Ollie’s Bargain Outlet Holdings, Inc. Reports Second Quarter Fiscal 2024 Financial Results
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) reported strong financial results for Q2 fiscal 2024. Total net sales increased 12.4% to $578.4 million, with comparable store sales up 5.8%. The company opened 9 new stores, ending with 525 locations across 31 states. Operating income rose 15.6% to $60.8 million, with operating margin improving to 10.5%. Net income grew 16.1% to $49.0 million, or $0.79 per diluted share. Adjusted EBITDA increased 16.4% to $74.5 million. Based on these results, Ollie's is raising its fiscal year 2024 sales and earnings outlook, now expecting net sales between $2.276 to $2.291 billion and adjusted net income per diluted share of $3.22 to $3.30.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2024. Le vendite nette totali sono aumentate del 12,4% a $578,4 milioni, con un incremento delle vendite nei negozi comparabili del 5,8%. L'azienda ha aperto 9 nuovi negozi, chiudendo con un totale di 525 location in 31 stati. Il reddito operativo è aumentato del 15,6% a $60,8 milioni, con un margine operativo che è migliorato al 10,5%. Il reddito netto è cresciuto del 16,1% a $49,0 milioni, ovvero $0,79 per azione diluita. L'EBITDA ajustato è aumentato del 16,4% a $74,5 milioni. Sulla base di questi risultati, Ollie's sta alzando le stime di vendita e di utili per l'anno fiscale 2024, ora aspettandosi vendite nette comprese tra $2,276 e $2,291 miliardi e un reddito netto per azione diluita aggiustato di $3,22 a $3,30.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) reportó resultados financieros sólidos para el segundo trimestre del año fiscal 2024. Las ventas netas totales aumentaron un 12,4% a $578,4 millones, con un incremento en las ventas de tiendas comparables del 5,8%. La empresa abrió 9 nuevas tiendas, terminando con 525 ubicaciones en 31 estados. Los ingresos operativos aumentaron un 15,6% a $60,8 millones, con un margen operativo mejorado al 10,5%. El ingreso neto creció un 16,1% a $49,0 millones, o $0,79 por acción diluida. El EBITDA ajustado aumentó un 16,4% a $74,5 millones. Con base en estos resultados, Ollie's está elevando sus pronósticos de ventas y ganancias para el año fiscal 2024, ahora esperando ventas netas entre $2,276 y $2,291 mil millones y un ingreso neto por acción diluida ajustado de $3,22 a $3,30.
올리의 바겐 아울렛 홀딩스, Inc. (NASDAQ: OLLI)는 2024 회계 연도 2분기에 강력한 재무 결과를 보고했습니다. 총 순매출은 12.4% 증가하여 5억 7840만 달러에 달했습니다, 비교 가능한 매장 매출은 5.8% 증가했습니다. 이 회사는 9개의 신규 매장을 열어 31개 주에 걸쳐 총 525개의 매장을 운영하고 있습니다. 운영 수익은 15.6% 증가하여 6천8백만 달러로 늘었습니다, 운영 마진은 10.5%로 개선되었습니다. 순이익은 16.1% 증가하여 4천9백만 달러, 즉 주당 희석 기준 0.79달러에 달했습니다. 조정된 EBITDA는 16.4% 증가하여 7천450만 달러에 달했습니다. 이러한 결과를 바탕으로 올리는 2024 회계 연도 매출 및 수익 전망치를 상향 조정하고 있습니다, 현재 순매출은 227억6천만 달러에서 229억1천만 달러 사이, 희석 주당 조정 순이익은 3.22달러에서 3.30달러 사이라고 예상하고 있습니다.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) a rapporté de solides résultats financiers pour le deuxième trimestre de l'exercice 2024. Les ventes nettes totales ont augmenté de 12,4 % pour atteindre 578,4 millions de dollars, avec des ventes comparables en hausse de 5,8 %. L'entreprise a ouvert 9 nouveaux magasins, portant le total à 525 emplacements dans 31 États. Le résultat d'exploitation a augmenté de 15,6 % pour atteindre 60,8 millions de dollars, avec une marge d'exploitation s'élevant à 10,5 %. Le bénéfice net a crû de 16,1 % pour atteindre 49,0 millions de dollars, soit 0,79 $ par action diluée. L'EBITDA ajusté a augmenté de 16,4 % pour atteindre 74,5 millions de dollars. Sur la base de ces résultats, Ollie's revoit à la hausse ses prévisions de ventes et de bénéfices pour l'exercice 2024, s'attendant désormais à des ventes nettes comprises entre 2,276 et 2,291 milliards de dollars et un bénéfice net ajusté par action diluée de 3,22 à 3,30 $.