Ollie’s Bargain Outlet Holdings, Inc. Reports Third Quarter Fiscal 2024 Financial Results
Ollie's Bargain Outlet (NASDAQ: OLLI) reported strong Q3 fiscal 2024 results with net sales increasing 7.8% to $517.4 million. The company saw a 12.8% increase in net income to $35.9 million, or $0.58 per diluted share. Notable achievements include opening a record 24 new stores while closing three, ending with 546 stores across 31 states.
Key financial metrics showed improvement with operating income up 14.0% to $44.5 million and gross profit increasing 10.5% to $214.5 million. The company's gross margin expanded by 100 basis points to 41.4%. Comparable store sales decreased slightly by 0.5% compared to a 7.0% increase in the prior year. The company maintained a strong balance sheet with $303.9 million in cash and cash equivalents.
Ollie's Bargain Outlet (NASDAQ: OLLI) ha riportato risultati solidi per il terzo trimestre dell'esercizio fiscale 2024, con un aumento delle vendite nette del 7,8%, raggiungendo i 517,4 milioni di dollari. L'azienda ha registrato un incremento del 12,8% nel reddito netto, pari a 35,9 milioni di dollari, ovvero 0,58 dollari per azione diluita. Tra i risultati notevoli c'è l'apertura di un record di 24 nuovi negozi, chiudendo tre, per un totale di 546 negozi distribuiti in 31 stati.
I principali indicatori finanziari hanno mostrato miglioramenti, con un reddito operativo in aumento del 14,0% a 44,5 milioni di dollari e un utile lordo cresciuto del 10,5% a 214,5 milioni di dollari. Il margine lordo dell'azienda è aumentato di 100 punti base, raggiungendo il 41,4%. Le vendite comparabili sono diminuite leggermente dello 0,5% rispetto a un aumento del 7,0% dell'anno precedente. L'azienda ha mantenuto un solido bilancio con 303,9 milioni di dollari in liquidità e equivalenti di liquidità.
Ollie's Bargain Outlet (NASDAQ: OLLI) reportó resultados sólidos para el tercer trimestre del ejercicio fiscal 2024, con un aumento en las ventas netas del 7,8%, alcanzando los 517,4 millones de dólares. La compañía experimentó un aumento del 12,8% en sus ingresos netos, totalizando 35,9 millones de dólares, o 0,58 dólares por acción diluida. Entre los logros destacados se encuentra la apertura de un récord de 24 nuevas tiendas, cerrando tres, para terminar con 546 tiendas en 31 estados.
Las métricas financieras clave mostraron mejoras, con un ingreso operativo que creció un 14,0% a 44,5 millones de dólares y una utilidad bruta que aumentó un 10,5% a 214,5 millones de dólares. El margen bruto de la compañía se amplió en 100 puntos básicos, alcanzando el 41,4%. Las ventas en tiendas comparables disminuyeron ligeramente en un 0,5% en comparación con un aumento del 7,0% del año anterior. La empresa mantuvo un balance sólido con 303,9 millones de dólares en efectivo y equivalentes de efectivo.
올리의 바겐 아울렛 (NASDAQ: OLLI)는 2024 회계연도 3분기 강력한 실적을 발표했으며, 순매출이 7.8% 증가하여 5억 1,740만 달러에 이르렀습니다. 회사는 순이익이 12.8% 증가하여 3,590만 달러, 즉 희석 주당 0.58 달러를 기록했습니다. 주목할 만한 성과로는 24개의 신규 매장을 기록적으로 개장하고 3개 매장을 폐쇄하여 총 546개의 매장을 31개 주에 위치시키는 것입니다.
핵심 재무 지표들도 개선되었으며 운영 소득은 14.0% 증가하여 4,450만 달러에 이르렀고 총 이익은 10.5% 증가하여 2억 1,450만 달러에 달했습니다. 회사의 총 이익률은 100bp 개선되어 41.4%에 도달했습니다. 비교 가능한 매장 매출은 전년 대비 0.5% 감소했으며, 전년에는 7.0% 증가했습니다. 회사는 3억 3,390만 달러의 현금 및 현금성 자산으로 강력한 재무 상태를 유지했습니다.
