Ollie's Bargain Outlet (NASDAQ:OLLI) shares are trading higher after the company reported better-than-expected Q4 Earnings per Share and sales results. The company also announced a $100 million increase to its buyback.
Total net sales increased 22.1% to $515.8 million. Comparable store sales increased 8.8%.
OLLI opened four new stores and closed one location, ending the quarter with 388 stores in 25 states, a year-over-year increase in store count of 12.5%.
Operating income increased 31.2% to $84.7 million. Adjusted operating income increased 31.7% to $84.5 million and adjusted operating margin increased 120 basis points to 16.4%.
Net income increased 28.6% to $64.7 million and net income per diluted share increased 27.3% to $0.98.
CEO John Swygert said, "We delivered a record fourth quarter performance, capping off the best full-year results in Ollies’ 38-year history. Sales increased 22%, driven by new store growth, exceptional productivity and an 8.8% comparable store sales increase. This strong top-line sales growth, combined with gross margin expansion and tight expense control, drove 31% adjusted EPS growth in the quarter.
"Our incredible performance reflects the strength and responsiveness of our business model as well as outstanding execution by our team. I am very grateful for the extraordinary contributions and dedication of the entire Ollie’s family who have worked tirelessly during a challenging year while prioritizing the health and safety of our customers and each other."
OLLI moved into Friday’s second hour of trading up $1.91, or 2.2%, to $87.92.
Related Stories
