Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the
“Company”) today reported financial results for the third quarter
ended October 31, 2020.
Third Quarter
Summary:
- Total net sales
increased 26.7% to $414.4 million.
- Comparable store
sales increased 15.3%.
- The Company opened
19 new stores, including one relocation, ending the quarter with
385 stores in 25 states, a year-over-year increase in store count
of 11.6%.
- Operating income
increased 61.7% to $57.8 million and operating margin increased 300
basis points to 13.9%.
- Net income
increased 67.7% to $45.2 million and net income per diluted share
increased 65.9% to $0.68.
- Adjusted net
income(1) increased 61.1% to $43.2 million and adjusted net income
per diluted share(1) increased 58.5% to $0.65.
-
Adjusted EBITDA(1) increased 53.4% to $65.3 million.
John Swygert, President and Chief Executive
Officer, stated, “I am extremely proud of our entire team for
working tirelessly during these unprecedented times and delivering
another exceptional quarter. We once again demonstrated our ability
to respond to opportunities in the market, resulting in strong
comparable store sales growth. We opened 46 new stores this year
and I am very pleased with our ability to execute these projects in
a challenging environment. These stores continued to perform
exceptionally well. Across the organization, we remain focused on
what we do best: offering great deals and delivering great value to
our customers. My heartfelt thanks goes out to the entire Ollie’s
family for their dedication to ensure the continued health and
safety of our customers and each other during these difficult
times.”
Mr. Swygert continued, “Our inventory pipeline
remains strong and we are maintaining flexibility in our
open-to-buy to capture great deals. Quarter-to-date, our comparable
store sales increases are tracking in the low single-digits. That
said, this holiday season is subject to many uncertainties
regarding the impact of the pandemic and there are a lot of large
volume days still ahead of us. What we do know is that value will
always be a priority for the consumer and we have a proven ability
to navigate uncertain times. As always, we will tightly manage what
is in our control and we feel very good about our ability to
provide exciting holiday deals to our customers. Longer-term, based
on our proven business model, our strong financial position and the
growth opportunities in front of us, we are bullish on our ability
to drive profitable growth and shareholder value into the
future.”
(1) |
As used throughout this release, adjusted operating income,
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 GAAP to these
non-GAAP measures. |
Third Quarter Results
Net sales increased 26.7% to $414.4 million in
the third quarter of fiscal 2020 as compared with net sales of
$327.0 million in the third quarter of fiscal 2019. The increase in
net sales was driven by a comparable store sales increase of 15.3%
and strong new store performance.
The Company experienced robust comparable store
sales growth during the third quarter of fiscal 2020, driven by a
significantly larger average basket and higher transactions. The
performance reflects the Company’s ability to effectively respond
to consumer needs in the period, creating a strong alignment
between a value-driven merchandise assortment and customer demand.
The Company also benefited from increased consumer spending in its
stores driven by a shift in spend from COVID-impacted categories,
such as travel, dining and experiences, to retail as well as
impacts from stimulus related to the Coronavirus Aid, Relief, and
Economic Security (Cares) Act in the early part of the quarter.
Gross profit increased 28.7% to $171.5 million
in the third quarter of fiscal 2020 from $133.3 million in the
third quarter of fiscal 2019. Gross margin increased 60 basis
points to 41.4% in the third quarter of fiscal 2020 from 40.8% in
the third quarter of fiscal 2019. The increase in gross margin in
the third quarter of fiscal 2020 was due to improvement in the
merchandise margin, driven by increased markup and reduced
markdowns, partially offset by increased supply chain costs as a
percentage of net sales.
Selling, general and administrative expenses
increased 17.0% to $105.8 million in the third quarter of fiscal
2020 from $90.5 million in the third quarter of fiscal 2019,
primarily driven by an increased number of stores and higher store
payroll and variable selling expenses to support the increase in
sales. As a percentage of net sales, selling, general and
administrative expenses decreased 220 basis points to 25.5% in the
third quarter of fiscal 2020 from 27.7% in the third quarter of
fiscal 2019. The decrease was primarily due to significant leverage
in occupancy and other costs from the strong increase in comparable
store sales in addition to continued tight expense controls
throughout the organization. This leverage was partially offset by
certain increased expenses, such as premium pay, associated with
operating through the COVID-19 pandemic.
