UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report: August 29, 2024
(Date of earliest event reported)

 
Ollie's Bargain Outlet Holdings, Inc.
 
 
 (Exact name of registrant as specified in its charter)
 

 
Delaware
 
 
(State or other jurisdiction of incorporation)
 

001-37501
 
80-0848819
(Commission File Number)
 
 (IRS Employer Identification No.)
6295 Allentown Boulevard
   
Suite 1
   
Harrisburg, Pennsylvania
  17112
(Address of principal executive offices)
 
(Zip Code)
(717) 657-2300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.001 par value
OLLI
The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐.



Item 2.02
Results of Operations and Financial Condition.

On August 29, 2024, Ollie’s Bargain Outlet Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended August 3, 2024. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated by reference herein.

The information furnished in this Item 2.02 of on this Form 8-K, including the exhibit attached, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01
Financial Statements and Exhibits.
 
(d) Exhibits.  The following exhibits are filed with this report:
 
Exhibit No.
 
Description
99.1
 
Press Release issued on August 29, 2024 of Ollie’s Bargain Outlet Holdings, Inc.
104
 
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
OLLIE’S BARGAIN OUTLET HOLDINGS, INC.
   
 
By:
/s/ Robert Helm
     
   
Name: Robert Helm
   
Title:   Executive Vice President and Chief Financial Officer
     
Date: August 29, 2024
   


EXHIBIT INDEX

Exhibit No.
 
Description
 
Press Release issued on August 29, 2024 of Ollie’s Bargain Outlet Holdings, Inc.
104
 
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




Exhibit 99.1

Ollie’s Bargain Outlet Holdings, Inc. Reports
 Second Quarter Fiscal 2024 Financial Results
 
~ Comparable Store Sales increased 5.8% ~
 
~  Earnings per Share increased 16.2% to $0.79 ~
 
~  Adjusted Earnings per Share increased 16.4% to $0.78 ~
 
~ Raising Fiscal Year Sales and Earnings Outlook ~
 
HARRISBURG, PA – August 29, 2024 – 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 of 7.9%.
 

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 to 10.5%.
 

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 to 12.9%.
 
(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.

1

“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 12.4% to $578.4 million in the second quarter of fiscal 2024 as compared with net sales of $514.5 million in the second quarter of fiscal 2023.  The increase in net sales was the result of new store unit growth in addition to a comparable store sales increase of 5.8%.

Gross profit increased 11.4% to $219.0 million in the second quarter of fiscal 2024 from $196.7 million in the second quarter of fiscal 2023. Gross margin decreased 30 basis points to 37.9% in the second quarter of fiscal 2024 from 38.2% in the second quarter of fiscal 2023. The decrease in gross margin was primarily due to a slightly lower merchandise margin due to changes in product mix.

Selling, general, and administrative expenses increased 8.2% to $145.7 million in the second quarter of fiscal 2024 from $134.6 million in the second quarter of fiscal 2023. The increase was primarily driven by higher selling expenses related to new store openings.  As a percentage of net sales, SG&A decreased 100 basis points to 25.2% in the second quarter of fiscal 2024 compared to 26.2% in the second quarter of fiscal 2023, primarily the result of leverage of fixed expenses on the increase in comparable store sales and disciplined expense control.

Pre-opening expenses increased to $4.6 million in the second quarter of fiscal 2024 from $2.9 million in the second quarter of fiscal 2023 due to costs associated with the startup of the Company’s fourth distribution center in Princeton, IL as well as the comparative number of new stores.

Operating income increased 15.6% to $60.8 million in the second quarter of fiscal 2024 from $52.5 million in the second quarter of fiscal 2023.  Operating margin increased 30 basis points to 10.5% in the second quarter of fiscal 2024 from 10.2% in the second quarter of fiscal 2023.

Net income increased 16.1% to $49.0 million, or $0.79 per diluted share, in the second quarter of fiscal 2024 compared with net income of $42.2 million, or $0.68 per diluted share, in the second quarter of fiscal 2023. Adjusted net income(1) increased 15.6% to $48.2 million, or $0.78 per diluted share, in the second quarter of fiscal 2024 from $41.7 million, or $0.67 per diluted share, in the second quarter of fiscal 2023.

Adjusted EBITDA(1) increased 16.4% to $74.5 million in the second quarter of fiscal 2024  from $64.0 million in the second quarter of fiscal 2023.  Adjusted EBITDA margin(1) increased 50 basis points to 12.9% in the second quarter of fiscal 2024 from 12.4% in the second quarter of fiscal 2023. Adjusted EBITDA excludes non-cash stock-based compensation expense.

Balance Sheet and Cash Flow Highlights

The Company’s cash and cash equivalents and short-term investments were $353.1 million as of the end of the second quarter of fiscal 2024 compared with cash and cash equivalents of $310.2 million as of the end of the second quarter of fiscal 2023. The Company had no borrowings outstanding under its $100 million revolving credit facility and $89.0 million of availability under the facility as of the end of the second quarter of fiscal 2024. The Company ended the period with total borrowings, consisting solely of finance lease obligations, of $1.6 million as of the end of the second quarter of fiscal 2024.

2

During the second quarter of fiscal 2024, the Company repurchased 81,340 shares of its common stock for $6.4 million. As of the end of the second quarter, the Company had $54.2 million of remaining capacity under its current share repurchase program.

Inventories as of the end of the second quarter of fiscal 2024 increased 6.6% to $531.3 million compared with $498.3 million as of the end of the second quarter of fiscal 2023, driven by new store growth.

Capital expenditures were $38.3 million in the second quarter of fiscal 2024, primarily related to the completion of the Company’s distribution center in Princeton, IL, the Company’s acquisition of the former 99 Cents Only Stores locations, the remodeling of existing stores, and the development of new stores.

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
 
$2.276 to $2.291 billion
   
$2.257 to $2.277 billion
 
Comparable store sales increase
 
2.7% to 3.2%
   
1.5% to 2.3%
 
Gross margin
 
40.0
%
 
40.0
%
Operating income
 
$252 to 259 million
   
$250 to 258 million
 
Adjusted net income(2)
 
$199 to $203 million
   
$196 to $202 million
 
Adjusted net income per diluted share(2)
 
$3.22 to $3.30
   
$3.18 to $3.28
 
Annual effective tax rate (excludes excess tax benefits related to stock-based compensation)
 
25.0
%
 
25.5
%
Diluted weighted average shares outstanding
 
62 million
   
62 million
 
Capital expenditures(3)
 
$104 million
   
$90 million
 

  (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 $14.6 million purchase price for the acquisition of former 99 Cents Only Stores locations and includes build out costs related to such locations.

3

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.
 
4

Investor Contact:
John Rouleau
ICR
John.Rouleau@icrinc.com

Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us

5

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.

6

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
 

7

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
 

8

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.

9

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.

10

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.


11

v3.24.2.u1
Document and Entity Information
Aug. 29, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Aug. 29, 2024
Entity File Number 001-37501
Entity Registrant Name Ollie's Bargain Outlet Holdings, Inc.
Entity Central Index Key 0001639300
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 80-0848819
Entity Address, Address Line One 6295 Allentown Boulevard
Entity Address, Address Line Two Suite 1
Entity Address, City or Town Harrisburg
Entity Address, State or Province PA
Entity Address, Postal Zip Code 17112
City Area Code 717
Local Phone Number 657-2300
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol OLLI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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