10-Q - Ollie's Bargain Outlet Holdings, Inc. (0001639300) (Filer)

Tue, Dec 10, 9:40 PM (33 days ago)

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) reported strong financial results for the third quarter and year-to-date periods ended November 2, 2024. Net sales rose to $517.4 million, a 7.8% increase from $480.1 million in Q3 2023, driven by new store openings despite a slight decline in comparable store sales (-0.5%). Year-to-date, sales reached $1.605 billion, up 10.4% from $1.454 billion, with comparable store sales increasing by 2.8%. Gross profit improved to $214.5 million (41.4% margin) in Q3 2024, reflecting favorable supply chain costs, while year-to-date gross profit was $642.8 million (40.1% margin). SG&A expenses grew to $154.5 million in Q3, primarily due to new store-related costs, yet decreased as a percentage of sales year-to-date to 27.6%. Net income for Q3 increased by 12.8% to $35.9 million, with Adjusted EBITDA rising 17.0% to $59.8 million. Cash and equivalents totaled $128.7 million, and the company had $92.1 million available under its revolving credit facility. Ollie's plans to continue expanding its store footprint, targeting approximately 50 new stores in fiscal 2024, while managing expenses and leveraging its strong market position.