Operating income increased 61.7% to $57.8
million in the third quarter of fiscal 2020 from $35.7 million in
the third quarter of fiscal 2019. Operating margin increased 300
basis points to 13.9% in the third quarter of fiscal 2020 from
10.9% in the third quarter of fiscal 2019, primarily as a result of
the increase in gross margin and the leveraging of all expense
components due to the increase in comparable store sales.
Net income increased 67.7% to $45.2 million, or
$0.68 per diluted share, in the third quarter of fiscal 2020 as
compared with net income of $27.0 million, or $0.41 per diluted
share, in the third quarter of fiscal 2019. Diluted earnings per
share in the third quarter of fiscal 2020 included a benefit of
$0.03 due to excess tax benefits related to stock-based
compensation. Adjusted net income(1), which excludes these
benefits, increased 61.1% to $43.2 million, or $0.65 per diluted
share, in the third quarter of fiscal 2020 from $26.8 million, or
$0.41 per diluted share, in the third quarter of fiscal 2019.
Adjusted EBITDA(1) increased 53.4% to $65.3
million in the third quarter of fiscal 2020 from $42.6 million in
the third quarter of fiscal 2019. Adjusted EBITDA excludes non-cash
stock-based compensation expense.
Balance Sheet and Cash Flow
Highlights
The Company's cash and cash equivalents balance
as of the end of the third quarter of fiscal 2020 was $325.5
million compared with $10.1 million as of the end of the third
quarter of fiscal 2019. The Company had no borrowings outstanding
under its $100 million revolving credit facility and $95.3 million
of availability under the facility as of the end of the third
quarter of fiscal 2020. The Company ended the period with total
borrowings, consisting solely of finance lease obligations, of $1.0
million compared with total borrowings of $0.8 million as of the
end of the third quarter of fiscal 2019.
Inventories as of the end of the third quarter
of fiscal 2020 increased 2.5% to $394.9 million compared with
$385.3 million as of the end of the third quarter of fiscal 2019,
primarily due to an increased number of stores, partially offset by
heightened levels of sales productivity throughout the quarter as
well as the Company’s continuing focus on initiatives to reduce
inventory levels.
Capital expenditures in the third quarter of
fiscal 2020 totaled $7.8 million compared with $24.2 million in the
third quarter of fiscal 2019. Prior year expenditures included
approximately $13.4 million invested in the construction of the
Company’s new distribution center.
Conference Call Information
A conference call to discuss third quarter
fiscal 2020 financial results is scheduled for today, December 3,
2020, 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 #7382297. 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
389 stores in 25 states throughout 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 2020
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, but
not limited to, legislation, national trade policy, 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; the risks associated with
doing business with international manufacturers and suppliers
including, but not limited to, potential increases in tariffs on
imported goods; outbreak of viruses or widespread illness,
including the continued impact of COVID-19 and continuing or
renewed regulatory responses thereto; our failure to hire and