Ollie's Bargain Outlet (NASDAQ: OLLI) a annoncé de solides résultats pour le troisième trimestre de l'exercice fiscal 2024, avec une augmentation des ventes nettes de 7,8%, atteignant 517,4 millions de dollars. L'entreprise a enregistré une augmentation de 12,8% de son bénéfice net, s'élevant à 35,9 millions de dollars, soit 0,58 dollar par action diluée. Parmi les réalisations notables figure l'ouverture d'un nombre record de 24 nouveaux magasins, tout en en fermant trois, portant le total à 546 magasins répartis sur 31 États.
Les principaux indicateurs financiers ont montré une amélioration, avec un bénéfice d'exploitation en hausse de 14,0% à 44,5 millions de dollars et un bénéfice brut en augmentation de 10,5% à 214,5 millions de dollars. La marge brute de l'entreprise s'est élargie de 100 points de base, atteignant 41,4%. Les ventes des magasins comparables ont légèrement diminué de 0,5% par rapport à une augmentation de 7,0% l'année précédente. L'entreprise a maintenu un bilan solide avec 303,9 millions de dollars en liquidités et équivalents de liquidités.
Ollie's Bargain Outlet (NASDAQ: OLLI) hat für das dritte Quartal des Geschäftsjahres 2024 starke Ergebnisse veröffentlicht, mit einem Anstieg des Nettoumsatzes um 7,8% auf 517,4 Millionen US-Dollar. Das Unternehmen verzeichnete einen Anstieg des Nettogewinns um 12,8% auf 35,9 Millionen US-Dollar, bzw. 0,58 US-Dollar pro verwässerter Aktie. Zu den bemerkenswerten Erfolgen zählt die Eröffnung eines Rekords von 24 neuen Geschäften, während drei Geschäfte geschlossen wurden, wodurch insgesamt 546 Geschäfte in 31 Bundesstaaten bestehen.
Wichtige Finanzkennzahlen zeigten Verbesserungen, wobei das Betriebsergebnis um 14,0% auf 44,5 Millionen US-Dollar stieg und der Bruttogewinn um 10,5% auf 214,5 Millionen US-Dollar anstieg. Die Bruttomarge des Unternehmens wurde um 100 Basispunkte auf 41,4% ausgeweitet. Der Umsatz in vergleichbaren Geschäften ging im Vergleich zu einem Anstieg von 7,0% im Vorjahr leicht um 0,5% zurück. Das Unternehmen wies eine starke Bilanz mit 303,9 Millionen US-Dollar an Zahlungsmitteln und Zahlungsmitteläquivalenten auf.
- Net sales increased 7.8% to $517.4 million
- Net income grew 12.8% to $35.9 million
- Operating income rose 14.0% to $44.5 million
- Gross margin expanded 100 basis points to 41.4%
- Record store expansion with 24 new locations
- Strong cash position of $303.9 million with no revolving credit debt
- Comparable store sales decreased 0.5%
- SG&A expenses increased 9.0% to $154.5 million
- Inventory levels up 14.1% to $607.3 million
Insights
The Q3 results demonstrate solid financial performance with notable improvements across key metrics. Net sales grew 7.8% to
The company's aggressive store expansion strategy is paying off, with a record 24 new stores opened this quarter. The strategic acquisition of former Big Lots locations presents a cost-effective growth opportunity. Strong balance sheet position with
Ollie's expansion strategy aligns perfectly with current market conditions where value-seeking consumers are increasingly important. The acquisition of former Big Lots locations is particularly strategic, providing ready-made locations in established retail areas at favorable terms. The company's positioning in the discount retail sector remains strong, with their business model proving resilient despite economic uncertainties.
The increase in inventory levels by
The execution of Ollie's retail strategy shows impressive operational efficiency. Despite inflationary pressures, they've maintained pricing power while expanding margins. The
The strategic acquisition of 17 former Big Lots locations, with 7 more pending, represents an opportunistic expansion that could accelerate growth with reduced risk and investment. However, the slight comparable store sales decline suggests some maturation in existing markets. The higher mix of consumables in the sales mix indicates changing consumer behavior that bears watching.
