EX-99.1 2 ef20054611_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

 
Ollie’s Bargain Outlet Holdings, Inc. Announces
 Second Quarter Fiscal 2025 Results

Store Openings, Sales, and Earnings Ahead of Expectations
Net Sales Increased 17.5% and Earnings Per Share Increased 25.0%
Raising Fiscal 2025 Sales and Earnings Outlook
 
HARRISBURG, PA – August 28, 2025 – Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced financial results for the second quarter fiscal 2025 ended August 2, 2025.

“We had a very strong second quarter and are operating with the wind in our sails,” said Eric van der Valk, President and Chief Executive Officer. “We are driving the business to new heights through improved planning, coordination, and execution across the organization. New store openings, total sales, comparable store sales, and earnings were all ahead of our expectations in the quarter and we are raising our full-year outlook across the board.”

Mr. van der Valk continued, “Consumers responded to our compelling assortment of bargains, especially in our consumer staples and seasonal categories. Ollie’s Army growth was another bright spot in the quarter, headlined by an outstanding response to our reimagined Ollie’s Days event.”

   
Thirteen weeks ended
  
   
August 2,
    
August 3,
  
   
2025
    
2024
  
(Dollars in thousands, except per share data)
            
Net sales
  
$
679,556
    
$
578,375
  
Yr/yr change
    
17.5
%
    
12.4
%
Comparable store sales change (1)
    
5.0
%
    
5.8
%
Net income
  
$
61,310
    
$
48,982
  
Net income per diluted share
  
$
0.99
    
$
0.79
  
Adjusted net income per diluted share
  
$
0.99
    
$
0.78
  
Yr/yr change
    
26.9
%
    
16.4
%
Adjusted EBITDA
  
$
93,786
    
$
74,450
  
% of net sales
    
13.8
%
    
12.9
%
Store openings
    
29
      
9
  
Store growth, yr/yr change
    
16.8
%
    
8.9
%

(1)
Calculated based on the comparable number of weeks from the prior year.

Second Quarter Fiscal 2025 Highlights and Year-Over-Year Comparisons
 

 •
Opened 29 stores, ending the quarter with a total of 613 stores in 34 states, an increase of 16.8% year-over-year.
 

 •
Ollie’s Army loyalty members increased 10.6% to 16.1 million members.
 

 •
Net sales increased 17.5% to $679.6 million, driven by new store unit growth and an increase in comparable store sales.
 

 •
Comparable store sales increased 5.0%, driven by an increase in transactions.
 

 •
Gross margin increased 200 basis points to 39.9%. The increase was primarily driven by lower supply chain costs and higher merchandise margin.
 

 •
Selling, general, and administrative (“SG&A”) expenses as a percentage of net sales increased 60 basis points to 25.8%. The increase was primarily driven by higher medical and casualty claims, as well as slightly higher store labor expenses.
 

 •
Pre-opening expenses increased $4.4 million to $9.0 million, driven by new store growth and $2.3 million of dark rent expense associated with the former Big Lots locations that were acquired through the bankruptcy auction process.
 

 •
Operating margin increased 80 basis points to 11.3%.
 

 •
Adjusted net income per diluted share increased 26.9% to $0.99.
 

 •
Adjusted EBITDA increased 26.0% to $93.8 million and adjusted EBITDA margin increased 90 basis points to 13.8%.
 

 •
Total cash and investments increased 30.3%, or $107.1 million, to $460.3 million. This included cash and cash equivalents of $231.2 million, short-term investments of $85.9 million, and long-term investments of $143.2 million.

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Fiscal 2025 Outlook
 
The Company is raising its previously provided sales and earnings outlook for fiscal 2025. A comparison of the current and previous outlook figures is contained in the table below.

