Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported
financial results for the second quarter ended August 4, 2018 and
raised sales and earnings guidance for the full-year fiscal 2018.
Second Quarter Summary:
- Total net sales increased 13.1% to $288.1 million.
- Comparable store sales increased 4.4%.
- The Company opened six stores and entered one new state during
the quarter, ending the period with a total of 282 stores in 22
states, an increase in store count of 12.8% year over year.
- Operating income increased 16.9% to $34.9 million and operating
margin increased 40 basis points to 12.1%.
- Net income increased 51.4% to $29.8 million and net income per
diluted share increased 50.0% to $0.45.
- Adjusted net income(1) increased 46.2% to $26.1 million and
adjusted net income per diluted share(1) increased 48.1% to
$0.40.
- Adjusted EBITDA(1) increased 15.4% to $40.3 million.
Mark Butler, Chairman, President and Chief
Executive Officer, stated, “We are extremely pleased with our
results for the quarter, which were strong across the board.
We once again exceeded our sales and earnings expectations,
delivering total sales growth of 13% and adjusted net income per
diluted share growth of 48%. This was our 17th consecutive
quarter of positive comparable store sales, with a 4.4% comparable
store sales increase on top of an 8.0% increase on a two-year stack
basis. With the continued momentum of our business and a
robust closeout environment, we are raising our sales and earnings
guidance for fiscal 2018. Our philosophy of buying cheap and
selling cheap, coupled with tight expense control and successful
new store growth, has driven our business for 36 years and we feel
very good about our ability to continue executing against our
strategic growth initiatives this year and beyond.”
|
|
(1) |
As used
throughout this release, adjusted net income, adjusted net income
per diluted share, EBITDA and adjusted EBITDA are not measures
recognized under U.S. generally accepted accounting principles
(“GAAP”). Please see the accompanying financial tables which
reconcile these non-GAAP measures to GAAP. |
|
|
Second Quarter Results
Net sales increased 13.1% to $288.1 million in
the second quarter of fiscal 2018 from $254.6 million in the second
quarter of fiscal 2017. The increase in net sales was driven by a
12.8% increase in the number of stores and a 4.4% increase in
comparable store sales. The Company opened six stores in the second
quarter of fiscal 2018 and ended the period with 282 locations,
compared to 250 stores at the end of the comparable prior year
period.
Gross profit increased 12.4% to $112.6 million
in the second quarter of fiscal 2018 from $100.2 million in the
second quarter of fiscal 2017. Gross margin decreased 30 basis
points to 39.1% in the second quarter of fiscal 2018 from 39.4% in
the second quarter of fiscal 2017. The decrease in gross margin is
due to higher supply chain costs as a percentage of net sales,
partially offset by an increased merchandise margin.
Operating income increased 16.9% to $34.9
million in the second quarter of fiscal 2018 from $29.8 million in
the second quarter of fiscal 2017. Operating margin increased 40
basis points to 12.1% in the second quarter of fiscal 2018 from
11.7% in the second quarter of fiscal 2017, largely due to tight
expense control and leveraging of selling, general and
administrative expenses.
Net income increased 51.4% to $29.8 million, or
$0.45 per diluted share, in the second quarter of fiscal 2018 from
$19.7 million, or $0.30 per diluted share, in the second quarter of
fiscal 2017. Diluted earnings per share in the second quarter
of fiscal 2018 and fiscal 2017 included a benefit of $0.06 and
$0.03, respectively, due to excess tax benefits related to
stock-based compensation. Adjusted net income (1), which
excludes these benefits, increased 46.2% to $26.1 million, or $0.40
per diluted share, in the second quarter of fiscal 2018 from $17.8
million, or $0.27 per diluted share, in the second quarter of
fiscal 2017.
Adjusted EBITDA(1) increased 15.4% to $40.3
million, or 14.0% of net sales, in the second quarter of fiscal
2018 from $34.9 million, or 13.7% of net sales, in the second
quarter of fiscal 2017. Adjusted EBITDA excludes non-cash
stock-based compensation expense and non-cash purchase accounting
items.
Balance Sheet and Cash Flow
Highlights
The Company's cash balance as of the end of the
second quarter of fiscal 2018 was $29.4 million compared to $24.8
million as of the end of the second quarter of fiscal 2017.
The Company had no borrowings outstanding under its $100 million
revolving credit facility and $95.4 million of availability under
the facility as of the end of the second quarter of fiscal 2018.
The Company ended the second quarter of fiscal 2018 with total
borrowings of $21.8 million compared to $129.2 million at the end
of the second quarter of fiscal 2017.
Inventory as of the end of the second quarter of
fiscal 2018 increased 13.6% to $287.4 million compared to $253.0
million at the end of the second quarter of fiscal 2017, primarily
due to new store growth and timing of deal flow.
