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OllieS Bargain Outlet Holdings, Inc. Announces

The following excerpt is from the company's SEC filing.

Fiscal 2015 Fourth Quarter and Full Year Financial Results

Ollies Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (Ollies or the Company) today announced financial results for the fourth quarter and full year ended January 30, 2016.

Fourth Quarter Summary:

Total net sales increased 21.3% to $243.4 million;

Comparable store sales increased 5.0%;

The Company opened three new stores and ended the quarter with a total of 203 stores in 17 states, an increase of 15.3% year over year;

Operating income increased 38 .1% to $33.3 million;

Net income increased 33.8% to $16.1 million, or $0.26 per diluted share;

Adjusted net income

increased 56.4% to $18.8 million, or $0.31 per diluted share; and

Adjusted EBITDA

increased 37.0% to $38.2 million.

Fiscal Year Summary:

Total net sales increased 19.5% to $762.4 million;

Comparable store sales increased 6.0%;

Operating income increased 26.7% to $79.6 million;

Net income increased 33.2% to $35.8 million, or $0.64 per diluted share, and adjusted net income

increased 47.1% to $40.2 million, or $0.72 per diluted share; and

increased 25.0% to $100.4 million.

Adjusted net income, EBITDA, Adjusted EBITDA, and Adjusted net income per diluted share are not measures recognized under generally accepted accounting principles (GAAP). Please see the reconciliation of GAAP to non-GAAP tables included later in this release.

Mark Butler, Chairman, President and Chief Executive Officer stated, We had another strong quarter and are pleased with the continued momentum of the business. Once again, the strength was not just in one area, but across the entire business. Sales, margins, new store performance, expense control, deal flow and Ollies Army were all strong in the quarter. We are delivering Real Brands! Real Bargains! and better access to merchandise is leading to even greater deals for our customers. This is making our stores more of a destination for our existing customers and we believe we are attracting new customers every day.

Mr. Butler continued, Ollies Bargain Outlet THE BIRTHPLACE OF BARGAINS! is a leader in the closeout industry today and we continue to develop direct relationships with consumer product companies and source more products directly from major manufacturers. We feel very good about the current outlook and trends across our business. In 2016, we will look to implement Phase 2 of our customer Loyalty Management System, which should give us the ability to begin testing customized communication with Ollies Army members late in the year. We will also look to continue executing the other plans we laid out during our IPO, which includes opening new stores in contiguous and existing states, strengthening our relationships with vendors, gaining better access to product, leveraging our second distribution center, investing back into the business, paying down debt and generating strong returns for our shareholders.

Fourth Quarter Results

Net sales increased 21.3% to $243.4 million in the fourth quarter of fiscal 2015 from $200.7 million in the fourth quarter of fiscal 2014. The increase in net sales was driven by a 5.0% increase in comparable store sales and a 15.3% increase in store count over the fourth quarter of fiscal 2014. The Company opened three stores in the fourth quarter and ended fiscal 2015 with 203 stores compared to 176 stores at the end of fiscal 2014.

Gross profit increased 24.6% to $98.8 million in the fourth quarter of fiscal 2015 from $79.3 million in the fourth quarter of fiscal 2014 and gross margin increased 110 basis points to 40.6% from 39.5% in the same respective periods. The gross margin increase was driven by a higher merchandise margin and a decrease in transportation and distribution costs as a percent to net sales.

Selling, general and administrative (SG&A) expenses increased 18.5% to $62.5 million in the fourth quarter of fiscal 2015 from $52.8 million in the fourth quarter of fiscal 2014. As a percent of net sales, SG&A decreased 60 basis points to 25.7% in the fourth quarter of fiscal 2015. The increase in SG&A expenses was primarily the result of increases in selling expenses related to new store growth and increased sales volume. The increased selling expenses consisted primarily of store payroll and benefits, store occupancy costs, and other store related expenses.

Pre-opening expenses related to new store growth increased 49.9% to $1.1 million in the fourth quarter of fiscal 2015 from $0.7 million in the fourth quarter of fiscal 2014. The increase was related to timing differences in the new store openings.

Operating income increased 38.1% to $33.3 million in the fourth quarter of fiscal 2015 from $24.1 million in the fourth quarter of fiscal 2014. As a percent of net sales, operating income increased 170 basis points to 13.7% in the fourth quarter of fiscal 2015.

Net income increased 33.8% to $16.1 million, or $0.26 per diluted share, in the fourth quarter of fiscal 2015 compared to $12.0 million, or $0.24 per diluted share, in the fourth quarter of fiscal 2014. Excluding the loss on extinguishment of debt, adjusted net income

increased 56.4% to $18.8 million, or $0.31 per diluted share, in the fourth quarter of fiscal 2015 from $12.0 million, or $0.24 per diluted share, in the fourth quarter of fiscal 2014.

increased 37.0% to $38.2...


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