 
Current
  
Previous
Store openings
85
  
75
Net sales
$2.631 to $2.644 billion
  
$2.579 to $2.599 billion
Comparable store sales increase
3.0% to 3.5%
  
1.4% to 2.2%
Gross margin
40.3%
  
40.0%
Operating income(1)
$292 to $298 million
  
$283 to $292 million
Adjusted net income(1)(2)(3)
$233 to $237 million
  
$225 to $232 million
Adjusted net income per diluted share(1)(2)(3)
$3.76 to $3.84
  
$3.65 to $3.75
Annual effective tax rate(3)
~ 25%
  
~ 25%
Diluted weighted average shares outstanding
~ 62 million
  
~ 62 million
Capital expenditures
$83 to $88 million
  
$83 to $88 million

(1)
Includes dark rent expenses of approximately $5 million, or $0.06 in adjusted net income per diluted share, related to the opening of stores where the leases were acquired through the bankruptcy process.

(2)
Includes interest income of approximately $18 million. This assumes the potential for lower interest rates in fiscal 2025.

(3)
Excludes the excess tax benefits related to stock-based compensation, as the Company cannot predict such estimates without unreasonable effort.

Conference Call Information
 
A conference call to discuss second quarter fiscal 2025 financial results is scheduled for today, August 28, 2025, at 8:30 a.m. Eastern Time. To access the live conference call, please preregister here. Registrants will receive a confirmation with dial-in instructions. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at https://investors.ollies.com/. A replay of the conference call webcast will be available on the investor relations website for one year.

About Ollie’s
Ollie’s is a leading off-price retailer of brand name household products. Since our founding in 1982, our mission has been to sell Good Stuff Cheap®. We do this through a flexible buying model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! ® in a treasure hunt environment at prices up to 70% below traditional retailers. As of August 2, 2025, we operated 613 stores in 34 states and growing! For more information, visit www.ollies.com.

Non-GAAP Reconciliation
 
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), adjusted net income (loss) per diluted share, and adjusted operating income (loss) are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.

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Please refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” table included in this press release, which sets forth the non-GAAP operating adjustments for the 13-week and 26-week periods ended August 2, 2025 and August 3, 2024.

Forward-Looking Statements
 
This press release contains certain forward-looking statements, which includes but is not limited to statements regarding industry trends, value creation, customer trends, new stores, distribution centers, and various financial outlook figures, including new store openings, net sales, comparable store sales, gross margin, SG&A, operating income, net income, adjusted net income, adjusted net income per diluted share, effective tax rate, diluted weighted average shares outstanding and capital expenditures. All forward-looking statements are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, are subject to the finalization of the Company’s quarterly financial and accounting procedures, and may be affected by certain risks and uncertainties, any one, or a combination, of which could materially affect the results of the Company’s operations. Forward-looking statements are usually identified by or are associated with such words as “could”, “may”, “might”, “will,” “likely”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “expects”, “continues”, “projects”, “forecasts”, and similar terminology. Actual results could vary materially from the expectations reflected in these statements. As with any business, all phases of our operations are subject to factors outside of our control. These factors include, without limitation, the impact of the recent tariff announcements and the corresponding macroeconomic pressures and those factors discussed in the “Risk Factors” section of the Company’s Annual Reports or Form 10-K and other filings with the Securities and Exchange Commission. Forward-looking statements made by or on behalf of the Company are based on knowledge of its business and the environment in which it operates, but because of the factors listed above, actual results could differ materially from those reflected by any forward-looking statements. Consequently, all of the forward-looking statements made are qualified by these cautionary statements and those contained in the Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the Securities and Exchange Commission. There can be no assurance that the results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected consequences to or effects on the Company or its business and operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law.

Investor Contact
 
John Rouleau
Managing Director of Corporate Communication & Business Development
JRouleau@ollies.us

Media Contact
 
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us

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Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Statements of Income (unaudited)
(In thousands except for per share amounts)

   
Thirteen weeks ended
    
Twenty-six weeks ended
  
   
August 2,
    
August 3,
    
August 2,
    
August 3,
  
   
2025
    
2024
    
2025
    
2024
  
Net sales
  
$
679,556
    
$
578,375
    
$
1,256,323
    
$
1,087,193
  
Cost of sales
    
408,218
      
359,344
      
747,954
      
658,804
  
Gross profit
    
271,338
      
219,031
      
508,369
      
428,389
  
Selling, general and administrative expenses
    
175,476
      
145,673
      
340,308
      
288,092
  
Depreciation and amortization expenses
    
9,916
      
8,004
      
19,273
      
15,720
  
Pre-opening expenses
    
8,972
      
4,595
      
15,628
      
7,321
  
Operating income
    
76,974
      
60,759
      
133,160
      
117,256
  
Interest income, net
    
(4,534
)
    