Capital expenditures in the second quarter of
fiscal 2018 totaled $5.5 million compared to $5.7 million in the
second quarter of fiscal 2017.
Outlook
Based on year-to-date results and expectations
for the second half of fiscal 2018, Ollie’s is raising sales and
earnings guidance for the full-year fiscal 2018. The Company
is now estimating the following:
- Total net sales of $1.222 billion to $1.227 billion;
- Comparable store sales growth of 2.5% to 3.0%;
- The opening of 36 to 38 new stores and one relocation;
- Operating income of $154.0 million to $156.0 million;
- Adjusted net income(2) of $114.0 million to $116.0 million and
adjusted net income per diluted share(2) of $1.73 to $1.76, both of
which exclude excess tax benefits related to stock-based
compensation and the after-tax loss on extinguishment of debt;
- An effective tax rate of 26.0%, which excludes excess tax
benefits related to stock-based compensation;
- Diluted weighted average shares outstanding of 66.0 million;
and
- Capital expenditures of $70.0 million to $75.0 million, largely
reflecting the Company’s recent purchase of 12 former Toys “R” Us
properties.
|
|
(2) |
The
guidance ranges as provided for adjusted net income and adjusted
net income per diluted share exclude the after-tax loss on
extinguishment of debt and excess tax benefits related to
stock-based compensation reported for the 26-weeks ended August 4,
2018 as well as any future related estimates as the Company cannot
predict such estimates without unreasonable effort. |
|
|
Conference Call Information
A conference call to discuss second quarter
fiscal 2018 financial results is scheduled for today, September 5,
2018, 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 #5695397. 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 website 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, health and beauty aids and other categories.
We currently operate 285 stores in 22 states throughout the Eastern
half of the United States. 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 2018
business outlook or financial guidance, 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, including recently
enacted tax legislation, 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; risks associated with
the timely and effective deployment and protection of computer
networks and other electronic systems; the risks associated with
doing business with international manufacturers; 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.
Investor Contact: Jean
FontanaICR646-277-1214Jean.Fontana@icrinc.com
Media Contact:Dan HainesVice President –
Marketing & Advertising717-657-2300dhaines@ollies.us
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of
Income |
(In thousands except for per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
August 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Condensed
consolidated statements of income data: |
|
|
|
|
|
|
|
Net sales |
$ |
288,098 |
|
|
$ |
254,645 |
|
|
$ |
563,837 |
|
|
$ |
482,247 |
|
Cost of sales |
|
175,474 |
|
|
|
154,419 |
|
|
|
338,337 |
|
|
|
289,086 |
|
Gross
profit |
|
112,624 |
|
|
|
100,226 |
|
|
|
225,500 |
|
|
|
193,161 |
|
Selling, general and
administrative expenses |
|
72,990 |
|
|
|
65,778 |
|
|
|
145,354 |
|
|
|
127,509 |
|
Depreciation and
amortization expenses |
|
2,854 |
|
|
|
2,375 |
|
|
|
5,617 |
|
|
|
4,647 |
|
Pre-opening
expenses |
|
1,917 |
|
|
|
2,255 |
|
|
|
3,681 |
|
|
|
3,853 |
|
Operating
income |
|
34,863 |
|
|
|
29,818 |
|
|
|
70,848 |
|
|
|
57,152 |
|
Interest expense,
net |
|
278 |
|
|
|
1,124 |
|
|
|
816 |
|
|
|
2,458 |
|
Loss on extinguishment
of debt |
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Income
before income taxes |
|
34,585 |
|
|
|
28,694 |
|
|
|
69,932 |
|
|
|
54,297 |
|
Income tax expense |
|
4,737 |
|
|
|
8,982 |
|
|
|
9,630 |
|
|
|
15,619 |
|
Net
income |
$ |
29,848 |
|
|
$ |
19,712 |
|
|
$ |
60,302 |
|
|
$ |
38,678 |
|
Earnings
per common share: |
|
|
|
|
|
|
|
Basic |
$ |
0.48 |
|
|
$ |
0.32 |
|
|
$ |
0.97 |
|
|
$ |
0.63 |
|
Diluted |
$ |
0.45 |
|
|
$ |
0.30 |
|
|
$ |
0.92 |
|
|
$ |
0.60 |
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
62,444 |
|
|
|
61,194 |
|
|
|
62,306 |
