Ollie's Bargain (OLLI) Holiday Comps Up 5.6%, Boosts Outlook

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) commented on its holiday sales and full year outlook ahead of its participation at the ICR Conference. For the nine-week period ended January 2, 2016, total sales increased 23% with a comparable store sales increase of 5.6%.

Mark Butler, Chairman, President and Chief Executive Officer, stated, “We are thrilled with our holiday sales results and the trends in the business over the past few months. Everyone across the Ollie’s team, from buying, distribution, store operations and the field personnel, did a phenomenal job executing the business and delivering popular branded products at exceptional closeout prices. Our customers know a bargain when they see it, and they responded very favorably to our product offering over the nine week period. We saw strong sales momentum throughout the holiday season, including the week of Black Friday, Ollie’s Army Night, and the weeks before and after Christmas. We are excited by the strong results and momentum of the business heading into a new fiscal year.”

Based on the trends to date, the Company currently estimates the following results for the fiscal year ending January 30, 2016:

• Total net sales to increase approximately 19% to $760 million;
• Comparable store sales growth of approximately 5.5%;
• Net income to increase approximately 37% to $37 million, or 4.9% of net sales;
• Net income per diluted share (GAAP) of approximately $0.66 based on an estimated weighted diluted average shares outstanding of approximately 56.3 million; and
• Adjusted net income to increase approximately 42% to $39 million and adjusted diluted earnings per share of approximately $0.69. Adjusted net income and adjusted diluted earnings per share exclude the loss on the extinguishment of debt and transaction related expenses.*** The consensus is $0.66

This updates the guidance provided by the Company on December 9, 2015, which included expectations of net sales, net income per diluted share (GAAP), and adjusted diluted earnings per share for the fiscal year ending January 30, 2016 of approximately $745 million, $0.63, and $0.66, respectively.

The Company plans to report actual results for the fourth quarter and full fiscal year 2015 in early April 2016.

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