Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) shares opened Wednesday virtually unchanged, after reporting financial results for the quarter ended April 29, 2023.
Total first-quarter net sales increased 12.9% to $459.2 million. Comparable store sales increased 4.5% from the prior year decrease of 17.3%.
The company, based in Harrisburg, Pennsylvania, opened nine new stores and closed one store, ending the quarter with 476 stores in 29 states, a year-over-year increase in store count of 8.4%.
Operating income increased 124.8% to $38.5 million and operating margin increased 420 basis points to 8.4%.
Net income increased 147.4% to $31.0 million or $0.50 per diluted share, as compared with net income of $12.5 million, or $0.20 per diluted share, in the prior year.
Adjusted net income increased 140.9% to $30.8 million, or $0.49 per diluted share, as compared with prior-year adjusted net income of $12.8 million, or $0.20 per diluted share. Adjusted EBITDA increased 88.5% to $49.5 million and adjusted EBITDA margin increased 430 basis points to 10.8%.
Said CEO John Swygert, “We are pleased with our first quarter performance, which exceeded our expectations and was driven by strong comparable store sales, new store productivity, and margin expansion.
Customers are responding to our compelling deals, resulting in accelerating transaction trends and we are encouraged to see our product offerings appealing to a wider customer base that includes more higher income and younger-age shoppers.”
OLLI shares acquired seven cents to $62.08.
