Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) today announced
financial results for the second quarter ended July 29, 2017.
Second Quarter Summary:
- Total net sales increased 20.5% to $254.6 million;
- Comparable store sales increased 4.5%;
- The Company opened 11 new stores during the quarter, ending the
quarter with a total of 250 stores in 20 states, an increase in
store count of 15.7% year over year;
- Operating income increased 35.6% to $29.8 million;
- Net income increased 50.1% to $19.7 million and Net income per
diluted share increased 42.9% to $0.30;
- Adjusted net income(1) increased 34.0% to $17.8 million and
Adjusted net income per diluted share(1) increased 28.6% to
$0.27; and
- Adjusted EBITDA(1) increased 31.6% to $34.9 million.
Mark Butler, Chairman, President and Chief Executive Officer,
stated, “We had a very strong second quarter and remain pleased
with the underlying trends across our business. Strong deal flow,
consistent margins and tight expense control all contributed to our
exceptional earnings growth in the quarter. Our customers continue
to respond to our great deals and vote every day with their hard
earned money. Our business has never been stronger and we believe
we are well positioned to continue delivering great bargains to our
customers and long-term growth to our shareholders.”
Mr. Butler added, “We recently celebrated our 35 year
anniversary and opened our 250th store. We are incredibly proud of
these achievements. Good Stuff Cheap is the founding principle of
our business and it’s still the cornerstone today. We will
continue to deliver a great treasure hunt experience to our
customers, and look forward to the next 35 years of Ollie’s.
Everyone loves a Bargain and that will never go out of style.”
(1) Adjusted operating income, Adjusted net income,
Adjusted net income per diluted share, EBITDA, and Adjusted EBITDA
are not measures recognized under generally accepted accounting
principles (“GAAP”). Please see the reconciliation of GAAP to
non-GAAP tables included later in this release.
Second Quarter Results
Net sales increased 20.5% to $254.6 million in
the second quarter of fiscal 2017 from $211.3 million in the second
quarter of fiscal 2016. The increase in net sales was driven by a
4.5% increase in comparable store sales and increased store count
compared to the second quarter of fiscal 2016. The Company opened
11 stores in the second quarter of fiscal 2017 and ended the
quarter with 250 stores compared to 216 stores at the end of the
second quarter in fiscal 2016.
Gross profit increased 19.6% to $100.2 million
in the second quarter of fiscal 2017 from $83.8 million in the
second quarter of fiscal 2016. Gross margin decreased 30 basis
points to 39.4% in the second quarter of fiscal 2017 from 39.7% in
the second quarter of fiscal 2016. The decrease in gross margin is
due to decreased merchandise margins partially offset by favorable
distribution center and transportation costs as a percentage of net
sales.
Operating income increased 35.6% to $29.8
million in the second quarter of fiscal 2017 from $22.0 million in
the second quarter of fiscal 2016. As a percentage of net sales,
operating income increased 130 basis points to 11.7% in the second
quarter of fiscal 2017. Excluding $0.3 million of transaction
related expenses incurred in the second quarter of last year,
Adjusted operating income increased 34.0% and 120 basis points as a
percentage of net sales.
Net income increased 50.1% to $19.7 million, or
$0.30 per diluted share, in the second quarter of fiscal 2017 from
$13.1 million, or $0.21 per diluted share, in the second quarter of
fiscal 2016. Adjusted net income (1), which excludes income
tax benefits due to the accounting change for stock based
compensation in the current year and excluding transaction related
expenses net of taxes in the prior year, increased 34.0% to $17.8
million, or $0.27 per diluted share, in the second quarter of
fiscal 2017 from $13.3 million, or $0.21 per diluted share, in the
second quarter of fiscal 2016.
Adjusted EBITDA(1) increased 31.6% to $34.9
million, or 13.7% of net sales, in the second quarter of fiscal
2017 from $26.5 million, or 12.6% of net sales, in the second
quarter of fiscal 2016. Adjusted EBITDA excludes non-cash stock
based compensation expense, non-cash purchase accounting items and
transaction related expenses.
Balance Sheet and Cash Flow
Highlights
The Company's cash balance as of the end of the
second quarter of fiscal 2017 was $24.8 million compared to $30.7
million at the end of the second quarter of fiscal 2016. The
Company had no borrowings under its $100.0 million revolving credit
facility and $97.6 million of availability under the facility at
the end of the second quarter of fiscal 2017. The Company ended the
second quarter of fiscal 2017 with total debt of $129.2 million
compared to $197.7 million at the end of the second quarter of
fiscal 2016.
