For the third quarter ended October 31, Ollie’s Bargain Outlet Holdings posted net income of $6.8 million, or 11 cents per diluted share, versus $4.9 million, or 10 cents per diluted share, in last year’s period. Comparable store sales gained 3.2%, the company reported.
A MarketBeat average analyst estimate called for diluted earnings per share of eight cents.
Net sales advanced 16.4% to $174.6 million, the company stated. Operating income increased 10.4% to $13.9 million, the company added, but, excluding pre-opening expenses to eliminate the impact of launching 13 new stores during the third quarter compared to six store openings in the same period last year, operating income increased 18.6% to $16.3 million.
Mark Butler, Ollie’s chairman, president and CEO, said, “We had another strong quarter and are pleased with our results. Once again, the increase in comparable store sales was across the majority of our merchandise categories and all of our geographic regions. With the business continuing to grow and the improved visibility from the IPO, we have seen better access to merchandise. This is allowing our buying team to be more selective in their purchases, and we can offer our customers even greater value every time they step into one of our stores. We believe our merchandise selection has led to increased traffic, ticket, and merchandise margin, therefore driving our top and bottom lines.”
In addition, Ollie’s recently hired Jay Stasz as svp/finance and chief accounting officer. He joins the company following 17 years with Sports Authority, where he held several positions, most recently the svp/finance and accounting.
Ollie’s sells closeout, excess and refurbished inventory, overstocks and salvage merchandise including a range of housewares, food, bed and bath, hardware, sporting goods and toys, seasonal, home décor, and furniture, among other categories. The retailer operates 202 stores in 17 states across the eastern half of the United States.