QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(
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(Registrant’s telephone number, including area code)
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Title of Each Class
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Trading Symbol
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Name of each exchange on which registered
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The
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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PART I - FINANCIAL INFORMATION
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Page
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Item 1.
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1
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1
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2
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3
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4
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5
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Item 2.
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15
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Item 3.
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27
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Item 4.
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27
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PART II - OTHER INFORMATION
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Item 1.
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28
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Item 1A.
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28
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Item 2.
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28
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Item 5. |
28 | |
Item 6.
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29
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Thirteen weeks ended
|
Thirty-nine weeks ended
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|||||||||||||||
November 2, | October 28, | November 2, | October 28, | |||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
Net sales
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Cost of sales
|
|
|
|
|
||||||||||||
Gross profit
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|
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||||||||||||
Selling, general, and administrative expenses
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||||||||||||
Depreciation and amortization expenses
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||||||||||||
Pre-opening expenses
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||||||||||||
Operating income
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||||||||||||
Interest income, net
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(
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)
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(
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)
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(
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)
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(
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)
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||||||||
Income before income taxes
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|
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||||||||||||
Income tax expense
|
|
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|
||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average common shares outstanding:
|
||||||||||||||||
Basic
|
|
|
|
|
||||||||||||
Diluted
|
|
|
|
|
November 2,
|
February 3,
|
October 28,
|
||||||||||
Assets | 2024 |
2024
|
2023 | |||||||||
Current assets:
|
||||||||||||
Cash and cash equivalents
|
$
|
|
$
|
|
$
|
|
||||||
Short-term investments
|
||||||||||||
Inventories
|
||||||||||||
Accounts receivable
|
||||||||||||
Prepaid expenses and other current assets
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|
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|
|||||||||
Total current assets
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|
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|
|||||||||
Property and equipment, net of accumulated depreciation of $
|
|
|
|
|||||||||
Operating lease right-of-use assets
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|
|
|
|||||||||
Goodwill
|
|
|
|
|||||||||
Trade name
|
|
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|
|||||||||
Other assets
|
|
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|
|||||||||
Total assets
|
$
|
|
$
|
|
$
|
|
||||||
Liabilities and Stockholders’ Equity
|
||||||||||||
Current liabilities:
|
||||||||||||
Current portion of long-term debt
|
$
|
|
$
|
|
$
|
|
||||||
Accounts payable
|
|
|
|
|||||||||
Income taxes payable
|
|
|
|
|||||||||
Current portion of operating lease liabilities
|
|
|
|
|||||||||
Accrued expenses and other current liabilities
|
|
|
|
|||||||||
Total current liabilities
|
|
|
|
|||||||||
Revolving credit facility
|
|
|
|
|||||||||
Long-term debt
|
|
|
|
|||||||||
Deferred income taxes
|
|
|
|
|||||||||
Long-term portion of operating lease liabilities
|
|
|
|
|||||||||
Total liabilities
|
|
|
|
|||||||||
Stockholders’ equity:
|
||||||||||||
Preferred stock -
|
|
|
|
|||||||||
Common stock -
|
|
|
|
