OLLI stock surged higher in after-hours trading on December 10, 2019, after the company released its quarterly report.
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported financial results for the third quarter ended November 2, 2019 and reaffirmed sales and earnings guidance for the full-year fiscal 2019. Ollie’s Bargain Outlet reports Q3 adj. EPS 41c versus the consensus of 38c. The company reports Q3 revenue of $327.05M, consensus $322.53M.
Third Quarter Summary:
- Total net sales increased 15.3% to $327.0 million.
- Comparable store sales decreased 1.4% compared to a 4.6% increase in the prior year.
- The Company opened 13 stores during the quarter, ending the period with a total of 345 stores in 25 states, a 16.2% year-over-year increase in store count.
- Operating income increased 22.0% to $35.7 million.
- Net income increased 8.6% to $27.0 million and net income per diluted share increased 7.9% to $0.41.
- Adjusted net income(1) increased 28.3% to $26.8 million and adjusted net income per diluted share(1) increased 28.1% to $0.41.
- Adjusted EBITDA increased 22.5% to $42.6 million.
- The Company repurchased $40.0 million of its common stock in the third quarter of fiscal 2019.
- John Swygert, President and Chief Executive Officer, commented, “Our profound sadness at the unexpected passing of our founder and friend, Mark Butler, eclipses the results we posted in the third quarter. As we pay tribute to the visionary businessman and special person that was Mark, we remain committed to the foundation upon which he built Ollie’s: offering great brands at great values, or as Mark called it, ‘Good Stuff Cheap.’ We were pleased to deliver strong results during the third quarter, having addressed the challenges we faced in the prior quarter.”
“Undoubtedly, Mark was a driving force in building Ollie’s, creating an exceptional business model and developing a strong and highly competent leadership team. It is the strength of Mark’s legacy together with that team that give us confidence in our ability to continue to drive long-term profitable growth and shareholder value into the future,” concluded Mr. Swygert.