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Ollie's Bargain Outlet (OLLI) Reports Holiday Comps up 3.9%

January 5, 2018 8:16 AM EST

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (“Ollie’s” or the “Company”) today commented on its holiday sales and full year outlook ahead of its participation at the 2018 ICR Conference. For the nine-week period ended December 30, 2017, total sales increased 19.4%, with a comparable store sales increase of 3.9%.

Mark Butler, Chairman, President and Chief Executive Officer, stated, “We are very pleased with our results during the holiday season, and continue to see strong momentum in our business. We kicked off the holiday season with great deals, rewarded our most loyal customers during our Ollie’s Army Night, which was once again a huge success, and saw that momentum carry throughout the remainder of the season. We believe that we are well positioned to deliver yet another quarter of strong sales growth. Over our 35 years in the business, we have proudly and consistently delivered great deals to our customers, while successfully expanding our offering of Good Stuff Cheap to a growing number of markets, and we are laser focused on continuing to meet our long-term goals.”

Based on the trends to date, the Company currently estimates the following results for the fiscal year ending February 3, 2018:

  • Total net sales of approximately $1.070 billion;
  • Comparable store sales growth of approximately 2.8%;
  • Net income per diluted share (GAAP) of approximately $1.38;
  • Adjusted net income per diluted share(1) of approximately $1.23, excluding the loss on extinguishment of debt and income tax benefits due to the accounting change for stock based compensation; and
  • Weighted diluted average shares outstanding of approximately 65.0 million.

(1) Adjusted net income per diluted share is not a measure recognized under the U.S. generally accepted accounting principles (“GAAP”). See “Non-GAAP Financial Measures” below.

These revised estimates update the guidance provided by the Company on December 6, 2017, which included expectations of total net sales, comparable store sales, net income per diluted share (GAAP), and Adjusted net income per diluted share, excluding the loss on extinguishment of debt and income tax benefits due to the accounting change for stock based compensation for the fiscal year ending February 3, 2018, of $1.062 billion to $1.065 billion, 2.0% to 2.5%, $1.36 to $1.37, and $1.21 to $1.22, respectively.

Subsequent to the nine-week period ended December 30, 2017, the Company paid down an additional $46.3 million in term loan debt, resulting in a term loan debt balance of $50.0 million.

The Company plans to report actual results for the fourth quarter and fiscal year ending February 3, 2018, in early April 2018.

Executive PromotionsIn addition, the company announced that John Swygert has been promoted to Executive Vice President and Chief Operating Officer, and Jay Stasz has been promoted to Senior Vice President and Chief Financial Officer.

Mr. Butler stated, “I am thrilled to announce these promotions today, which are consistent with the Company’s vision and are a planned part of the evolution of our business. John has been instrumental to our success and has been my right hand since joining the business 14 years ago, and I’m confident that he will excel in this new role. Jay has worked closely with John and myself over the past two years, and has demonstrated his ability to take on the CFO position and proven to be a great fit with the Ollie’s team. These changes put us in an even better position to continue to execute and manage the long term growth of the business.”

2018 ICR ConferenceThe Company also announced that they will be presenting at the 2018 ICR Conference, held at The Grande Lakes Orlando in Orlando, Florida, on Tuesday, January 9, 2018, at 3:00 pm Eastern Standard Time. Mr. Butler, Mr. Swygert and Mr. Stasz will host the presentation.

The audio portion of the presentation will be webcast live at http://investors.ollies.us and a replay of the presentation will also be contained on the Investor Relations section of the Company’s website.



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