Ollie’s Bargain Outlets continued its sales growth momentum in the first quarter.
In the first quarter ended May 5, Ollie’s recorded net income of $30.5 million, or 46 cents per diluted share, versus $19 million, or 29 cents per diluted share, in the year-earlier period.
Adjusted net income, excluding the effects of certain tax benefits and after-tax loss on extinguishment of debt, was $26.6 million, or 41 cents per diluted share, versus $16 million, or 25 cents per diluted share, in the year-earlier quarter. Ollie’s adjusted diluted earnings per share beat a MarketBeat-published consensus analyst estimate of 37 cents.
Comparable sales advanced by 1.9% year over year.
Ollie’s posted a first quarter net sales increase of 21.1% to $275.7 million versus the year-previous quarter. A 15.5% increase in the number of stores and the comp increase drove the sales gain, the company stated. Ollie’s opened eight stores in the quarter, finishing the period with 276 locations. Operating income advanced 31.6% to $36 million versus the year-before period.
Mark Butler, Ollie’s chairman, president and CEO, stated, “We feel great about the strong start to 2018 and the continued momentum of our business. Our first quarter results were very strong across the board as we delivered our 16th consecutive quarter of positive comparable store sales and a 66% increase in adjusted net income. In addition, we entered our 21st state with two stores in Arkansas, and we are excited to bring ‘Good Stuff Cheap’ to a growing base of customers. Looking ahead, we are encouraged by early trends in the second quarter. We work very hard every day to further develop our vendor relationships and execute our strategic growth initiatives. We believe we are well-positioned to continue delivering great bargains to our customers and long-term growth to our shareholders.”