Inventory at the end of the second quarter of
fiscal 2017 increased 17.3% to $253.0 million compared to $215.7
million at the end of the second quarter of fiscal 2016, primarily
due to new store growth and timing of deal flow.
Capital expenditures for the second quarter of
fiscal 2017 totaled $5.7 million compared to $5.2 million for the
second quarter of fiscal 2016.
Outlook
Ollie’s currently estimates the following
results for the fiscal year ending February 3, 2018:
- Total net sales of $1.045 billion to $1.052 billion;
- Comparable store sales growth of 2.0% to 2.5%;
- The opening of 33 to 35 new stores and no planned
closures;
- Operating income of $127.0 million to $129.0 million;
- Net income per diluted share of $1.23 to $1.26;
- Excluding the loss on extinguishment of debt and income tax
benefits due to the accounting change for stock based compensation,
Adjusted net income per diluted share(2) of $1.16 to $1.19;
- Estimated weighted diluted average shares outstanding of
approximately 65.0 million; and
- Capital expenditures of $18.0 million to $20.0 million.
Conference Call Information
A conference call to discuss the fiscal 2017
second quarter financial results is scheduled for today, August 29,
2017 at 4:30 p.m. Eastern Time. Investors and analysts can
participate on the conference call by dialing (800) 219-7052 or
(574) 990-1029 and using conference ID #63755900. 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/. The
replay of the conference call webcast will be available at the
investor relations Web site for one year.
About
Ollie’s
We are a highly differentiated and fast growing,
extreme value retailer of brand name merchandise at drastically
reduced prices. We are known for our assortment of merchandise
offered as Good Stuff Cheap®. We offer name brand products,
Real Brands! Real Bargains!®, in every department, including
housewares, food, books and stationery, bed and bath, floor
coverings, toys, hardware and other categories. We currently
operate 255 store locations in 20 states across the Eastern portion
of the United States. For more information, visit
www.ollies.us.
(2) Adjusted net income per diluted share
is not a measure recognized under GAAP. For a definition of
Adjusted net income per diluted share, please see the disclosures
related to the reconciliation of GAAP to non-GAAP tables elsewhere
in this release. The $0.07 per diluted share difference between the
guidance ranges for Net income per diluted share and Adjusted net
income per diluted share reflects exclusion of the loss on
extinguishment of debt and income tax benefits due to the change in
accounting for stock based compensation incurred and reported for
the twenty-six weeks ended July 29, 2017. The Company cannot
predict future transaction related estimates without unreasonable
effort and therefore excludes any such estimates from its
Outlook.
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 and industry outlook.
Forward-looking statements are based on our current expectations
and assumptions regarding our business, 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 and the following:
our failure to adequately procure and manage our inventory or
anticipate consumer demand; changes in consumer confidence and
spending; risks associated with intense competition; our failure to
open new profitable stores, or successfully enter new markets, on a
timely basis or at all; our failure to hire and retain key
personnel and other qualified personnel; our inability to obtain
favorable lease terms for our properties; the loss of, or
disruption in the operations of, our centralized distribution
centers; fluctuations in comparable store sales and results of
operations, including on a quarterly basis; risks associated with
our lack of operations in the growing online retail marketplace;
our inability to successfully implement our marketing, advertising
and promotional efforts; the seasonal nature of our business; the
risks associated with doing business with international
manufacturers; risks associated with the timely and effective
deployment and protection of computer and electronic systems;
changes in government regulations, procedures and requirements; and
our ability to service our indebtedness and to comply with our
financial covenants together with the other factors set forth under
“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.
