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Based on the trends to date, the Company currently estimates the following results for the fiscal year ending
- Total net sales of approximately
- Comparable store sales growth of approximately 2.8%;
- Net income per diluted share (GAAP) of approximately
- Adjusted net income per diluted share(1) of approximately
$1.23, excluding the loss on extinguishment of debt and income tax benefits due to the accounting change for stock based compensation; and
- Weighted diluted average shares outstanding of approximately 65.0 million.
(1) Adjusted net income per diluted share is not a measure recognized under the U.S. generally accepted accounting principles (“GAAP”). See “Non-GAAP Financial Measures” below.
These revised estimates update the guidance provided by the Company on
Subsequent to the nine-week period ended
The Company plans to report actual results for the fourth quarter and fiscal year ending
In addition, the company announced that
Mr. Butler stated, “I am thrilled to announce these promotions today, which are consistent with the Company’s vision and are a planned part of the evolution of our business. John has been instrumental to our success and has been my right hand since joining the business 14 years ago, and I’m confident that he will excel in this new role. Jay has worked closely with John and myself over the past two years, and has demonstrated his ability to take on the CFO position and proven to be a great fit with the Ollie’s team. These changes put us in an even better position to continue to execute and manage the long term growth of the business.”
The Company also announced that they will be presenting at the 2018
The audio portion of the presentation will be webcast live at http://investors.ollies.us and a replay of the presentation will also be contained on the Investor Relations section of the Company’s website.
Non-GAAP Financial Measures
The Company has included this non-GAAP measure because it is a key measure used by management and the board of directors to evaluate operating performance and the effectiveness of the Company’s business strategies and make budgeting decisions. Management believes it is useful to investors and analysts to evaluate this non-GAAP measure on the same basis as management uses to evaluate the Company’s operating results. The Company believes that excluding items that may not be indicative of, or are unrelated to, its core operating results and that may vary in frequency or magnitude from Net income per diluted share, enhances the comparability of the Company’s results and provides a better baseline for analyzing trends in its business. The
We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products,
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections, the outlook for the Company’s future business, prospects, financial performance and industry outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions including pending tax legislation and the following: our failure to adequately procure and manage our inventory or anticipate consumer demand; changes in consumer confidence and spending; risks associated with intense competition; our failure to open new profitable stores, or successfully enter new markets, on a timely basis or at all; our failure to hire and retain key personnel and other qualified personnel; our inability to obtain favorable lease terms for our properties; the loss of, or disruption in the operations of, our centralized distribution centers; fluctuations in comparable store sales and results of operations, including on a quarterly basis; risks associated with our lack of operations in the growing online retail marketplace; our inability to successfully implement our marketing, advertising and promotional efforts; the seasonal nature of our business; the risks associated with doing business with international manufacturers; risks associated with the timely and effective deployment and protection of computer and electronic systems; changes in government regulations, procedures and requirements; and our ability to service our indebtedness and to comply with our financial covenants together with the other factors set forth under “Risk Factors” in our filings with the
Vice President – Marketing & Advertising