Ollie’s Bargain Outlet has a strong finish to its fiscal year 2018 as the retailer reported solid comparable store gains for the fourth quarter ended February 2.
Total sales in the fourth quarter grew 10.4% to $393.9 million with comparable store sales up 5.4%. Adjusted net income increased 41.9% to $47 million and adjusted net income per diluted share increased 39.2% to $0.71.
The company opened six stores in the quarter, bringing its total store count to 303 outlets across 23 states.
“This was our 19th consecutive quarter of positive comparable store sales,” said Mark Butler, Ollie’s chairman/CEO. “New stores performed above expectations as well, and we believe the success of our new stores across geographies and markets is proof that our founding principle of selling ‘Good Stuff Cheap’ continues to resonate. In 2019, we plan to open 42 to 44 new stores, including our first stores in Oklahoma and Massachusetts.”
For the full fiscal year, total net sales increased 15.3% to $1.24 billion. Comparable store sales for the year increased 4.2%. Adjusted net income increased 48.6% to $120.5 million and adjusted net income per diluted share increased 46.4% to $1.83.
For fiscal 2019, the company is forecasting comparable store growth of between 1% and 2% with total net sales of $1.436 billion and $1.449 billion.
“Our focus remains on our proven business model and the execution of our strategic initiatives, including the opening of our new distribution center in 2020, which further positions us to capitalize on the long runway of growth ahead,” Butler said.