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) hat im zweiten Quartal des Geschäftsjahres 2024 starke Finanzergebnisse gemeldet. Der Gesamtumsatz stieg um 12,4% auf 578,4 Millionen US-Dollar, während die vergleichbaren Store-Umsätze um 5,8% zunahmen. Das Unternehmen eröffnete 9 neue Filialen und kommt somit auf insgesamt 525 Standorte in 31 Bundesstaaten. Das Betriebsergebnis stieg um 15,6% auf 60,8 Millionen US-Dollar, während die Betriebsrendite auf 10,5% verbessert wurde. Der Nettogewinn wuchs um 16,1% auf 49,0 Millionen US-Dollar, oder 0,79 US-Dollar je verwässerter Aktie. Das bereinigte EBITDA nahm um 16,4% auf 74,5 Millionen US-Dollar zu. Basierend auf diesen Ergebnissen erhöht Ollie's die Verkaufs- und Gewinnprognosen für das Geschäftsjahr 2024 und erwartet nun Nettoumsätze zwischen 2,276 und 2,291 Milliarden US-Dollar sowie einen bereinigten Nettogewinn pro verwässerter Aktie von 3,22 bis 3,30 US-Dollar.
- Total net sales increased 12.4% to $578.4 million
- Comparable store sales grew 5.8%
- Operating income rose 15.6% to $60.8 million
- Net income increased 16.1% to $49.0 million
- Adjusted EBITDA grew 16.4% to $74.5 million
- Company raised fiscal year 2024 sales and earnings outlook
- Opened 9 new stores, expanding to 525 locations
- Gross margin decreased 30 basis points to 37.9%
- Pre-opening expenses increased due to new distribution center and store openings
Insights
Ollie's Q2 fiscal 2024 results demonstrate strong performance with 12.4% revenue growth to
The raised fiscal year outlook, including higher sales and earnings projections, signals management's confidence in continued growth. With
However, the slight decrease in gross margin due to product mix changes warrants attention. Overall, Ollie's appears well-positioned in the discount retail sector, capitalizing on consumers' increasing bargain-hunting behavior in the current economic climate.
Ollie's strong performance amidst a challenging retail environment is noteworthy. The
The company's aggressive store expansion strategy, with a
Ollie's focus on "great deal flow" and "disciplined expense control" resonates well in the current market. Their ability to leverage fixed expenses on increased sales, as evidenced by the
Ollie's supply chain investments are yielding positive results, as evident from their strong financial performance. The completion of their fourth distribution center in Princeton, IL, is a strategic move to support their aggressive store expansion plans. This should help optimize inventory management and reduce transportation costs in the long run.
The
The company's ability to maintain strong comparable store sales growth while expanding rapidly demonstrates effective supply chain execution. Their focus on "process improvements" and investments in people and supply chain infrastructure is paying off in terms of "better productivity" and "consistent execution." As they continue to scale, maintaining this operational efficiency will be important for sustaining their competitive advantage in the discount retail sector.
~ Comparable Store Sales increased
~ Earnings per Share increased
~ Adjusted Earnings per Share increased
~ Raising Fiscal Year Sales and Earnings Outlook ~
HARRISBURG, Pa., Aug. 29, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the second quarter ended August 3, 2024.
