Ollie's Bargain Outlet Holdings Inc. (OLLI) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $517.4 million for the quarter, an increase from $480.1 million in the same quarter of the previous year. This growth was driven by new store openings, although comparable store sales saw a slight decrease of 0.5%.
Gross profit for the quarter was $214.5 million, up from $194.1 million in the prior year, with gross margin improving to 41.4% from 40.4%. The increase in gross margin was attributed to favorable supply chain costs.
Selling, general, and administrative expenses rose to $154.5 million from $141.7 million, primarily due to costs associated with new store openings. As a percentage of net sales, SG&A increased marginally to 29.9%.
Pre-opening expenses were $7.2 million, up from $6.3 million, reflecting costs related to newly acquired store locations and planned openings.
Net income for the quarter was $35.9 million, compared to $31.8 million in the previous year, while adjusted EBITDA increased to $59.8 million from $51.1 million.
For the year-to-date period, net sales reached $1.605 billion, with a comparable store sales increase of 2.8%. Gross profit rose to $642.8 million, and SG&A expenses were $442.6 million.
The company opened 24 new stores and closed three during the quarter, bringing the total number of stores to 546 as of November 2, 2024.
Ollie's reported cash and cash equivalents of $128.7 million at the end of the period, with net cash provided by operating activities totaling $79.7 million.
The company continues to focus on expanding its store base, with plans to open approximately 50 new stores during fiscal 2024, supported by its distribution network and infrastructure investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ollie's Bargain Outlet Holdings Inc. quarterly 10-Q report dated December 10, 2024. To report an error, please email [email protected].