Ollie’s Bargain Outlet Reports Strong Third Quarter Fiscal 2024 Financial Results

On December 10, 2024, Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) announced its financial performance for the third quarter ending November 2, 2024, in a press release. The discount retailer reported a notable increase in net sales by 7.8% to $517.4 million. Despite a 0.5% decrease in comparable store sales compared to the prior year, Ollie’s Bargain Outlet opened a record 24 new stores during the quarter, ending with 546 stores operational across 31 states, showcasing an 8.1% growth in store count.

Operating income surged by 14.0% to $44.5 million, with an operating margin increase of 50 basis points to 8.6%. Net income also saw a significant rise of 12.8% to $35.9 million, equating to $0.58 per diluted share. Adjusted net income stood at $35.7 million, reflecting a 13.1% increase year-over-year. Adjusted EBITDA grew by 17.0% to $59.8 million, with an improved adjusted EBITDA margin of 11.6%.

John Swygert, CEO of Ollie’s Bargain Outlet, expressed satisfaction with the strong earnings driven by higher sales, improved gross margin, and controlled expenses. The company capitalized on real estate opportunities, reinforcing its new store pipeline and overall competitive position.

Looking ahead to fiscal 2024, Ollie’s Bargain Outlet forecasted favorable outcomes despite the transition in CEO roles. The company anticipates continued growth with a clear value proposition, robust deal flow, and strong execution capabilities.

In response to the financial results, Ollie’s Bargain Outlet’s stock symbol OLLI on The NASDAQ Stock Market LLC will likely experience market fluctuations. The company’s ability to maintain steady growth amidst changing market conditions and expansion plans makes it a compelling prospect for investors seeking retail opportunities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ollie’s Bargain Outlet’s 8K filing here.

Ollie’s Bargain Outlet Company Profile

Ollie's Bargain Outlet Holdings, Inc operates as a retailer of brand name merchandise in the United States. The company offers housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics; and other products, including hardware, candy, clothing, sporting goods, pet and lawn, and garden products.