~ Net Sales increased
~ Earnings per Share increased
~ Opened Record 24 new stores this quarter ~
HARRISBURG, Pa., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today reported financial results for the third quarter ended November 2, 2024.
Third Quarter Summary:
- Total net sales increased
7.8% to$517.4 million . - Comparable store sales decreased
0.5% from the prior year increase of7.0% . - The Company opened 24 new stores and closed three stores, including two permanent closures and one temporary closure related to Hurricane Helene, ending the quarter with 546 stores in 31 states, a year-over-year increase in store count of
8.1% . - Operating income increased
14.0% to$44.5 million and operating margin increased 50 basis points to8.6% . - Net income increased
12.8% to$35.9 million , or$0.58 per diluted share. - Adjusted net income(1) increased
13.1% to$35.7 million , or$0.58 per diluted share. - Adjusted EBITDA(1) increased
17.0% to$59.8 million and adjusted EBITDA margin(1) increased 100 basis points to11.6% .
(1) As used throughout this release, adjusted net income, adjusted net income per diluted share, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are not measures recognized under U.S. generally accepted accounting principles (“GAAP”). Please see the accompanying financial tables which reconcile our comparable GAAP measures to these non-GAAP measures.
“We had another great quarter and are pleased with our results. We delivered strong earnings on higher sales, gross margin, and disciplined expense control. We also took advantage of a number of real estate opportunities that strengthened our new store pipeline and enhanced our competitive positioning for the future,” said John Swygert, Chief Executive Officer.
“The transition of the CEO role and responsibilities is progressing as planned. Eric van der Valk will become CEO at the beginning of fiscal 2025. I have had an amazing 20 plus year career at Ollie’s and would like to thank each and every team member that has been part of our family. While proud of what we have accomplished, I am even more excited about our growth potential and positioning going forward. Our value proposition is clear, our deal flow is strong, and our ability to execute is as good as it’s ever been,” Mr. Swygert concluded.
Third Quarter Results
Net sales increased
Gross profit increased
Selling, general, and administrative expenses increased
Pre-opening expenses were
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 third quarter of fiscal 2024, the Company repurchased 169,359 shares of its common stock for
Inventories as of the end of the third quarter of fiscal 2024 increased
Capital expenditures were
Real Estate Update
To date, the Company has acquired seventeen store locations in connection with the Big Lots bankruptcy proceedings. Fifteen of these locations were acquired in the third quarter of fiscal 2024 and two of these locations were acquired subsequent to the end of the quarter. These store locations are leased properties with favorable rent and 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.
In addition, on December 6, 2024, the Company was the winning bidder in a bankruptcy sale process to acquire an additional seven former Big Lots store leases. All seven of these stores are still subject to final bankruptcy court approval and customary closing conditions.
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 outlook for fiscal 2024. A comparison of new and previous outlook figures is contained in the table below. Changes to the fiscal 2024 net sales and comparable store outlook figures are primarily the result of our third quarter results, as the outlook figures for fourth quarter are largely unchanged.:
| New | Previous | |
| New store openings | 50 | 50 |
| Store closures(1) | 3 | 2 |
| 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 | ||
| (1) Store closures include two planned closures where the Company chose not to renew the leases and one unplanned temporary closure related to Hurricane Helene. | ||
| (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. | ||