retain key personnel and other qualified personnel; our inability
to obtain favorable lease terms for our properties; the failure to
timely acquire, develop and open, the loss of, or disruption or
interruption 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;
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
the timely and effective deployment, protection, and defense of
computer networks and other electronic systems, including e-mail;
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 “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: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 |
|
|
|
|
|
|
|
|
|
October
31, |
|
November
2, |
|
October
31, |
|
November
2, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Condensed consolidated statements of income
data: |
|
|
|
|
|
|
|
|
|
Net
sales |
|
$ |
414,382 |
|
|
$ |
327,049 |
|
|
$ |
1,293,058 |
|
|
$ |
985,768 |
|
|
Cost of
sales |
|
|
242,881 |
|
|
|
193,767 |
|
|
|
774,349 |
|
|
|
595,719 |
|
|
Gross
profit |
|
|
171,501 |
|
|
|
133,282 |
|
|
|
518,709 |
|
|
|
390,049 |
|
|
Selling,
general and administrative expenses |
|
|
105,830 |
|
|
|
90,481 |
|
|
|
304,699 |
|
|
|
261,163 |
|
|
Depreciation
and amortization expenses |
|
|
4,230 |
|
|
|
3,766 |
|
|
|
12,296 |
|
|
|
10,687 |
|
|
Pre-opening
expenses |
|
|
3,656 |
|
|
|
3,302 |
|
|
|
8,923 |
|
|
|
10,931 |
|
|
Operating income |
|
|
57,785 |
|
|
|
35,733 |
|
|
|
192,791 |
|
|
|
107,268 |
|
|
Interest
income, net |
|
|
(93 |
) |
|
|
(142 |
) |
|
|
(202 |
) |
|
|
(659 |
) |
|
Income
before income taxes |
|
|
57,878 |
|
|
|
35,875 |
|
|
|
192,993 |
|
|
|
107,927 |
|
|
Income tax
expense |
|
|
12,681 |
|
|
|
8,919 |
|
|
|
14,957 |
|
|
|
17,084 |
|
|
Net income |
|
$ |
45,197 |
|
|
$ |
26,956 |
|
|
$ |
178,036 |
|
|
$ |
90,843 |
|
|
Earnings per
common share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.69 |
|
|
$ |
0.43 |
|
|
$ |
2.76 |
|
|
$ |
1.44 |
|
|
Diluted |
|
$ |
0.68 |
|
|
$ |
0.41 |
|
|
$ |
2.71 |
|
|
$ |
1.38 |
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
65,388 |
|
|
|
63,173 |
|
|
|
64,524 |
|
|
|
63,292 |
|
|
Diluted |
|
|
66,121 |
|
|
|
65,672 |
|
|
|
65,799 |
|
|
|
66,049 |
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of net sales (1): |
|
|
|
|
|
|
|
|
|
Net
sales |
|
|
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
|
100.0 |
|
% |
Cost of
sales |
|
|
58.6 |
|
|
|
59.2 |
|
|
|
59.9 |
|
|
|
60.4 |
|
|
Gross
profit |
|
|
41.4 |
|
|
|
40.8 |
|
|
|
40.1 |
|
|
|
39.6 |
|
|
Selling,
general and administrative expenses |
|
|
25.5 |
|
|
|
27.7 |
|
|
|
23.6 |
|
|
|
26.5 |
|
|
Depreciation
and amortization expenses |
|
|
1.0 |
|
|
|
1.2 |
|
|
|
1.0 |
|
|
|
1.1 |
|
|
Pre-opening
expenses |
|
|
0.9 |
|
|
|
1.0 |
|
|
|
0.7 |
|
|
|
1.1 |
|
|
Operating income |
|
|
13.9 |
|
|
|
10.9 |
|
|
|
14.9 |
|
|
|
10.9 |
|
|
Interest
income, net |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.1 |
) |
|
Income
before income taxes |
|
|
14.0 |
|
|
|
11.0 |
|
|
|
14.9 |
|
|
|
10.9 |
|
|
Income tax
expense |
|
|
3.1 |
|
|
|
2.7 |
|
|
|
1.2 |
|
|
|
1.7 |
|
|
Net income |
|
|
10.9 |
|
% |
|
8.2 |
|
% |
|
13.8 |
|
% |
|
9.2 |
|
% |
|
|
|
|
|
|
|
|
|
|
(1) Components may not
add to totals due to
rounding. |
|
|
|
|
|
|
|
|
|
|
OLLIE'S
BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES |
Condensed
Consolidated Balance Sheets |
(In
thousands) |
(Unaudited) |
|
|
|
|
|
|
|
October
31, |
|
November
2, |
Assets |
|
|
