Earnings Ahead of Expectations

Net Sales Increased 14%, Earnings Per Share Increased 19%, and Adjusted Earnings Per Share Increased 21%

Raising Fiscal 2026 Earnings Per Share Outlook

HARRISBURG, Pa., June 03, 2026 (GLOBE NEWSWIRE) -- Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced financial results for the first quarter ended May 2, 2026.

“We are very pleased with our first quarter results and the outstanding performance of our team,” said Eric van der Valk, President and Chief Executive Officer. “We delivered strong earnings growth driven by solid top line results and unit growth, robust margins, and disciplined expense control. These results underscore the durability of our business model, the strength of our value proposition, and our ability to execute through a challenging consumer backdrop.”

Mr. van der Valk continued, “On top of delivering strong earnings growth in the quarter, we continue to execute well against our strategic initiatives. We opened 27 new stores, grew our Ollie’s Army membership base by 13%, made progress on our category productivity initiatives, reinvested in our supply chain, and returned $53 million to shareholders through share repurchases in the first quarter. Based on our solid start to the year, we are raising our earnings per share outlook for fiscal 2026.”

First Quarter 2026 Highlights and Year-Over-Year Comparisons

• Opened 27 new stores and ended the quarter with 672 stores in 35 states, an increase of 15.1%.
• Ollie’s Army loyalty members increased 12.6% to 17.5 million members.
• Net sales increased 14.2% to $658.9 million, driven by new store unit growth and an increase in comparable store sales.
• Comparable store sales increased 1.7%, driven primarily by an increase in basket.
• Gross margin increased 80 basis points to 41.9%. This was above our expectation and driven by lower supply chain costs and a modest increase in merchandise margin.
• Selling, general, and administrative (“SG&A”) expenses as a percentage of net sales was flat at 28.6%.
• Pre-opening expenses decreased 3.2% to $6.4 million, primarily driven by lower dark rent expense associated with the bankruptcy acquired stores, partially offset by an increase in store openings.
• Adjusted net income increased 21.3% to $55.9 million and adjusted net income per diluted share increased 21.3% to $0.91.
• Total cash and investments increased 26.7%, or $110.7 million, to $525.6 million. This included cash and cash equivalents of $197.7 million, short-term investments of $51.9 million, and long-term investments of $276.0 million.
• The Company invested $53.4 million of cash to repurchase 542,486 shares of its common stock. At the end of the first quarter, $205.4 million remained available for future share repurchases under the current share repurchase authorization.

Outlook

The Company is raising its earnings per share outlook for the 2026 fiscal year ending January 30, 2027. A table comparing the current outlook metrics to the previous outlook metrics is below. These metrics do not assume any impact from IEEPA tariff refunds.

Conference Call Information

A conference call to discuss first quarter 2026 financial results is scheduled for today, June 3, 2026, 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 May 2, 2026, we operated 672 stores in 35 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, EBITDA, and Adjusted EBITDA 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.

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 periods ended May 2, 2026 and May 3, 2025.

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
tkuypers@ollies.us

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Source: Ollie's Bargain Outlet Holdings, Inc.