Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) today reported financial results for the second quarter ended July 30.
The retailer reported total net sales increased 8.8% to $452.5 million. Comparable store sales increased 1.2%. What’s more, the company opened 11 new stores and closed one store, ending the quarter with 449 stores in 29 states, a year-over-year increase in store count of 9.8%.
Net income was $14.1 million, or $0.22 per diluted share, as compared with $34.3 million, or $0.52 per diluted share, in the prior year.
Adjusted EBITDA decreased 52.1% to $25.9 million and adjusted EBITDA margin decreased 730 basis points to 5.7%.
CEO John Swygert exulted, “We celebrated our 40th birthday of selling Good Stuff Cheap to every community we serve on July 29th and could not be prouder for all the hard work and dedication our team members have displayed over the years. We were pleased with the meaningful improvement we experienced in our sales trends during the second quarter.
“Our comparable store sales increased 1.2% compared to 2021, in line with our expectations. During the quarter we emphasized our extreme value proposition and reinvested back into price and experienced a slight change in mix, which impacted our merchandise margin. We expect to see the gross margin impact reverse during the third quarter.”
OLLI opened Thursday trading lower by $1.86, or 3.4%, to $53.45.