|||||||||
Additional paid-in capital
|
|
|
|
|||||||||
Retained earnings
|
|
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|
|||||||||
Treasury - common stock, at cost;
|
(
|
)
|
(
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)
|
(
|
)
|
||||||
Total stockholders’ equity
|
|
|
|
|||||||||
Total liabilities and stockholders’ equity
|
$
|
|
$
|
|
$
|
|
Thirteen weeks ended November 2, 2024 and October 28, 2023
|
||||||||||||||||||||||||||||
Additional
|
Total | |||||||||||||||||||||||||||
Common stock
|
Treasury stock
|
paid-in
|
Retained
|
stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
earnings
|
equity
|
||||||||||||||||||||||
Balance as of August 3, 2024
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Proceeds from stock options exercised
|
|
|
|
|
|
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|
|||||||||||||||||||||
Vesting of restricted stock
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Common shares withheld for taxes
|
(
|
)
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||
Shares repurchased
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of November 2, 2024
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Balance as of July 29, 2023
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Proceeds from stock options exercised
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Vesting of restricted stock
|
||||||||||||||||||||||||||||
Common shares withheld for taxes
|
(
|
)
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||
Shares repurchased
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of October 28, 2023
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Thirty-nine weeks ended November 2, 2024 and October 28, 2023
|
||||||||||||||||||||||||||||
Additional | Total | |||||||||||||||||||||||||||
Common stock
|
Treasury stock
|
paid-in
|
Retained
|
stockholders’
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
capital
|
earnings
|
equity
|
||||||||||||||||||||||
Balance as of February 3, 2024
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Proceeds from stock options exercised
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Vesting of restricted stock
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Common shares withheld for taxes
|
(
|
)
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||
Shares repurchased
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of November 2, 2024
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Balance as of January 28, 2023
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
||||||||||||||
Stock-based compensation expense
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Proceeds from stock options exercised
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Vesting of restricted stock
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Common shares withheld for taxes
|
(
|
)
|
|
|
|
(
|
)
|
|
(
|
)
|
||||||||||||||||||
Shares repurchased
|
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Net income
|
-
|
|
-
|
|
|
|
|
|||||||||||||||||||||
Balance as of October 28, 2023
|
|
$
|
|
(
|
)
|
$
|
(
|
)
|
$
|
|
$
|
|
$
|
|
Thirty-nine weeks ended
|
||||||||
November 2,
|
October 28,
|
|||||||
2024
|
2023
|
|||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
|
$
|
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
|
|
||||||
Amortization of debt issuance costs
|
|
|
||||||
Gain on sale of assets
|
(
|
)
|
(
|
)
|
||||
Deferred income tax benefit
|
|
|
||||||
Stock-based compensation expense
|
|
|
||||||
Other
|
( |
) | ||||||
Changes in operating assets and liabilities:
|
||||||||
Inventories
|
(
|
)
|
(
|
)
|
||||
Accounts receivable
|
(
|
)
|
|
|||||
Prepaid expenses and other assets
|
(
|
)
|
|
|||||
Accounts payable
|
|
|
||||||
Income taxes payable
|
(
|
)
|
(
|
)
|
||||
Accrued expenses and other liabilities
|
|
|
||||||
Net cash provided by operating activities
|
|
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
||||
Proceeds from sale of property and equipment
|
|
|
||||||
Purchases of short-term investments
|
( |
) | ( |
) | ||||
Maturities of short-term investments
|
||||||||
Net cash used in investing activities
|
(
|
)
|
(
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Repayments on finance leases
|
(
|
)
|
(
|
)
|
||||
Proceeds from stock option exercises
|
|
|
||||||
Common shares withheld for taxes
|
(
|
)
|
(
|
)
|
||||
Payment for shares repurchased
|
(
|
)
|
(
|
)
|
||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
||||
Net decrease in cash and cash equivalents
|
(
|
)
|
(
|
)
|
||||
Cash and cash equivalents, beginning of the period
|
|
|
||||||
Cash and cash equivalents, end of the period
|
$
|
|
$
|
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
|
$
|
|
||||
Income taxes
|
$
|
|
$
|
|
||||
Non-cash investing activities:
|
||||||||
Accrued purchases of property and equipment
|
$
|
|
$
|
|
||||
Non-cash financing activities
|
||||||||
Receivable from exercise of stock options
|
$ | $ |
(1) |
Basis of Presentation and Summary of Significant Accounting Policies
|
(a) |
Description of Business
|
(b) |
Fiscal Year
|
(c) |
Basis of Presentation
|
(d) |
Use of Estimates
|
(e) |
Fair Value Disclosures
|
• |
Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.
|
• |
Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other
inputs that are observable or can be corroborated by observable market data.
|
• |
Level 3 inputs are unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use.
