Ollie’s Bargain Outlets surpassed $1 billion in sales during its record fiscal year.
For the 14-week fourth quarter ended February 3, Ollie’s Bargain Outlets posted net income of $70.1 million, or $1.07 per diluted share, versus $24.4 million, or 39 cents per diluted share, in the year-prior period.
Ollie’s adjusted net income was $33.1 million, or 51 cents per diluted share, versus $24.4 million, or 39 cents per diluted share, in the year-earlier period. Adjusted earnings per share beat a Zacks Investment Research-published analyst average estimate of 49 cents.
Comparable store sales increased 4.4% in the quarter year over year. Net sales were $356.7 million versus $283.4 million in the year-previous period. Operating income was $54.4 million compared with $40.6 million in the fiscal 2017 period.
For the full fiscal year, Ollie’s posted net income of $127.6 million, or $1.96 per diluted share, versus $59.8 million, or 96 cents per diluted share, in the year prior. Adjusted net income was $81.1 million, or $1.25 per diluted share, versus $60.8 million, or 97 cents per diluted share, in the year earlier.
Comparable store sales increased 3.3% for the fiscal year. Net sales were $1.08 billion,versus $890.3 million in the fiscal year previous. Operating income was $135.8 million compared with $102.2 million in fiscal 2017.
Mark Butler, Ollie’s chairman, president and CEO, said, “The fourth quarter was our 15th consecutive quarter of positive comparable store sales, and we achieved record top- and bottom-line results in both the quarter and fiscal year. Strong deal flow, great new store performance and tight expense controls continue to be the hallmarks of our business, and we are using our growing scale to gain better access to merchandise, open stores and leverage expenses. In 2018, we plan to open 36 to 38 new stores, including our first stores in Arkansas and Louisiana. We feel very good about our ability to continue executing against our strategic growth initiatives in 2018 and beyond.”