Conference Call Information
A conference call to discuss third quarter fiscal 2024 financial results is scheduled for today, December 10, 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 557 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 | Thirty-nine weeks ended | ||||||||||||||||
| November 2, | October 28, | November 2, | October 28, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Condensed consolidated statements of income data: | |||||||||||||||||
| Net sales | $ | 517,428 | $ | 480,050 | $ | 1,604,621 | $ | 1,453,713 | |||||||||
| Cost of sales | 302,969 | 285,939 | 961,773 | 884,347 | |||||||||||||
| Gross profit | 214,459 | 194,111 | 642,848 | 569,366 | |||||||||||||
| Selling, general, and administrative expenses | 154,467 | 141,684 | 442,559 | 406,575 | |||||||||||||
| Depreciation and amortization expenses | 8,296 | 7,065 | 24,016 | 20,203 | |||||||||||||
| Pre-opening expenses | 7,174 | 6,293 | 14,495 | 12,443 | |||||||||||||
| Operating income | 44,522 | 39,069 | 161,778 | 130,145 | |||||||||||||
| Interest income, net | (4,028 | ) | (3,977 | ) | (12,257 | ) | (10,054 | ) | |||||||||
| Income before income taxes | 48,550 | 43,046 | 174,035 | 140,199 | |||||||||||||
| Income tax expense | 12,666 | 11,243 | 42,827 | 35,235 | |||||||||||||
| Net income | $ | 35,884 | $ | 31,803 | $ | 131,208 | $ | 104,964 | |||||||||
| Earnings per common share: | |||||||||||||||||
| Basic | |||||||||||||||||
| Diluted | |||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 61,330 | 61,682 | 61,341 | 61,807 | |||||||||||||
| Diluted | 61,764 | 62,068 | 61,742 | 62,110 | |||||||||||||
| Percentage of net sales(1): | |||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
| Cost of sales | 58.6 | 59.6 | 59.9 | 60.8 | |||||||||||||
| Gross profit | 41.4 | 40.4 | 40.1 | 39.2 | |||||||||||||
| Selling, general, and administrative expenses | 29.9 | 29.5 | 27.6 | 28.0 | |||||||||||||
| Depreciation and amortization expenses | 1.6 | 1.5 | 1.5 | 1.4 | |||||||||||||
| Pre-opening expenses | 1.4 | 1.3 | 0.9 | 0.9 | |||||||||||||
| Operating income | 8.6 | 8.1 | 10.1 | 9.0 | |||||||||||||
| Interest income, net | (0.8 | ) | (0.8 | ) | (0.8 | ) | (0.7 | ) | |||||||||
| Income before income taxes | 9.4 | 9.0 | 10.8 | 9.6 | |||||||||||||
| Income tax expense | 2.4 | 2.3 | 2.7 | 2.4 | |||||||||||||
| Net income | 6.9 | % | 6.6 | % | 8.2 | % | 7.2 | % | |||||||||
| (1) Components may not add to totals due to rounding. | |||||||||||||||||
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited) | ||||||||
| November 2, | October 28, | |||||||
| Assets | 2024 | 2023 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 128,685 | $ | 159,555 | ||||
| Short-term investments | 175,226 | 104,477 | ||||||
| Inventories | 607,331 | 532,370 | ||||||
| Accounts receivable | 2,367 | 1,973 | ||||||
| Prepaid expenses and other current assets | 10,178 | 7,184 | ||||||
| Total current assets | 923,787 | 805,559 | ||||||
| Property and equipment, net | 322,214 | 230,203 | ||||||
| Operating lease right-of-use assets | 547,284 | 481,124 | ||||||
| Goodwill | 444,850 | 444,850 | ||||||
| Trade name | 230,559 | 230,559 | ||||||
| Other assets | 2,148 | 2,065 | ||||||
| Total assets | $ | 2,470,842 | $ | 2,194,360 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Current portion of long-term debt | $ | 621 | $ | 554 | ||||
| Accounts payable | 131,515 | 105,440 | ||||||
| Income taxes payable | - | 592 | ||||||
| Current portion of operating lease liabilities | 93,199 | 94,899 | ||||||
| Accrued expenses and other current liabilities | 91,772 | 87,618 | ||||||
| Total current liabilities | 317,107 | 289,103 | ||||||
| Revolving credit facility | - | - | ||||||
| Long-term debt | 1,003 | 957 | ||||||
| Deferred income taxes | 73,073 | 70,899 | ||||||
| Long-term portion of operating lease liabilities | 462,687 | 393,027 | ||||||
| Total liabilities | 853,870 | 753,986 | ||||||
| Stockholders’ equity: | ||||||||
| Common stock | 67 | 67 | ||||||
| Additional paid-in capital | 719,751 | 690,842 | ||||||