Second Quarter Summary:
- Total net sales increased
12.4% to$578.4 million . - Comparable store sales increased
5.8% from the prior year increase of7.9% . - The Company opened nine new stores, ending the quarter with 525 stores in 31 states, a year-over-year increase in store count of
8.9% . - Operating income increased
15.6% to$60.8 million and operating margin increased 30 basis points to10.5% . - Net income increased
16.1% to$49.0 million , or$0.79 per diluted share. - Adjusted net income(1) increased
15.6% to$48.2 million , or$0.78 per diluted share. - Adjusted EBITDA(1) increased
16.4% to$74.5 million and adjusted EBITDA margin(1) increased 50 basis points to12.9% .
(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.
“Today, more than ever, everyone loves a bargain, and we are pleased that our great deal flow, disciplined expense control, and the strong execution of our teams led to better than expected sales and earnings for the second quarter. The process improvements and investments we have made in our people, supply chain, stores, and marketing continue to pay off in the form of better productivity, consistent execution, and strong financial performance,” said John Swygert, Chief Executive Officer.
“We have now generated nine consecutive quarters of comparable store sales growth. We are confident in our ability to continue executing at a high level and winning into the future. With our upgraded outlook for fiscal 2024, we expect to open 50 new stores, return to a 40 percent annual gross margin, and deliver an adjusted EBITDA margin in the low-teens,” Mr. Swygert concluded.
Second Quarter Results
Net sales increased
Gross profit increased
Selling, general, and administrative expenses increased
Pre-opening expenses increased to
Operating income increased
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
During the second quarter of fiscal 2024, the Company repurchased 81,340 shares of its common stock for
Inventories as of the end of the second quarter of fiscal 2024 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 is raising its sales and earnings outlook for fiscal 2024. A comparison of new and previous outlook figures is contained in the table below:
| New | Previous | ||
| New store openings, net(1) | 48 | 48 | |
| Net sales | |||
| Comparable store sales increase | |||
| Gross margin | |||
| Operating income | |||
| Adjusted net income(2) | |||
| Adjusted net income per diluted share(2) | |||
| Annual effective tax rate (excludes excess tax benefits related to stock-based compensation) | |||
| Diluted weighted average shares outstanding | 62 million | 62 million | |
| Capital expenditures(3) | |||
(1) Includes 50 planned new store openings and 2 closures where the Company chose not to renew the leases.
(2) The guidance 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) Includes
Conference Call Information
A conference call to discuss second quarter fiscal 2024 financial results is scheduled for today, August 29, 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 530 stores in 31 states and growing! For more information, visit 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) | |||||||||||||||||
| Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||||
| August 3, | July 29, | August 3, | July 29, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Condensed consolidated statements of income data: | |||||||||||||||||
| Net sales | $ | 578,375 | $ | 514,509 | $ | 1,087,193 | $ | 973,663 | |||||||||
| Cost of sales | 359,344 | 317,825 | 658,804 | 598,408 | |||||||||||||
| Gross profit | 219,031 | 196,684 | 428,389 | 375,255 | |||||||||||||
| Selling, general, and administrative expenses | 145,673 | 134,623 | 288,092 | 264,891 | |||||||||||||
| Depreciation and amortization expenses | 8,004 | 6,655 | 15,720 | 13,138 | |||||||||||||
| Pre-opening expenses | 4,595 | 2,869 | 7,321 | 6,150 | |||||||||||||
| Operating income | 60,759 | 52,537 | 117,256 | 91,076 | |||||||||||||
| Interest income, net | (3,928 | ) | (3,402 | ) | (8,229 | ) | (6,077 | ) | |||||||||
| Income before income taxes | 64,687 | 55,939 | 125,485 | 97,153 | |||||||||||||
| Income tax expense | 15,705 | 13,758 | 30,161 | 23,992 | |||||||||||||
