Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI) reported weaker-than-expected results for its fourth quarter on Thursday.
The company, out of Harrisburg, Penn., reported total net sales increased 7.2% to $422.4 million to conclude fiscal 2019.
OLLI ended the year with a total of 345 stores in 25 states, a 13.9% year-over-year increase in store count. Operating income increased 4.3% to $64.6 million. Adjusted operating income increased 3.6% to $64.1 million.
Net income increased 0.8% to $50.3 million and net income per diluted share increased 1.3% to $0.77. Adjusted EBITDA increased 2.4% to $69.3 million.
CEO John Swygert declared, "In response to the coronavirus outbreak, our first priority is to ensure the safety of our team members and our customers. Currently, our stores remain open and our teams are working hard to serve our customers.
"As consumer buying behavior has shifted towards essential products, we are leveraging the agility of our buying team to hone in on these categories and to offer great deals. With the uncertainty in the environment, we have seen increased sales pressure in recent days, and, as such, we will not be providing fiscal 2020 guidance at this time."
Ollie’s prides itself on being, "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."
OLLI shares gained $2.02, or 5.3%, to $40.08.