| Retained earnings | 1,299,159 | 1,091,476 | ||||||
| Treasury - common stock | (402,005 | ) | (342,011 | ) | ||||
| Total stockholders’ equity | 1,616,972 | 1,440,374 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,470,842 | $ | 2,194,360 | ||||
| Ollie’s Bargain Outlet Holdings, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | ||||||||||||||||
| Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||||
| November 2, | October 28, | November 2, | October 28, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash (used in) provided by operating activities | $ | (4,365 | ) | $ | 1,096 | $ | 79,694 | $ | 110,861 | |||||||
| Net cash used in investing activities | (24,048 | ) | (11,743 | ) | (183,446 | ) | (125,301 | ) | ||||||||
| Net cash used in financing activities | (13,502 | ) | (11,214 | ) | (33,825 | ) | (36,601 | ) | ||||||||
| Net decrease in cash and cash equivalents | (41,915 | ) | (21,861 | ) | (137,577 | ) | (51,041 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 170,600 | 181,416 | 266,262 | 210,596 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 128,685 | $ | 159,555 | $ | 128,685 | $ | 159,555 | ||||||||
| 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 | Thirty-nine weeks ended | |||||||||||||||||
| November 2, | October 28, | November 2, | October 28, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 35,884 | $ | 31,803 | $ | 131,208 | $ | 104,964 | ||||||||||
| Excess tax benefits related to stock-based compensation(1) | (139 | ) | (189 | ) | (2,028 | ) | (898 | ) | ||||||||||
| Adjusted net income | $ | 35,745 | $ | 31,614 | $ | 129,180 | $ | 104,066 | ||||||||||
| (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 | Thirty-nine weeks ended | ||||||||||||||
| November 2, | October 28, | November 2, | October 28, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income per diluted share | $ | 0.58 | $ | 0.51 | $ | 2.13 | $ | 1.69 | |||||||
| Adjustments as noted above, per dilutive share: | |||||||||||||||
| Excess tax benefits related to stock-based compensation(1) | - | - | (0.03 | ) | (0.01 | ) | |||||||||
| Adjusted net income per diluted share(1) | $ | 0.58 | $ | 0.51 | $ | 2.09 | $ | 1.68 | |||||||
| Diluted weighted-average common shares outstanding | 61,764 | 62,068 | 61,742 | 62,110 | |||||||||||
| (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 | Thirty-nine weeks ended | |||||||||||||||||
| November 2, | October 28, | November 2, | October 28, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net income | $ | 35,884 | $ | 31,803 | $ | 131,208 | $ | 104,964 | ||||||||||
| Interest income, net | (4,028 | ) | (3,977 | ) | (12,257 | ) | (10,054 | ) | ||||||||||
| Depreciation and amortization expenses | 11,712 | 9,051 | 31,536 | 25,417 | ||||||||||||||
| Income tax expense | 12,666 | 11,243 | 42,827 | 35,235 | ||||||||||||||
| EBITDA | 56,234 | 48,120 | 193,314 | 155,562 | ||||||||||||||
| Non-cash stock-based compensation expense | 3,606 | 3,004 | 10,407 | 9,008 | ||||||||||||||
| Adjusted EBITDA | $ | 59,840 | $ | 51,124 | $ | 203,721 | $ | 164,570 | ||||||||||
| Key Statistics | ||||||||||||||||
| Thirteen weeks ended | Thirty-nine weeks ended | |||||||||||||||
| November 2, | October 28, | November 2, | October 28, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Number of stores open at the beginning of period | 525 | 482 | 512 | 468 | ||||||||||||
| Number of new stores | 24 | 23 | 37 | 38 | ||||||||||||
| Number of closed stores | (3 | ) | - | (3 | ) | (1 | ) | |||||||||
| Number of stores open at end of period | 546 | 505 | 546 | 505 | ||||||||||||
| Average net sales per store(1) | $ | 965 | $ | 970 | $ | 3,071 | $ | 3,014 | ||||||||
| Comparable stores sales change | (0.5 | )% | 7.0 | % | 2.8 | % | 6.5 | % | ||||||||
| Comparable store count – end of period | 477 | 445 | 477 | 445 | ||||||||||||
| (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 (OLLI) earnings per share in Q3 2024?
How many stores did Ollie's (OLLI) open in Q3 2024?
What was Ollie's (OLLI) revenue growth in Q3 2024?
What is Ollie's (OLLI) fiscal 2024 sales guidance?
