Ollie’s Bargain Outlet Holdings, Inc. has reported its fourth quarter and fiscal 2023 financial results, showing substantial growth across various metrics. The company's cash and cash equivalents and short-term investments were $353.2 million at the end of fiscal 2023, compared with $270.8 million at the end of fiscal 2022. Ollie’s invested $52.5 million in fiscal 2023 to repurchase its common stock.
Looking ahead to fiscal 2024, Ollie's Bargain Outlet Holdings, Inc. estimates new store openings, net of two closures, to be 48, with net sales expected to range from $2.248 to $2.273 billion and a comparable store sales increase of 1.0% to 2.0%.
In the fourth quarter of fiscal 2023:
- Total net sales increased by 18.0% to $648.9 million, with net sales in the 53rd week contributing approximately $0.04 to diluted earnings per share.
- Comparable store sales increased by 3.9% from the previous year.
- The company opened 7 new stores, ending the quarter with 512 stores in 30 states, reflecting a year-over-year increase in store count of 9.4%.
- Operating income increased by 44.3% to $97.7 million, and operating margin increased by 270 basis points to 15.0%.
- Net income increased by 44.1% to $76.5 million, or $1.23 per diluted share, compared to $53.1 million, or $0.85 per diluted share, in the prior year.
- Adjusted net income increased by 45.5% to $76.3 million, or $1.23 per diluted share, as compared to $52.4 million, or $0.84 per diluted share, in the prior year.
- Adjusted EBITDA increased by 43.2% to $110.6 million, and adjusted EBITDA margin increased by 300 basis points to 17.0%.
For the full fiscal year 2023:
- Total net sales increased by 15.1% to $2.103 billion, with comparable store sales increasing by 5.7% from the prior year.
- Operating income increased by 74.0% to $227.8 million, and operating margin increased by 360 basis points to 10.8%.
- Net income totaled $181.4 million, or $2.92 per diluted share, compared to $102.8 million, or $1.64 per diluted share, in the prior year.
- Adjusted net income was $180.4 million, or $2.91 per diluted share, compared to $101.8 million, or $1.62 per diluted share, in the prior year.
- Adjusted EBITDA totaled $275.2 million, a 62.9% increase from the previous year, and adjusted EBITDA margin increased by 390 basis points to 13.1%.
Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $75.17. For the full picture, make sure to review Ollie's Bargain Outlet's 8-K report.