2020 |
|
|
|
2019 |
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
325,525 |
|
|
$ |
10,101 |
|
Inventories |
|
|
394,896 |
|
|
|
385,296 |
|
Accounts receivable |
|
|
203 |
|
|
|
977 |
|
Prepaid expenses and other assets |
|
|
11,878 |
|
|
|
5,094 |
|
Total current assets |
|
|
732,502 |
|
|
|
401,468 |
|
Property and
equipment, net |
|
|
138,691 |
|
|
|
120,343 |
|
Operating
lease right-of-use assets |
|
|
382,787 |
|
|
|
330,740 |
|
Goodwill |
|
|
444,850 |
|
|
|
444,850 |
|
Trade
name |
|
|
230,559 |
|
|
|
230,559 |
|
Other
assets |
|
|
2,472 |
|
|
|
2,514 |
|
Total assets |
|
$ |
1,931,861 |
|
|
$ |
1,530,474 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Current portion of long-term debt |
|
$ |
361 |
|
|
$ |
257 |
|
Accounts payable |
|
|
124,823 |
|
|
|
77,818 |
|
Income taxes payable |
|
|
- |
|
|
|
1,171 |
|
Current portion of operating lease liabilities |
|
|
65,162 |
|
|
|
50,599 |
|
Accrued expenses and other |
|
|
85,814 |
|
|
|
57,756 |
|
Total current liabilities |
|
|
276,160 |
|
|
|
187,601 |
|
Revolving
credit facility |
|
|
- |
|
|
|
- |
|
Long-term
debt |
|
|
649 |
|
|
|
496 |
|
Deferred
income taxes |
|
|
64,622 |
|
|
|
55,844 |
|
Long-term
operating lease liabilities |
|
|
322,950 |
|
|
|
279,587 |
|
Other
long-term liabilities |
|
|
5 |
|
|
|
7 |
|
Total liabilities |
|
|
664,386 |
|
|
|
523,535 |
|
Stockholders’ equity: |
|
|
|
|
Common stock |
|
|
66 |
|
|
|
64 |
|
Additional paid-in capital |
|
|
645,902 |
|
|
|
613,691 |
|
Retained earnings |
|
|
661,607 |
|
|
|
433,284 |
|
Treasury - common stock |
|
|
(40,100 |
) |
|
|
(40,100 |
) |
Total stockholders’ equity |
|
|
1,267,475 |
|
|
|
1,006,939 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,931,861 |
|
|
$ |
1,530,474 |
|
|
|
|
|
|
Ollie’s Bargain Outlet Holdings,
Inc.Condensed Consolidated Statements of Cash
Flows(In
thousands)(Unaudited)
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
|
|
|
|
|
October
31, |
|
November
2, |
|
October
31, |
|
November
2, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net cash
provided by (used in) operating activities |
|
$ |
25,720 |
|
|
$ |
(4,367 |
) |
|
$ |
235,914 |
|
|
$ |
14,272 |
|
Net cash
used in investing activities |
|
|
(7,786 |
) |
|
|
(24,143 |
) |
|
|
(25,831 |
) |
|
|
(21,801 |
) |
Net cash
provided by (used in) financing activities |
|
|
2,481 |
|
|
|
(39,862 |
) |
|
|
25,492 |
|
|
|
(34,311 |
) |
Net increase (decrease) in cash and cash equivalents |
|
|
20,415 |
|
|
|
(68,372 |
) |
|
|
235,575 |
|
|
|
(41,840 |
) |
Cash and cash equivalents at beginning of period |
|
|
305,110 |
|
|
|
78,473 |
|
|
|
89,950 |
|
|
|
51,941 |
|
Cash and cash equivalents at end of period |
|
$ |
325,525 |
|
|
$ |
10,101 |
|
|
$ |
325,525 |
|
|
$ |
10,101 |
|
|
|
|
|
|
|
|
|
|
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
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 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: operating
income to adjusted operating income, 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 operating
income excludes a gain associated with an insurance settlement.
Adjusted net income and adjusted net income per diluted share
exclude excess tax benefits related to stock-based compensation and
the after-tax gain associated with the insurance settlement, both
of 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 as well as the
aforementioned gain from an insurance settlement.