|
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 |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Condensed
consolidated statements of income data: |
|
|
|
|
|
|
|
|
Net sales |
|
$ |
254,645 |
|
|
$ |
211,256 |
|
|
$ |
482,247 |
|
|
$ |
404,975 |
|
Cost of sales |
|
|
154,419 |
|
|
|
127,442 |
|
|
|
289,086 |
|
|
|
242,146 |
|
Gross
profit |
|
|
100,226 |
|
|
|
83,814 |
|
|
|
193,161 |
|
|
|
162,829 |
|
Selling, general and
administrative expenses |
|
|
65,778 |
|
|
|
57,737 |
|
|
|
127,509 |
|
|
|
112,546 |
|
Depreciation and
amortization expenses |
|
|
2,375 |
|
|
|
2,068 |
|
|
|
4,647 |
|
|
|
4,046 |
|
Pre-opening
expenses |
|
|
2,255 |
|
|
|
2,024 |
|
|
|
3,853 |
|
|
|
3,273 |
|
Operating
income |
|
|
29,818 |
|
|
|
21,985 |
|
|
|
57,152 |
|
|
|
42,964 |
|
Interest expense,
net |
|
|
1,124 |
|
|
|
1,471 |
|
|
|
2,458 |
|
|
|
3,135 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
Income
before income taxes |
|
|
28,694 |
|
|
|
20,514 |
|
|
|
54,297 |
|
|
|
39,829 |
|
Income tax expense |
|
|
8,982 |
|
|
|
7,379 |
|
|
|
15,619 |
|
|
|
14,946 |
|
Net
income |
|
$ |
19,712 |
|
|
$ |
13,135 |
|
|
$ |
38,678 |
|
|
$ |
24,883 |
|
Earnings
per common share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.32 |
|
|
$ |
0.22 |
|
|
$ |
0.63 |
|
|
$ |
0.42 |
|
Diluted |
|
$ |
0.30 |
|
|
$ |
0.21 |
|
|
$ |
0.60 |
|
|
$ |
0.40 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
61,194 |
|
|
|
60,046 |
|
|
|
61,037 |
|
|
|
59,857 |
|
Diluted |
|
|
64,889 |
|
|
|
62,358 |
|
|
|
64,640 |
|
|
|
62,113 |
|
|
|
|
|
|
|
|
|
|
Percentage of
net sales (1): |
|
|
|
|
|
|
|
|
Net sales |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
|
60.6 |
|
|
|
60.3 |
|
|
|
59.9 |
|
|
|
59.8 |
|
Gross
profit |
|
|
39.4 |
|
|
|
39.7 |
|
|
|
40.1 |
|
|
|
40.2 |
|
Selling, general and
administrative expenses |
|
|
25.8 |
|
|
|
27.3 |
|
|
|
26.4 |
|
|
|
27.8 |
|
Depreciation and
amortization expenses |
|
|
0.9 |
|
|
|
1.0 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Pre-opening
expenses |
|
|
0.9 |
|
|
|
1.0 |
|
|
|
0.8 |
|
|
|
0.8 |
|
Operating income |
|
|
11.7 |
|
|
|
10.4 |
|
|
|
11.9 |
|
|
|
10.6 |
|
Interest expense,
net |
|
|
0.4 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.8 |
|
Loss on extinguishment
of debt |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
Income
before income taxes |
|
|
11.3 |
|
|
|
9.7 |
|
|
|
11.3 |
|
|
|
9.8 |
|
Income tax expense |
|
|
3.5 |
|
|
|
3.5 |
|
|
|
3.2 |
|
|
|
3.7 |
|
Net
income |
|
|
7.7 |
% |
|
|
6.2 |
% |
|
|
8.0 |
% |
|
|
6.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Components
may not add to totals due to rounding. |
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Balance
Sheets |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
July 29, |
|
July 30, |
Assets |
|
|
2017 |
|
|
|
2016 |
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
24,820 |
|
|
$ |
30,732 |
|
Inventories |
|
|
253,008 |
|
|
|
215,724 |
|
Accounts
receivable |
|
|
766 |
|
|
|
163 |
|
Prepaid
expenses and other assets |
|
|
4,193 |
|
|
|
7,484 |
|
Total
current assets |
|
|
282,787 |
|
|
|
254,103 |
|
Property
and equipment, net |
|
|
49,975 |
|
|
|
44,967 |
|
Goodwill |
|
|
444,850 |
|
|
|
444,850 |
|
Trade
name and other intangible assets, net |
|
|
232,806 |
|
|
|
233,165 |
|
Other
assets |
|
|
2,319 |
|
|
|
2,435 |
|
Total
assets |
|
$ |
1,012,737 |
|
|
$ |
979,520 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current
portion of long-term debt |
|
$ |
8,887 |
|
|
$ |
5,052 |
|
Accounts
payable |
|
|
53,276 |
|
|
|
54,181 |
|
Income
taxes payable |
|
|
1,936 |
|
|
|
- |
|
Accrued
expenses |
|
|
37,040 |
|
|
|
33,738 |
|
Total
current liabilities |
|
|
101,139 |
|
|
|
92,971 |
|
Revolving credit facility |
|
|
- |
|
|
|
- |
|
Long-term debt |
|
|
119,552 |
|
|
|
191,209 |
|
Deferred
income taxes |
|
|
87,600 |
|
|
|
85,582 |
|
Other
long-term liabilities |
|
|
6,675 |
|
|
|
4,964 |
|
Total
liabilities |
|
|
314,966 |
|
|
|
374,726 |
|
Stockholders’ equity: |
|
|
|
|
Common
stock |
|
|
61 |
|
|
|
60 |
|
Additional paid-in capital |
|
|
573,693 |
|
|
|
554,276 |
|
Retained
earnings |
|
|
124,103 |
|
|
|
50,544 |
|
Treasury
- common stock |
|
|
(86 |
) |
|
|
(86 |
) |
Total
stockholders’ equity |
|
|
697,771 |
|
|
|
604,794 |
|
Total
liabilities and stockholders’ equity |
|
$ |
1,012,737 |
|
|
$ |
979,520 |
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net cash used in
