Thu, Aug 29, 8:32 PM (313 days ago)
Ollie’s Bargain Outlet Holdings, Inc. reported strong financial performance for the second quarter and first half of fiscal 2024, with net sales of $578.4 million, up 12.4% year-over-year, driven by new store growth and a 5.8% increase in comparable store sales. Gross profit rose to $219.0 million, but gross margin slightly decreased to 37.9%. Net income increased by 16.1% to $49.0 million, reflecting improved operational efficiency despite rising selling, general, and administrative expenses, which grew 8.2% to $145.7 million. The company’s cash flow from operations was $84.1 million, down from $109.8 million, attributed to changes in working capital. Investments increased significantly to $159.4 million due to capital expenditures for a new distribution center and store acquisitions. Ollie’s maintains a robust liquidity position with $353.1 million in cash and short-term investments and $89 million available under its credit facility. The share repurchase program remains active, with $54.2 million authorized for future buybacks. Overall, Ollie's continues to expand its footprint, with plans to open approximately 50 new stores in fiscal 2024, supported by enhanced distribution capabilities.