | ||||||||||||||||
| Interest income, net | (0.6 | ) | (0.7 | ) | (0.7 | ) | (0.7 | ) | ||||||||||||
| Income before income taxes | 13.8 | 15.8 | 11.7 | 11.5 | ||||||||||||||||
| Income tax expense | 3.5 | 4.0 | 2.9 | 2.9 | ||||||||||||||||
| Net income | 10.3 | % | 11.8 | % | 8.8 | % | 8.6 | % | ||||||||||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 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 1, | February 3, | |||||||
| Assets | 2025 | 2024 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 205,123 | $ | 266,262 | ||||
| Short-term investments | 223,546 | 86,980 | ||||||
| Inventories | 552,542 | 505,790 | ||||||
| Accounts receivable | 2,352 | 2,223 | ||||||
| Prepaid expenses and other assets | 10,228 | 10,173 | ||||||
| Total current assets | 993,791 | 871,428 | ||||||
| Property and equipment, net | 334,961 | 270,063 | ||||||
| Operating lease right-of-use assets | 554,737 | 475,526 | ||||||
| Goodwill | 444,850 | 444,850 | ||||||
| Trade name | 230,559 | 230,559 | ||||||
| Other assets | 2,247 | 2,168 | ||||||
| Total assets | $ | 2,561,145 | $ | 2,294,594 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 556 | $ | 639 | ||||
| Accounts payable | 130,279 | 128,097 | ||||||
| Income taxes payable | 1,707 | 14,744 | ||||||
| Current portion of operating lease liabilities | 83,944 | 89,176 | ||||||
| Accrued expenses and other | 87,855 | 82,895 | ||||||
| Total current liabilities | 304,341 | 315,551 | ||||||
| Revolving credit facility | - | - | ||||||
| Long-term debt | 1,040 | 1,022 | ||||||
| Deferred income taxes | 81,124 | 71,877 | ||||||
| Long-term operating lease liabilities | 479,330 | 397,912 | ||||||
| Total liabilities | 865,835 | 786,362 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | - | - | ||||||
| Common stock | 67 | 67 | ||||||
| Additional paid-in capital | 735,284 | 694,959 | ||||||
| Retained earnings | 1,367,713 | 1,167,951 | ||||||
| Treasury - common stock | (407,754 | ) | (354,745 | ) | ||||
| Total stockholders’ equity | 1,695,310 | 1,508,232 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,561,145 | $ | 2,294,594 | ||||
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||||
| February 1, | February 3, | February 1, | February 3, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net cash provided by operating activities | $ | 147,760 | $ | 143,636 | $ | 227,454 | $ | 254,497 | |||||||||
| Net cash used in investing activities | (71,895 | ) | (24,786 | ) | (255,341 | ) | (150,087 | ) | |||||||||
| Net cash used in financing activities | 573 | (12,143 | ) | (33,252 | ) | (48,744 | ) | ||||||||||
| Net increase (decrease) in cash and cash equivalents | 76,438 | 106,707 | (61,139 | ) | 55,666 | ||||||||||||
| Cash and cash equivalents at the beginning of the period | 128,685 | 159,555 | 266,262 | 210,596 | |||||||||||||
| Cash and cash equivalents at the end of the period | $ | 205,123 | $ | 266,262 | $ | 205,123 | $ | 266,262 | |||||||||
| 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 the one-time expense for the accelerated expense resulting from the modification of existing equity awards for our Executive Chairman; adjusted net income and adjusted net income per diluted share exclude the one-time expense for the accelerated expense resulting from the modification of existing equity awards for our Executive Chairman and 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 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 1, | February 3, | February 1, | February 3, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Operating income | $ | 87,725 | $ | 97,654 | $ | 249,503 | $ | 227,799 | |||||
| Acceleration of stock awards expense(2) | 5,488 | - | 5,488 | - | |||||||||
| Adjusted operating income | $ | 93,213 | $ | 97,654 | $ | 254,991 | $ | 227,799 | |||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods. | |||||||||||||
| (2) Represents the one-time expense for the accelerated expense resulting from the modification of existing equity awards for our Executive Chairman. | |||||||||||||