(3,928
)
    
(9,322
)
    
(8,229
)
Income before income taxes
    
81,508
      
64,687
      
142,482
      
125,485
  
Income tax expense
    
20,198
      
15,705
      
33,612
      
30,161
  
Net income
  
$
61,310
    
$
48,982
    
$
108,870
    
$
95,324
  
Earnings per common share:
                                
Basic
  
$
1.00
    
$
0.80
    
$
1.77
    
$
1.55
  
Diluted
  
$
0.99
    
$
0.79
    
$
1.76
    
$
1.54
  
Weighted average common shares outstanding:
                                
Basic
    
61,340
      
61,313
      
61,342
      
61,347
  
Diluted
    
61,796
      
61,721
      
61,806
      
61,731
  
                                 
Percentage of net sales:
                                
Net sales
    
100.0
%
    
100.0
%
    
100.0
%
    
100.0
%
Cost of sales
    
60.1
      
62.1
      
59.5
      
60.6
  
Gross profit
    
39.9
      
37.9
      
40.5
      
39.4
  
Selling, general and administrative expenses
    
25.8
      
25.2
      
27.1
      
26.5
  
Depreciation and amortization expenses
    
1.5
      
1.4
      
1.5
      
1.4
  
Pre-opening expenses
    
1.3
      
0.8
      
1.2
      
0.7
  
Operating income
    
11.3
      
10.5
      
10.6
      
10.8
  
Interest income, net
    
(0.7
)
    
(0.7
)
    
(0.7
)
    
(0.8
)
Income before income taxes
    
12.0
      
11.2
      
11.3
      
11.6
  
Income tax expense
    
3.0
      
2.7
      
2.7
      
2.8
  
Net income
    
9.0
%
    
8.5
%
    
8.7
%
    
8.8
%

Components may not add to totals due to rounding.

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Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In thousands)

   
August 2,
    
August 3,
  
Assets
  
2025
    
2024
  
Current assets:
            
Cash and cash equivalents
  
$
231,163
    
$
170,600
  
Short-term investments
    
85,893
      
182,544
  
Inventories
    
637,236
      
531,286
  
Accounts receivable
    
1,810
      
1,187
  
Prepaid expenses and other current assets
    
11,716
      
9,813
  
Total current assets
    
967,818
      
895,430
  
Property and equipment, net
    
360,836
      
307,163
  
Operating lease right-of-use assets
    
652,341
      
494,169
  
Goodwill
    
444,850
      
444,850
  
Trade name
    
230,559
      
230,559
  
Long-term investments
    
143,206
      
-
  
Other assets
    
2,242
      
2,122
  
Total assets
  
$
2,801,852
    
$
2,374,293
  
Liabilities and Stockholders’ Equity
                
Current liabilities:
                
Current portion of long-term debt
  
$
518
    
$
589
  
Accounts payable
    
165,629
      
129,824
  
Income taxes payable
    
129
      
-
  
Current portion of operating lease liabilities
    
103,122
      
87,476
  
Accrued expenses and other current liabilities
    
98,968
      
79,952
  
Total current liabilities
    
368,366
      
297,841
  
Long-term debt
    
912
      
984
  
Deferred income taxes
    
85,640
      
72,803
  
Long-term portion of operating lease liabilities
    
561,024
      
411,994
  
Total liabilities
    
1,015,942
      
783,622
  
Stockholders’ equity:
                
Common stock
    
68
      
67
  
Additional paid-in capital
    
745,636
      
713,509
  
Retained earnings
    
1,476,583
      
1,263,275
  
Treasury - common stock
    
(436,377
)
    