|
|
|
61,037 |
|
Diluted |
|
65,868 |
|
|
|
64,889 |
|
|
|
65,745 |
|
|
|
64,640 |
|
|
|
|
|
|
|
|
|
Percentage of
net sales (1): |
|
|
|
|
|
|
|
Net sales |
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
Cost of sales |
|
60.9 |
|
|
|
60.6 |
|
|
|
60.0 |
|
|
|
59.9 |
|
Gross
profit |
|
39.1 |
|
|
|
39.4 |
|
|
|
40.0 |
|
|
|
40.1 |
|
Selling, general and
administrative expenses |
|
25.3 |
|
|
|
25.8 |
|
|
|
25.8 |
|
|
|
26.4 |
|
Depreciation and
amortization expenses |
|
1.0 |
|
|
|
0.9 |
|
|
|
1.0 |
|
|
|
1.0 |
|
Pre-opening
expenses |
|
0.7 |
|
|
|
0.9 |
|
|
|
0.7 |
|
|
|
0.8 |
|
Operating income |
|
12.1 |
|
|
|
11.7 |
|
|
|
12.6 |
|
|
|
11.9 |
|
Interest expense,
net |
|
0.1 |
|
|
|
0.4 |
|
|
|
0.1 |
|
|
|
0.5 |
|
Loss on extinguishment
of debt |
|
— |
|
|
|
— |
|
|
|
0.0 |
|
|
|
0.1 |
|
Income
before income taxes |
|
12.0 |
|
|
|
11.3 |
|
|
|
12.4 |
|
|
|
11.3 |
|
Income tax expense |
|
1.6 |
|
|
|
3.5 |
|
|
|
1.7 |
|
|
|
3.2 |
|
Net
income |
|
10.4 |
% |
|
|
7.7 |
% |
|
|
10.7 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
(1) Components
may not add to totals due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Balance
Sheets |
(In thousands) |
(Unaudited) |
|
|
|
|
|
August 4, |
|
July 29, |
Assets |
2018 |
|
2017 |
Current
assets: |
|
|
|
Cash and
cash equivalents |
$ |
29,415 |
|
|
$ |
24,820 |
|
Inventories |
|
287,440 |
|
|
|
253,008 |
|
Accounts
receivable |
|
1,602 |
|
|
|
766 |
|
Prepaid
expenses and other assets |
|
9,918 |
|
|
|
4,193 |
|
Total
current assets |
|
328,375 |
|
|
|
282,787 |
|
Property
and equipment, net |
|
57,991 |
|
|
|
49,975 |
|
Goodwill |
|
444,850 |
|
|
|
444,850 |
|
Trade
name and other intangible assets, net |
|
232,472 |
|
|
|
232,806 |
|
Other
assets |
|
4,081 |
|
|
|
2,319 |
|
Total
assets |
$ |
1,067,769 |
|
|
$ |
1,012,737 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current
liabilities: |
|
|
|
Current
portion of long-term debt |
$ |
10,178 |
|
|
$ |
8,887 |
|
Accounts
payable |
|
69,015 |
|
|
|
53,276 |
|
Income
taxes payable |
|
- |
|
|
|
1,936 |
|
Accrued
expenses and other |
|
51,762 |
|
|
|
37,040 |
|
Total
current liabilities |
|
130,955 |
|
|
|
101,139 |
|
Revolving credit facility |
|
- |
|
|
|
- |
|
Long-term debt |
|
11,516 |
|
|
|
119,552 |
|
Deferred
income taxes |
|
57,184 |
|
|
|
87,600 |
|
Other
long-term liabilities |
|
7,961 |
|
|
|
6,675 |
|
Total
liabilities |
|
207,616 |
|
|
|
314,966 |
|
Stockholders’ equity: |
|
|
|
Common
stock |
|
63 |
|
|
|
61 |
|
Additional paid-in capital |
|
592,446 |
|
|
|
573,693 |
|
Retained
earnings |
|
267,730 |
|
|
|
124,103 |
|
Treasury
- common stock |
|
(86 |
) |
|
|
(86 |
) |
Total
stockholders’ equity |
|
860,153 |
|
|
|
697,771 |
|
Total
liabilities and stockholders’ equity |
$ |
1,067,769 |
|
|
$ |
1,012,737 |
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc. |
Condensed Consolidated Statements of Cash
Flows |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
August 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net cash provided by
(used in) operating activities |
|
$ |
7,181 |
|
|
$ |
(4,603 |
) |
|
$ |
22,529 |
|
|
$ |
(2,684 |
) |
Net cash used in
investing activities |
|
|
(5,490 |
) |
|
|
(5,705 |
) |
|
|
(10,198 |
) |
|
|
(8,650 |
) |
Net cash provided by
(used in) financing activities |
|
|
110 |
|
|
|
1,408 |
|
|
|
(22,150 |
) |
|
|
(62,529 |
) |
Net
increase (decrease) during period in cash and cash
equivalents |
|
|
1,801 |
|
|
|
(8,900 |
) |
|
|
(9,819 |
) |
|
|
(73,863 |
) |
Cash and
cash equivalents at beginning of period |
|
|
27,614 |
|
|
|
33,720 |
|
|
|
39,234 |
|
|
|
98,683 |
|
Cash and
cash equivalents at end of period |
|
$ |
29,415 |
|
|
$ |
24,820 |
|
|
$ |
29,415 |
|
|
$ |
24,820 |
|
|
|
|
|
|
|
|
|
|
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 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 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 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 to the after-tax loss on extinguishment of debt and 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 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 and non-cash purchase
accounting items, 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.
