Ollie's Bargain Outlet Q4 Profit Climbs, Tops Estimates; Sees FY24 Results Below Market

(RTTNews) - Ollie's Bargain Outlet Holdings, Inc. (OLLI) reported Wednesday that its fourth-quarter net income increased 44.1 percent to $76.5 million or $1.23 per share from last year's $53.1 million or $0.85 per share.

Adjusted net income was $76.3 million or $1.23 per share, compared to $52.4 million or $0.84 per share a year ago.

Net sales increased 18 percent to $648.9 million from $549.8 million in 2022. Excluding the impact of the 53rd week, net sales increased 11.9 percent.

Analysts on average expected the company to report earnings of $1.15 per share on sales of $649.38 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Comparable store sales increased 3.9 percent from the prior year increase of 3.0 percent.

For fiscal 2024, the company projects adjusted net income between $192 million and $198 million, and adjusted net income per share between $3.10 to $3.20. Net sales would be $2.248 billion to $2.273 billion, and comparable store sales increase would be 1.0% to 2.0%.

The Street estimates earnings of $3.21 per share on sales of $2.29 billion for the year.

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