| Net income | $ | 48,982 | $ | 42,181 | $ | 95,324 | $ | 73,161 | |||||||||
| Earnings per common share: | |||||||||||||||||
| Basic | $ | 0.80 | $ | 0.68 | $ | 1.55 | $ | 1.18 | |||||||||
| Diluted | $ | 0.79 | $ | 0.68 | $ | 1.54 | $ | 1.18 | |||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 61,313 | 61,768 | 61,347 | 61,869 | |||||||||||||
| Diluted | 61,721 | 62,055 | 61,731 | 62,131 | |||||||||||||
| Percentage of net sales (1): | |||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
| Cost of sales | 62.1 | 61.8 | 60.6 | 61.5 | |||||||||||||
| Gross profit | 37.9 | 38.2 | 39.4 | 38.5 | |||||||||||||
| Selling, general, and administrative expenses | 25.2 | 26.2 | 26.5 | 27.2 | |||||||||||||
| Depreciation and amortization expenses | 1.4 | 1.3 | 1.4 | 1.3 | |||||||||||||
| Pre-opening expenses | 0.8 | 0.6 | 0.7 | 0.6 | |||||||||||||
| Operating income | 10.5 | 10.2 | 10.8 | 9.4 | |||||||||||||
| Interest income, net | (0.7 | ) | (0.7 | ) | (0.8 | ) | (0.6 | ) | |||||||||
| Income before income taxes | 11.2 | 10.9 | 11.6 | 10.0 | |||||||||||||
| Income tax expense | 2.7 | 2.7 | 2.8 | 2.5 | |||||||||||||
| Net income | 8.5 | % | 8.2 | % | 8.8 | % | 7.5 | % | |||||||||
(1) Components may not add to totals due to rounding.
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) | ||||||||
| August 3, | July 29, | |||||||
| Assets | 2024 | 2023 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 170,600 | $ | 181,416 | ||||
| Short-term investments | 182,544 | 128,769 | ||||||
| Inventories | 531,286 | 498,331 | ||||||
| Accounts receivable | 1,187 | 2,935 | ||||||
| Prepaid expenses and other current assets | 9,813 | 6,810 | ||||||
| Total current assets | 895,430 | 818,261 | ||||||
| Property and equipment, net | 307,163 | 202,889 | ||||||
| Operating lease right-of-use assets | 494,169 | 455,452 | ||||||
| Goodwill | 444,850 | 444,850 | ||||||
| Trade name | 230,559 | 230,559 | ||||||
| Other assets | 2,122 | 2,145 | ||||||
| Total assets | $ | 2,374,293 | $ | 2,154,156 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 589 | $ | 575 | ||||
| Accounts payable | 129,824 | 121,144 | ||||||
| Income taxes payable | - | 3,741 | ||||||
| Current portion of operating lease liabilities | 87,476 | 90,540 | ||||||
| Accrued expenses and other current liabilities | 79,952 | 82,295 | ||||||
| Total current liabilities | 297,841 | 298,295 | ||||||
| Revolving credit facility | - | - | ||||||
| Long-term debt | 984 | 1,081 | ||||||
| Deferred income taxes | 72,803 | 70,950 | ||||||
| Long-term portion of operating lease liabilities | 411,994 | 368,850 | ||||||
| Total liabilities | 783,622 | 739,176 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 67 | 67 | ||||||
| Additional paid-in capital | 713,509 | 686,438 | ||||||
| Retained earnings | 1,263,275 | 1,059,673 | ||||||
| Treasury - common stock | (386,180 | ) | (331,198 | ) | ||||
| Total stockholders’ equity | 1,590,671 | 1,414,980 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,374,293 | $ | 2,154,156 | ||||
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | ||||||||||||||||
| Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
| August 3, | July 29, | August 3, | July 29, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash provided by operating activities | $ | 43,875 | $ | 73,893 | $ | 84,059 | $ | 109,765 | ||||||||
| Net cash used in investing activities | (90,883 | ) | (14,247 | ) | (159,398 | ) | (113,558 | ) | ||||||||
| Net cash used in financing activities | 5,358 | (13,189 | ) | (20,323 | ) | (25,387 | ) | |||||||||
| Net decrease in cash and cash equivalents | (41,650 | ) | 46,457 | (95,662 | ) | (29,180 | ) | |||||||||
| Cash and cash equivalents at beginning of period | 212,250 | 134,959 | 266,262 | 210,596 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 170,600 | $ | 181,416 | $ | 170,600 | $ | 181,416 | ||||||||
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 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: 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 net income and adjusted net income per diluted share exclude excess tax benefits related to stock-based compensation, 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.
