On June 5, 2024, Ollie's Bargain Outlet Holdings Inc (OLLI, Financial) released its 8-K filing reporting financial results for the first quarter of fiscal 2024, ending May 4, 2024. Ollie's Bargain Outlet Holdings Inc is a retailer of brand-name merchandise at drastically reduced prices, offering a treasure hunt shopping experience across the Eastern half of the United States.
First Quarter Financial Highlights
Ollie's Bargain Outlet Holdings Inc (OLLI, Financial) reported a notable increase in key financial metrics for the first quarter of fiscal 2024:
- Net sales increased by 10.8% to $508.8 million, surpassing the analyst estimate of $505.72 million.
- Comparable store sales rose by 3.0%.
- Gross profit increased by 17.2% to $209.4 million, with a gross margin improvement of 220 basis points to 41.1%.
- Net income surged by 49.6% to $46.3 million, or $0.75 per diluted share, exceeding the estimated earnings per share of $0.64.
- Adjusted earnings per share increased by 49.0% to $0.73.
Operational Performance and Strategic Initiatives
John Swygert, Chief Executive Officer, commented, “We are extremely pleased with our performance this quarter. Our team is executing at a very high level, offering amazing deals to our customers, delivering consistent financial results, and investing in future growth. Consumers clearly remain under pressure and are seeking value in their purchases. Our unique business model is delivering exceptional values on the branded merchandise that our customers want and need, at prices 20 to 70 percent below the fancy stores. Everyone loves a Bargain and Bargain is our middle name.”
Income Statement and Balance Sheet Insights
Ollie's Bargain Outlet Holdings Inc (OLLI, Financial) demonstrated robust financial health in the first quarter:
| Metric | Q1 Fiscal 2024 | Q1 Fiscal 2023 |
|---|---|---|
| Net Sales | $508.8 million | $459.2 million |
| Gross Profit | $209.4 million | $178.6 million |
| Operating Income | $56.5 million | $38.5 million |
| Net Income | $46.3 million | $31.0 million |
| Cash and Cash Equivalents | $341.5 million | $275.5 million |
Cash Flow and Investment Activities
During the first quarter, Ollie's Bargain Outlet Holdings Inc (OLLI, Financial) generated $40.2 million in net cash from operating activities. The company invested $25.0 million to repurchase 336,934 shares of its common stock and allocated $26.9 million towards capital expenditures, primarily for the development of a new distribution center and store remodeling.
Outlook for Fiscal 2024
Ollie's Bargain Outlet Holdings Inc (OLLI, Financial) has raised its sales and earnings outlook for fiscal 2024, reflecting confidence in continued growth and operational efficiency. The company now expects net sales to range between $2.257 billion and $2.277 billion, with adjusted net income per diluted share projected between $3.18 and $3.28.
For more detailed insights and to access the full earnings report, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from Ollie's Bargain Outlet Holdings Inc for further details.
