Ollie’s advanced in the second quarter, as the bargain outlet reported strong sales growth.
The retailer reported net income rose to $19.7 million, or 30 cents per diluted share, versus $13.1 million, or 21 cents per diluted share, in the period a year previous. Adjusted net income, excluding one-time items, was $17.8 million, or 27 cents per diluted share, versus $13.3 million, or 21 cents per diluted share, in the year-prior quarter. Ollie’s adjusted diluted earnings per share topped a MarketBeat-published analyst average estimate of 25 cents.
Comparable store sales gained 4.5%, while net sales were $254.6 million versus $211.3 million in the quarter a year before. Operating income increased 35.6% to $29.8 million.
Mark Butler, Ollie’s chairman, president and CEO, said, “We had a very strong second quarter and remain pleased with the underlying trends across our business. Strong deal flow, consistent margins and tight expense control all contributed to our exceptional earnings growth in the quarter. Our customers continue to respond to our great deals and vote every day with their hard-earned money. Our business has never been stronger, and we believe we are well positioned to continue delivering great bargains to our customers and long-term growth to our shareholders.”
Butler added, “We recently celebrated our 35-year anniversary and opened our 250th store. We are incredibly proud of these achievements. Good Stuff Cheap is the founding principle of our business and it’s still the cornerstone today. We will continue to deliver a great treasure hunt experience to our customers and look forward to the next 35 years of Ollie’s. Everyone loves a bargain, and that will never go out of style.”