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 of 7.0%.
- 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 to
8.6%.
- 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 to 11.6%.
(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 7.8% to $517.4 million in
the third quarter of fiscal 2024 as compared with net sales of
$480.1 million in the third quarter of fiscal 2023. The increase in
net sales was the result of new store unit growth, partially offset
by a comparable store sales decrease of 0.5%.
Gross profit increased 10.5% to $214.5 million
in the third quarter of fiscal 2024 from $194.1 million in the
third quarter of fiscal 2023. Gross margin increased 100 basis
points to 41.4% in the third quarter of fiscal 2024 from 40.4% in
the third quarter of fiscal 2023. The increase in gross margin was
primarily driven by favorable supply chain costs, partially offset
by lower merchandise margin from the higher mix of consumables.
Selling, general, and administrative expenses
increased 9.0% to $154.5 million in the third quarter of fiscal
2024 from $141.7 million in the third 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
increased 40 basis points to 29.9% in the third quarter of fiscal
2024 compared to 29.5% in the third quarter of fiscal 2023, due to
deleverage of fixed expenses associated with the decrease in
comparable store sales.
Pre-opening expenses were $7.2 million in the
third quarter of fiscal 2024 from $6.3 million in the third quarter
of fiscal 2023 due to increased costs associated with the recently
acquired former 99 Cents Only and Big Lots store locations, as well
as timing of our planned new store openings.
Operating income increased 14.0% to $44.5
million in the third quarter of fiscal 2024 from $39.1 million in
the third quarter of fiscal 2023. Operating margin increased 50
basis points to 8.6% in the third quarter of fiscal 2024 from 8.1%
in the third quarter of fiscal 2023.
Net income increased 12.8% to $35.9 million, or
$0.58 per diluted share, in the third quarter of fiscal 2024
compared with net income of $31.8 million, or $0.51 per diluted
share, in the third quarter of fiscal 2023. Adjusted net income(1)
increased 13.1% to $35.7 million, or $0.58 per diluted share, in
the third quarter of fiscal 2024 from $31.6 million, or $0.51 per
diluted share, in the third quarter of fiscal 2023.
Adjusted EBITDA(1) increased 17.0% to $59.8
million in the third quarter of fiscal 2024 from $51.1 million in
the third quarter of fiscal 2023. Adjusted EBITDA margin(1)
increased 100 basis points to 11.6% in the third quarter of fiscal
2024 from 10.6% in the third 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 $303.9 million as of the end of the
third quarter of fiscal 2024 compared with cash and cash
equivalents and short-term investments of $264.0 million as of the
end of the third quarter of fiscal 2023. The Company had no
borrowings outstanding under its $100 million revolving credit
facility and $92.1 million of availability under the facility as of
the end of the third 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 third quarter of
fiscal 2024.
During the third quarter of fiscal 2024, the
Company repurchased 169,359 shares of its common stock for $15.8
million. As of the end of the third quarter, the Company had $38.4
million of remaining capacity under its current share repurchase
program.
Inventories as of the end of the third quarter
of fiscal 2024 increased 14.1% to $607.3 million compared with
$532.4 million as of the end of the third quarter of fiscal 2023,
driven by new store growth and timing of receipts.
Capital expenditures were $31.0 million in the
third quarter of fiscal 2024, primarily related to the development
of new stores and the remodeling of existing stores.
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 |
$2.270 to $2.280 billion |
$2.276 to $2.291 billion |
Comparable store sales
increase |
2.7% to 3.0% |
2.7% to 3.2% |
Gross margin |
40.0% |
40.0% |
Operating income |
$251 to $258 million |
$252 to $259 million |
Adjusted net income(2) |
$199 to $203 million |
$199 to $203 million |
Adjusted net income per
diluted share(2) |
$3.22 to $3.30 |
$3.22 to $3.30 |
Annual effective tax rate
(excludes excess tax benefits related to stock-based
compensation) |
25.0% |
25.0% |
Diluted weighted average
shares outstanding |
62 million |
62 million |
Capital expenditures |
$104 million |
$104 million |
(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
RouleauICRJohn.Rouleau@icrinc.com
Media Contact:Tom KuypersSenior Vice President
– Marketing & Advertising717-657-2300 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 |
|
$0.59 |
|
|
$0.52 |
|
|
$2.14 |
|
|
$1.70 |
|
|
Diluted |
|
$0.58 |
|
|
$0.51 |
|
|
$2.13 |
|
|
$1.69 |
|
|
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
InformationReconciliation 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
InformationReconciliation 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
InformationReconciliation 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. |
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