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 |
|
Thirty-nine weeks ended |
|
|
|
|
|
|
|
October
31, |
|
November
2, |
October
31, |
|
November
2, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Operating
income |
|
$ |
57,785 |
|
$ |
35,733 |
|
$ |
192,791 |
|
$ |
107,268 |
|
Gain from
insurance settlement |
|
|
- |
|
|
- |
|
|
- |
|
|
(565 |
) |
Adjusted
operating income |
|
$ |
57,785 |
|
$ |
35,733 |
|
$ |
192,791 |
|
$ |
106,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
October
31, |
November
2, |
|
October
31, |
November
2, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net
income |
|
$ |
45,197 |
|
|
$ |
26,956 |
|
|
$ |
178,036 |
|
|
$ |
90,843 |
|
Gain from
insurance settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(565 |
) |
Adjustment
to provision for income taxes(1) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
144 |
|
Excess tax
benefits related to stock-based compensation(2) |
|
|
(2,030 |
) |
|
|
(155 |
) |
|
|
(33,778 |
) |
|
|
(9,968 |
) |
Adjusted net
income |
|
$ |
43,167 |
|
|
$ |
26,801 |
|
|
$ |
144,258 |
|
|
$ |
80,454 |
|
(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 (gain from an insurance settlement) 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 |
|
Thirty-nine weeks ended |
|
|
October
31, |
|
November
2, |
|
October
31, |
|
November
2, |
|
|
|
2020 |
|
|
|
2019 |
|
|
2020 |
|
|
|
2019 |
|
Net income per diluted share |
$ |
0.68 |
|
|
$ |
0.41 |
|
$ |
2.71 |
|
|
$ |
1.38 |
|
Adjustments as noted above, per dilutive share: |
|
|
|
|
|
|
|
|
Gain from
insurance settlement, net of taxes |
|
- |
|
|
|
- |
|
|
- |
|
|
|
(0.01 |
) |
|
Excess tax
benefits related to stock-based compensation |
|
(0.03 |
) |
|
|
- |
|
|
(0.51 |
) |
|
|
(0.15 |
) |
Adjusted net income per diluted share (1) |
$ |
0.65 |
|
|
$ |
0.41 |
|
$ |
2.19 |
|
|
$ |
1.22 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average common shares outstanding |
|
66,121 |
|
|
|
65,672 |
|
|
65,799 |
|
|
|
66,049 |
|
|
|
|
|
|
|
|
|
|
(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 |
|
Thirty-nine weeks ended |
|
|
|
|
|
|
October
31, |
November
2, |
October
31, |
November
2, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net
income |
|
$ |
45,197 |
|
|
$ |
26,956 |
|
|
$ |
178,036 |
|
|
$ |
90,843 |
|
Interest
income, net |
|
|
(93 |
) |
|
|
(142 |
) |
|
|
(202 |
) |
|
|
(659 |
) |
Depreciation
and amortization expenses |
|
|
5,784 |
|
|
|
4,592 |
|
|
|
16,847 |
|
|
|
13,128 |
|
Income tax
expense |
|
|
12,681 |
|
|
|
8,919 |
|
|
|
14,957 |
|
|
|
17,084 |
|
EBITDA |
|
|
63,569 |
|
|
|
40,325 |
|
|
|
209,638 |
|
|
|
120,396 |
|
Gain from
insurance settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(565 |
) |
Non-cash
stock-based compensation expense |
|
|
1,709 |
|
|
|
2,230 |
|
|
|
4,755 |
|
|
|
6,855 |
|
Adjusted
EBITDA |
|
$ |
65,278 |
|
|
$ |
42,555 |
|
|
$ |
214,393 |
|
|
$ |
126,686 |
|
|
|
|
|
|
|
|
|
|
Key
Statistics |
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
|
|
|
|
|
October
31, |
November
2, |
October
31, |
November
2, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Number of
stores open at beginning of period |
|
|
366 |
|
|
|
332 |
|
|
|
345 |
|
|
|
303 |
|
Number of
new stores |
|
|
19 |
|
|
|
13 |
|
|
|
42 |
|
|
|
42 |
|
Number of
closed stores |
|
|
(1 |
) |
|
|
- |
|
|
|
(3 |
) |
|
|
- |
|
Number of
stores re-opened |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
Number of
stores open at end of period |
|
|
385 |
|
|
|
345 |
|
|
|
385 |
|
|
|
345 |
|
|
|
|
|
|
|
|
|
|
Average net
sales per store (1) |
|
$ |
1,104 |
|
|
$ |
964 |
|
|
$ |
3,545 |
|
|
$ |
3,014 |
|
Comparable
stores sales change |
|
|
15.3 |
% |
|
|
(1.4 |
)% |
|
|
18.6 |
% |
|
|
(0.8 |
)% |
Comparable
store count – end of period |
|
|
327 |
|
|
|
278 |
|
|
|
327 |
|
|
|
278 |
|
(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. |
Ollies Bargain Outlet (NASDAQ:OLLI)
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