operating activities |
|
$ |
(4,603 |
) |
|
$ |
(2,027 |
) |
|
$ |
(2,684 |
) |
|
$ |
(1,686 |
) |
Net cash used in
investing activities |
|
|
(5,705 |
) |
|
|
(5,161 |
) |
|
|
(8,650 |
) |
|
|
(9,982 |
) |
Net cash provided by
(used in) financing activities |
|
|
1,408 |
|
|
|
791 |
|
|
|
(62,529 |
) |
|
|
12,141 |
|
Net
increase (decrease) during period in cash |
|
|
(8,900 |
) |
|
|
(6,397 |
) |
|
|
(73,863 |
) |
|
|
473 |
|
Cash and
cash equivalents at the beginning of the period |
|
|
33,720 |
|
|
|
37,129 |
|
|
|
98,683 |
|
|
|
30,259 |
|
Cash and
cash equivalents at the end of the period |
|
$ |
24,820 |
|
|
$ |
30,732 |
|
|
$ |
24,820 |
|
|
$ |
30,732 |
|
|
|
|
|
|
|
|
|
|
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 U.S. generally accepted accounting principles
("GAAP"). We have included the non-GAAP measures of Adjusted
operating income, EBITDA, Adjusted EBITDA, 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
operating income, 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 non-GAAP
financial measures of Adjusted operating income to operating
income, Adjusted net income to Net income, Adjusted net income per
diluted share to Net income per diluted share, and EBITDA and
Adjusted EBITDA to Net income, in each case the most directly
comparable GAAP measure.
Adjusted net income and Adjusted net income per diluted share give
effect, net of tax, to transaction related expenses, loss on
extinguishment of debt, and income tax benefits due to the
accounting change for stock based compensation, which may not occur
with the same frequency or magnitude in future periods. Adjusted
operating income also gives effect to transaction related
expenses. We define EBITDA as net income before net interest
expense, loss on extinguishment of debt, depreciation and
amortization expenses and income taxes. Adjusted EBITDA represents
EBITDA as further adjusted for non-cash stock based compensation
expense, non-cash purchase accounting items, and transaction
related expenses, which we do not consider representative of our
ongoing operating performance.
Non-GAAP financial measures should be viewed as
supplementing, and not as an alternative to or substitute for, the
Company’s financial results prepared in accordance with GAAP.
Certain of the items that may be excluded or included in non-GAAP
financial measures may be significant items that could impact the
Company's financial position, results of operations and cash flows
and should therefore be considered in assessing the Company's
actual financial condition and performance. The methods used by the
Company to calculate its non-GAAP financial measures may differ
significantly from methods used by other companies to compute
similar measures. As a result, any non-GAAP financial measures
presented herein may not be comparable to similar measures provided
by other companies.
|
Reconciliation of GAAP operating income to Adjusted
operating income |
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Operating income |
|
$ |
29,818 |
|
$ |
21,985 |
|
$ |
57,152 |
|
$ |
42,964 |
Transaction related
expenses |
|
|
- |
|
|
260 |
|
|
- |
|
|
1,150 |
Adjusted operating
income |
|
$ |
29,818 |
|
$ |
22,245 |
|
$ |
57,152 |
|
$ |
44,114 |
|
|
|
|
|
|
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 |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net income |
|
$ |
19,712 |
|
|
$ |
13,135 |
|
|
$ |
38,678 |
|
|
$ |
24,883 |
|
Transaction related
expenses |
|
|
- |
|
|
|
260 |
|
|
|
- |
|
|
|
1,150 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
Adjustment to provision
for income taxes (1) |
|
|
- |
|
|
|
(94 |
) |
|
|
(153 |
) |
|
|
(443 |
) |
Income tax benefits due
to accounting change for stock based compensation (2) |
|
|
(1,893 |
) |
|
|
- |
|
|
|
(5,124 |
) |
|
|
- |
|
Adjusted net
income |
|
$ |
17,819 |
|
|
$ |
13,301 |
|
|
$ |
33,798 |
|
|
$ |
25,590 |
|
|
|
|
|
|
|
(1) The effective tax rate used for the adjustment to the
provision for income taxes was the effective tax rate in the
quarter in which the related costs were incurred, which was 31.3%
for the thirteen weeks ended July 29, 2017, 36.0% for the thirteen
weeks ended July 30, 2016, 28.8% for the twenty-six weeks ended
July 29, 2017 and 37.5% for the twenty-six weeks ended July 30,
2016. The adjustment to the provision for income taxes
includes the tax effect for the transaction related expenses and
loss on extinguishment of debt.