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
| Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
| August 3, | July 29, | August 3, | July 29, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income | $ | 48,982 | $ | 42,181 | $ | 95,324 | $ | 73,161 | ||||||||
| Excess tax benefits related to stock-based compensation(1) | (756 | ) | (481 | ) | (1,888 | ) | (709 | ) | ||||||||
| Adjusted net income | $ | 48,226 | $ | 41,700 | $ | 93,436 | $ | 72,452 | ||||||||
(1) 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
| Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
| August 3, | July 29, | August 3, | July 29, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income per diluted share | $ | 0.79 | $ | 0.68 | $ | 1.54 | $ | 1.18 | |||||||
| Adjustments as noted above, per dilutive share: | |||||||||||||||
| Excess tax benefits related to stock-based compensation(1) | (0.01 | ) | (0.01 | ) | (0.03 | ) | (0.01 | ) | |||||||
| Adjusted net income per diluted share (1) | $ | 0.78 | $ | 0.67 | $ | 1.51 | $ | 1.17 | |||||||
| Diluted weighted-average common shares outstanding | 61,721 | 62,055 | 61,731 | 62,131 | |||||||||||
(1) 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
| Thirteen weeks ended | Twenty-six weeks ended | ||||||||||||||
| August 3, | July 29, | August 3, | July 29, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 48,982 | $ | 42,181 | $ | 95,324 | $ | 73,161 | |||||||
| Interest income, net | (3,928 | ) | (3,402 | ) | (8,229 | ) | (6,077 | ) | |||||||
| Depreciation and amortization expenses | 10,039 | 8,292 | 19,824 | 16,366 | |||||||||||
| Income tax expense | 15,705 | 13,758 | 30,161 | 23,992 | |||||||||||
| EBITDA | 70,798 | 60,829 | 137,080 | 107,442 | |||||||||||
| Non-cash stock-based compensation expense | 3,652 | 3,141 | 6,801 | 6,004 | |||||||||||
| Adjusted EBITDA | $ | 74,450 | $ | 63,970 | $ | 143,881 | $ | 113,446 | |||||||
Key Statistics
| Thirteen weeks ended | Twenty-six weeks ended | |||||||||||||||
| August 3, | July 29, | August 3, | July 29, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Number of stores open at the beginning of period | 516 | 476 | 512 | 468 | ||||||||||||
| Number of new stores | 9 | 6 | - | 13 | - | 15 | ||||||||||
| Number of closed stores | - | - | - | (1 | ) | |||||||||||
| Number of stores open at end of period | 525 | 482 | 525 | 482 | ||||||||||||
| Average net sales per store (1) | $ | 1,113 | $ | 1,074 | $ | 2,106 | $ | 2,044 | ||||||||
| Comparable stores sales change | 5.8 | % | 7.9 | % | 4.5 | % | 6.3 | % | ||||||||
| Comparable store count – end of period | 475 | 434 | 475 | 434 | ||||||||||||
(1) 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's comparable store sales growth in Q2 2024?
How much did Ollie's Bargain Outlet's net sales increase in Q2 2024?
What is Ollie's Bargain Outlet's updated earnings per share guidance for fiscal 2024?
How many new stores did Ollie's Bargain Outlet open in Q2 2024?