(386,180
)
Total stockholders’ equity
    
1,785,910
      
1,590,671
  
Total liabilities and stockholders’ equity
  
$
2,801,852
    
$
2,374,293
  

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Ollie’s Bargain Outlet Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
(In thousands)

   
Thirteen weeks ended
    
Twenty-six weeks ended
  
   
August 2,
    
August 3,
    
August 2,
    
August 3,
  
   
2025
    
2024
    
2025
    
2024
  
Net cash provided by operating activities
  
$
80,712
    
$
43,875
    
$
109,414
    
$
84,059
  
Net cash used in investing activities
    
(39,744
)
    
(90,883
)
    
(58,010
)
    
(159,398
)
Net cash (used in) provided by financing activities
    
(8,823
)
    
5,358
      
(25,364
)
    
(20,323
)
Net increase (decrease) in cash and cash equivalents
    
32,145
      
(41,650
)
    
26,040
      
(95,662
)
Cash and cash equivalents, beginning of the period
    
199,018
      
212,250
      
205,123
      
266,262
  
Cash and cash equivalents, end of the period
  
$
231,163
    
$
170,600
    
$
231,163
    
$
170,600
  

Ollie’s Bargain Outlet Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(In thousands except for per share amounts)

   
Thirteen weeks Ended
    
Twenty-six weeks ended
  
   
August 2,
    
August 3,
    
August 2,
    
August 3,
  
   
2025
    
2024
    
2025
    
2024
  
                         
Net income
  
$
61,310
    
$
48,982
    
$
108,870
    
$
95,324
  
Excess tax benefits related to stock-based compensation (1)
    
(425
)
    
(756
)
    
(1,912
)
    
(1,888
)
Adjusted net income
  
$
60,885
    
$
48,226
    
$
106,958
    
$
93,436
  
                                 
Net income per diluted share
  
$
0.99
    
$
0.79
    
$
1.76
    
$
1.54
  
Adjustments as noted above, per dilutive share:
                                
Excess tax benefits related to stock-based compensation (1)
    
(0.01
)
    
(0.01
)
    
(0.03
)
    
(0.03
)
Adjusted net income per diluted share
  
$
0.99
    
$
0.78
    
$
1.73
    
$
1.51
  
 
                                
Diluted weighted-average common shares outstanding
    
61,796
      
61,721
      
61,806
      
61,731
  
 
                                
Net income
  
$
61,310
    
$
48,982
    
$
108,870
    
$
95,324
  
Interest income, net
    
(4,534
)
    
(3,928
)
    
(9,322
)
    
(8,229
)
Depreciation and amortization expenses
    
13,452
      
10,039
      
26,261
      
19,824
  
Income tax expense
    
20,198
      
15,705
      
33,612
      
30,161
  
EBITDA
    
90,426
      
70,798
      
159,421
      
137,080
  
Non-cash stock-based compensation expense
    
3,360
      
3,652
      
6,524
      
6,801
  
Adjusted EBITDA
  
$
93,786
    
$
74,450
    
$
165,945
    
$
143,881
  


Components may not add to totals due to rounding.
(1)
Amount represents the impact from the recognition of excess tax benefits pursuant to Accounting Standards Update 2016-09, Stock Compensation

7 | Page
Ollie’s Bargain Outlet Holdings, Inc.
Key Statistics (unaudited)
(Dollars in thousands)

   
Thirteen weeks ended
  
   
August 2,
    
August 3,
  
   
2025
    
2024
  
Number of stores - beginning of period
    
584
      
516
  
Store openings
    
29
      
9
  
Store closings
    
-
      
-
  
Number of stores - end of period
    
613
      
525
  
Yr/yr store growth
    
16.8
%
    
8.9
%
Comparable stores sales change
    
5.0
%
    
5.8
%
Comparable store count – end of period
    
510
      
475
  
Total cash and investments (1)
  
$
460,262
    
$
353,144
  
Capital expenditures
  
$
26,416
    
$
38,289
  
Share repurchases
  
$
11,516
    
$
6,428
  

(1)
Includes cash and cash equivalents, short-term investments, and long-term investments.


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