| 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 1, | February 3, | February 1, | February 3, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net income | $ | 68,554 | $ | 76,475 | $ | 199,762 | $ | 181,439 | ||||||||
| Acceleration of stock awards expense (2) | 5,488 | - | 5,488 | - | ||||||||||||
| Excess tax benefits related to stock-based compensation (3) | (654 | ) | (176 | ) | (2,832 | ) | (1,074 | ) | ||||||||
| Adjusted net income | $ | 73,388 | $ | 76,299 | $ | 202,418 | $ | 180,365 | ||||||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods. | ||||||||||||||||
| (2) Represents the one-time expense for the accelerated expense resulting from the modification of existing equity awards for our Executive Chairman. | ||||||||||||||||
| (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 1, | February 3, | February 1, | February 3, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Net income per diluted share | $ | 1.11 | $ | 1.23 | $ | 3.23 | $ | 2.92 | |||||||||
| Adjustments as noted above, per dilutive share: | |||||||||||||||||
| Acceleration of stock awards expense (2) | 0.09 | - | 0.09 | - | |||||||||||||
| Excess tax benefits related to stock-based compensation | (0.01 | ) | - | (0.05 | ) | (0.02 | ) | ||||||||||
| Adjusted net income per diluted share (3) | $ | 1.19 | $ | 1.23 | $ | 3.28 | $ | 2.91 | |||||||||
| Diluted weighted-average common shares outstanding | 61,884 | 61,956 | 61,767 | 62,068 | |||||||||||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods. | |||||||||||||||||
| (2) Represents the one-time expense for the accelerated expense resulting from the modification of existing equity awards for our Executive Chairman. | |||||||||||||||||
| (3) 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 1, | February 3, | February 1, | February 3, | |||||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||||||||
| Net income | $ | 68,554 | $ | 76,475 | $ | 199,762 | $ | 181,439 | ||||||||||||||||||||||||||
| Interest income, net | (4,054 | ) | (4,632 | ) | (16,311 | ) | (14,686 | ) | ||||||||||||||||||||||||||
| Depreciation and amortization expenses | 12,592 | 9,703 | 44,128 | 35,120 | ||||||||||||||||||||||||||||||
| Income tax expense | 23,225 | 25,811 | 66,052 | 61,046 | ||||||||||||||||||||||||||||||
| EBITDA | 100,317 | 107,357 | 293,631 | 262,919 | ||||||||||||||||||||||||||||||
| Non-cash stock-based compensation expense | 9,038 | 3,229 | 19,445 | 12,237 | ||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 109,355 | $ | 110,586 | $ | 313,076 | $ | 275,156 | ||||||||||||||||||||||||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 weeks in the comparable prior-year periods. | ||||||||||||||||||||||||||||||||||
| Key Statistics | |||||||||||||||||
| Quarter ended (1) | Fiscal year ended (1) | ||||||||||||||||
| February 1, | February 3, | February 1, | February 3, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Number of stores open at beginning of period | 546 | 505 | 512 | 468 | |||||||||||||
| Number of new stores | 13 | 7 | 50 | 45 | |||||||||||||
| Number of closed stores | - | - | (3 | ) | (1 | ) | |||||||||||
| Number of stores open at end of period | 559 | 512 | 559 | 512 | |||||||||||||
| Average net sales per store (in thousands) (2) | $ | 1,200 | $ | 1,273 | $ | 4,271 | $ | 4,286 | |||||||||
| Comparable stores sales change | |||||||||||||||||
| Comparable store count – end of period | 498 | 455 | 498 | 455 | |||||||||||||
| (1) The fourth quarter and full year 2024 consisted of 13 weeks and 52 weeks, respectively, compared with 14 weeks and 53 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 (OLLI) comparable store sales growth in Q4 2024?
How many new stores is Ollie's (OLLI) planning to open in fiscal 2025?
What was Ollie's (OLLI) total net sales for fiscal 2024?
How many former Big Lots stores did Ollie's (OLLI) acquire recently?
What was Ollie's (OLLI) cash position at the end of fiscal 2024?