|
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 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
$ |
29,848 |
|
|
$ |
19,712 |
|
|
$ |
60,302 |
|
|
$ |
38,678 |
|
Loss on extinguishment
of debt |
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Adjustment to provision
for income taxes (1) |
|
- |
|
|
|
- |
|
|
|
(25 |
) |
|
|
(153 |
) |
Excess tax benefits
related to stock-based compensation (2) |
|
(3,796 |
) |
|
|
(1,893 |
) |
|
|
(7,728 |
) |
|
|
(5,124 |
) |
Adjusted net
income |
$ |
26,052 |
|
|
$ |
17,819 |
|
|
$ |
52,649 |
|
|
$ |
33,798 |
|
|
|
|
|
|
|
(1) The effective tax rate used for the adjustment to the
provision for income taxes was the normalized effective tax rate in
the quarter in which the related costs (loss on extinguishment of
debt) were incurred. |
|
(2) 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 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income
per diluted share |
$ |
0.45 |
|
|
$ |
0.30 |
|
|
$ |
0.92 |
|
|
$ |
0.60 |
|
Adjustments
as noted above, per dilutive share: |
|
|
|
|
|
|
|
|
Loss on extinguishment
of debt, net of taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Excess tax benefits
related to stock-based compensation |
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
(0.12 |
) |
|
|
(0.08 |
) |
Adjusted
net income per diluted share (1) |
$ |
0.40 |
|
|
$ |
0.27 |
|
|
$ |
0.80 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
|
Diluted
weighted-average common shares outstanding |
|
65,868 |
|
|
|
64,889 |
|
|
|
65,745 |
|
|
|
64,640 |
|
|
|
|
|
(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 |
|
August 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net income |
$ |
29,848 |
|
|
$ |
19,712 |
|
|
$ |
60,302 |
|
|
$ |
38,678 |
|
Interest expense,
net |
|
278 |
|
|
|
1,124 |
|
|
|
816 |
|
|
|
2,458 |
|
Loss on extinguishment
of debt |
|
- |
|
|
|
- |
|
|
|
100 |
|
|
|
397 |
|
Depreciation and
amortization expenses |
|
3,497 |
|
|
|
2,976 |
|
|
|
6,890 |
|
|
|
5,838 |
|
Income tax expense |
|
4,737 |
|
|
|
8,982 |
|
|
|
9,630 |
|
|
|
15,619 |
|
EBITDA |
|
38,360 |
|
|
|
32,794 |
|
|
|
77,738 |
|
|
|
62,990 |
|
Non-cash stock-based
compensation expense |
|
1,910 |
|
|
|
2,128 |
|
|
|
3,510 |
|
|
|
4,039 |
|
Non-cash purchase
accounting items |
|
- |
|
|
|
(20 |
) |
|
|
(1 |
) |
|
|
(42 |
) |
Adjusted EBITDA |
$ |
40,270 |
|
|
$ |
34,902 |
|
|
$ |
81,247 |
|
|
$ |
66,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key
Statistics |
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
August 4, |
|
July 29, |
|
August 4, |
|
July 29, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
Number of stores open
at the beginning of period |
|
|
276 |
|
|
|
239 |
|
|
|
268 |
|
|
|
234 |
|
Number of new
stores |
|
|
6 |
|
|
|
11 |
|
|
|
14 |
|
|
|
16 |
|
Number of stores open
at end of period |
|
|
282 |
|
|
|
250 |
|
|
|
282 |
|
|
|
250 |
|
|
|
|
|
|
|
|
|
|
Average net sales per
store (1) |
|
$ |
1,032 |
|
|
$ |
1,031 |
|
|
$ |
2,043 |
|
|
$ |
1,993 |
|
Comparable stores sales
change |
|
|
4.4 |
% |
|
|
4.5 |
% |
|
|
3.2 |
% |
|
|
3.2 |
% |
Comparable store count
– end of period |
|
|
238 |
|
|
|
206 |
|
|
|
238 |
|
|
|
206 |
|
|
|
|
|
|
|
|
|
(1) |
Average net
sales per store represents the weighted average of total net sales
divided by the number of stores open at the end of each week in a
fiscal quarter for the respective periods presented. |
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