The first quarter produced solid results at Ollie’s Bargain Outlet Holdings, which advanced comparable sales and earnings while adding new stores.
Net income was $46.3 million, or 75 cents per diluted share, versus $31 million, or 50 cents per diluted share, in the year-earlier quarter, the company reported. Adjusted for one-time events, net income was $45.2 million, or 73 cents per diluted share, versus $30.8, or 49 cents per diluted share, in the year-prior period.
An analyst consensus estimate published by MarketBeat put earnings per adjusted diluted share at 65 cents and revenues at $506.5 million.
Comparable sales gained 3% year over year in the quarter. Net sales were $508.8 million versus $459.2 million in the year-before period. Operating income was $56.5 million versus $38.5 million in the year-previous quarter.
Ollie’s opened four new stores in the quarter, ending the period with 516 locations in 30 of the United States
John Swygert, Ollie’s CEO, stated, “We are extremely pleased with our performance this quarter. Our team is executing at a very high level, offering amazing deals to our customers, delivering consistent financial results and investing in future growth. Our first-quarter comparable store sales, total revenue, gross margin and expenses were all better than expected, demonstrating the strength of our business. Consumers clearly remain under pressure and are seeking value in their purchases. Our unique business model is delivering exceptional values on the branded merchandise that our customers want and need at prices 20% to 70% below the fancy stores. Everyone loves a bargain and bargain is our middle name.”