(2) Amount represents the impact from the recognition of excess
tax benefits pursuant to Accounting Standards Update (“ASU”)
2016-09, Stock Compensation, which was effective for the thirteen
and twenty-six weeks ended July 29, 2017.
|
Reconciliation of GAAP net income per diluted share to
Adjusted net income per diluted share |
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
Net income per share,
diluted |
|
$ |
0.30 |
|
|
$ |
0.21 |
|
$ |
0.60 |
|
|
$ |
0.40 |
Adjustments as noted
above per dilutive share |
|
|
(0.03 |
) |
|
|
0.00 |
|
|
(0.08 |
) |
|
|
0.01 |
Adjusted net income per
share, diluted (1) |
|
$ |
0.27 |
|
|
$ |
0.21 |
|
$ |
0.52 |
|
|
$ |
0.41 |
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding, diluted |
|
|
64,889 |
|
|
|
62,358 |
|
|
64,640 |
|
|
|
62,113 |
|
|
|
|
(1) Totals may
not foot 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 |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net income |
|
$ |
19,712 |
|
|
$ |
13,135 |
|
|
$ |
38,678 |
|
|
$ |
24,883 |
|
Interest expense,
net |
|
|
1,124 |
|
|
|
1,471 |
|
|
|
2,458 |
|
|
|
3,135 |
|
Loss on extinguishment
of debt |
|
|
- |
|
|
|
- |
|
|
|
397 |
|
|
|
- |
|
Depreciation and
amortization expenses |
|
|
2,976 |
|
|
|
2,595 |
|
|
|
5,838 |
|
|
|
5,100 |
|
Income tax expense |
|
|
8,982 |
|
|
|
7,379 |
|
|
|
15,619 |
|
|
|
14,946 |
|
EBITDA |
|
|
32,794 |
|
|
|
24,580 |
|
|
|
62,990 |
|
|
|
48,064 |
|
Non-cash stock based
compensation expense |
|
|
2,128 |
|
|
|
1,727 |
|
|
|
4,039 |
|
|
|
3,272 |
|
Non-cash purchase
accounting items |
|
|
(20 |
) |
|
|
(41 |
) |
|
|
(42 |
) |
|
|
(90 |
) |
Transaction related
expenses |
|
|
- |
|
|
|
260 |
|
|
|
- |
|
|
|
1,150 |
|
Adjusted EBITDA |
|
$ |
34,902 |
|
|
$ |
26,526 |
|
|
$ |
66,987 |
|
|
$ |
52,396 |
|
|
|
|
|
|
Key
Statistics |
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
July 29, |
|
July 30, |
|
July 29, |
|
July 30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
Number of stores open
at the beginning of period |
|
|
239 |
|
|
|
208 |
|
|
|
234 |
|
|
|
203 |
|
Number of new
stores |
|
|
11 |
|
|
|
8 |
|
|
|
16 |
|
|
|
13 |
|
Number of stores open
at end of period |
|
|
250 |
|
|
|
216 |
|
|
|
250 |
|
|
|
216 |
|
|
|
|
|
|
|
|
|
|
Average net sales per
store (1) |
|
$ |
1,031 |
|
|
$ |
992 |
|
|
$ |
1,993 |
|
|
$ |
1,937 |
|
Comparable stores sales
change |
|
|
4.5 |
% |
|
|
3.5 |
% |
|
|
3.2 |
% |
|
|
4.7 |
% |
Comparable store count
– end of period |
|
|
206 |
|
|
|
177 |
|
|
|
206 |
|
|
|
177 |
|
|
|
|
|
|
|
|
|
(1) Average net sales per store represents
the weighted average of total net sales divided by the number of
stores open, in each case at the end of each week in a fiscal
quarter.
Investor Contact:
John Rouleau
ICR
203-682-8200
John.Rouleau@icrinc.com
Media Contact:
Dan Haines
Vice President – Marketing & Advertising
717-657-2300
dhaines@ollies.us
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