![]() ![]() Inventories, as of the end of the first quarter, declined 3.7% to $498 million.ĭuring the quarter, the company incurred capital expenditures of $19 million. The company had no borrowings outstanding under its $100 million revolving credit facility and $91.6 million of availability under the facility as of the end of the first quarter.Īs of Apr 29, 2023, Ollie’s Bargain’s total borrowings (consisting solely of finance lease obligations) were $1.5 million. Ollie’s Bargain ended the quarter with cash and cash equivalents of $135 million. Management plans to open six new stores in the second quarter and the balance in the back half, with the third quarter expected to register largest number of openings. The company plans to remodel 30 to 40 stores, and has so far completed 11 remodels. The company’s long-term target continues to be more than 1,050 stores with a goal to open 50-55 stores annually. The company plans to open 45 new stores, less one closure, in fiscal 2023. This reflected an increase of 8.4% in in-store count on a year-over-year basis. Store Updateĭuring the quarter, Ollie’s Bargain opened nine new stores and shuttered one, bringing the total count to 476 stores in 29 states at the end of the period. The adjusted EBITDA margin increased 430 basis points to 10.8%. Adjusted EBITDA jumped 88.5% to $49.5 million during the quarter under review. ![]() Operating income surged 124.8% to $38.5 million, while the operating margin expanded 420 basis points to 8.4%. As a percentage of net sales, SG&A expenses shrunk 20 basis points to 28.4%. SG&A expenses shot up 12% to $130.3 million from the prior-year quarter’s level due to higher selling expenses associated with new store openings and incentive compensation. The gross margin expanded 410 basis points to 38.9% due to favorable supply chain costs, partly offset by lower merchandise margin related to shrink and a higher mix of consumables. Gross profit grew 26.4% to $178.6 million during the quarter. The company’s top-performing categories were food, candy, health and beauty, lawn and garden, and flooring. Consumables business was sturdy, while softness was seen in certain home-related categories. We note that comparable store sales rose 4.5% in the quarter under discussion against a decline of 17.3% in the prior-year period. ![]() The top line came ahead of the consensus mark of $451 million and marked the second straight beat. Net sales of $459.2 million jumped 12.9% year over year due to comparable store sales increase and new store unit growth. This extreme-value retailer of brand-name merchandise posted adjusted earnings of 49 cents a share, which came in line with the Zacks Consensus Estimate and increased meaningfully from 20 cents reported in the year-ago quarter. Stellar first-quarter results and continued momentum in the business prompted management to lift the fiscal 2023 view. This Harrisburg, PA-based company also registered an increase in comparable store sales.įavorable responses to deals with product offerings appealing to a broader customer base have been contributing to Ollie's Bargain’s performance. Markedly, both metrics grew year over year. reported first-quarter fiscal 2023 results, wherein the top line beat the Zacks Consensus Estimate, while the bottom line met the same. Ollie's Bargain Q1 Earnings Meet Estimates, View Raised
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