|
|
As of November 2, 2024
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Market
Value
|
||||||||||||
|
(in thousands)
|
|||||||||||||||
Short-term:
|
||||||||||||||||
Treasury bonds
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Municipal bonds
|
|
|
(
|
)
|
|
|||||||||||
Corporate bonds
|
( |
) | ||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|
As of February 3, 2024
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Market
Value
|
||||||||||||
|
(in thousands)
|
|||||||||||||||
Short-term:
|
||||||||||||||||
Treasury bonds
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Municipal bonds
|
|
|
(
|
)
|
|
|||||||||||
Corporate bonds
|
||||||||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|
As of October 28, 2023
|
|||||||||||||||
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Market
Value
|
||||||||||||
|
(in thousands)
|
|||||||||||||||
Short-term:
|
||||||||||||||||
Treasury bonds
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
|||||||
Municipal bonds
|
|
|
(
|
)
|
|
|||||||||||
Total
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
(2) |
Net Sales
|
Thirty-nine weeks ended
|
||||||||
November 2,
|
October 28,
|
|||||||
2024
|
2023
|
|||||||
(in thousands)
|
||||||||
Beginning balance
|
$
|
|
$
|
|
||||
Revenue deferred
|
|
|
||||||
Revenue recognized
|
(
|
)
|
(
|
)
|
||||
Ending balance
|
$
|
|
$
|
|
Thirty-nine weeks ended
|
||||||||
November 2, |
October 28,
|
|||||||
2024
|
2023
|
|||||||
(in thousands) | ||||||||
Beginning balance
|
$
|
|
$
|
|
||||
Gift card issuances
|
|
|
||||||
Gift card redemption and breakage
|
(
|
)
|
(
|
)
|
||||
Ending balance
|
$
|
|
$
|
|
(3) |
Earnings per Common Share
|
Thirteen weeks ended
|
Thirty-nine weeks ended
|
|||||||||||||||
November 2, | October 28, | November 2, | October 28, | |||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Net income
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Weighted average number of common shares outstanding - Basic
|
|
|
|
|
||||||||||||
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units
|
|
|
|
|
||||||||||||
Weighted average number of common shares outstanding - Diluted
|
|
|
|
|
||||||||||||
Earnings per common share - Basic
|
$
|
|
$
|
|
$
|
|
$
|
|
||||||||
Earnings per common share - Diluted
|
$
|
|
$
|
|
$
|
|
$
|
|
(4) |
Leases
|
November 2, | ||||
2024
|
||||
(in thousands) |
||||
Remainder of 2024
|
$
|
|
||
2025
|
|
|||
2026
|
|
|||
2027
|
|
|||
2028
|
|
|||
Thereafter
|
|
|||
Total undiscounted lease payments (1)
|
|
|||
Less: Imputed interest
|
(
|
)
|
||
Total lease obligations
|
|
|||
Less: Current obligations under leases
|
(
|
)
|
||
Long-term lease obligations
|
$
|
|
(1) |
|
Thirty-nine weeks ended
|
||||||||
November 2, | October 28, | |||||||
2024
|
2023
|
|||||||
(dollars in thousands) |
||||||||
Cash paid for operating leases
|
$
|
|
$
|
|
||||
Operating lease cost
|
|
|
||||||
Variable lease cost
|
|
|
||||||
Non-cash right-of-use assets obtained in exchange for lease obligations
|
|
|
||||||
Weighted-average remaining lease term
|
|
|
||||||
Weighted-average discount rate
|
|
%
|
|
%
|
(5) |
Commitments and Contingencies
|
(6) |
Accrued Expenses and Other Current Liabilities
|
November 2,
|
February 3,
|
October 28,
|
||||||||||
2024
|
2024
|
2023
|
||||||||||
(in thousands) | ||||||||||||
Compensation and benefits
|
$
|
|
$
|
|
$
|
|
||||||
Deferred revenue
|
|
|
|
|||||||||
Sales and use taxes |
|
|
|
|||||||||
Insurance
|
|
|
|
|||||||||
Advertising
|
||||||||||||
Real estate
|
||||||||||||
Freight
|
||||||||||||
Other
|
|
|
|
|||||||||
$
|
|
$
|
|
$
|
|
(7) |
Debt Obligations and Financing Arrangements
|
(8) |
Income Taxes
|
(9) |
Equity Incentive Plans
|
Weighted | ||||||||||||
Weighted | average | |||||||||||
average | remaining | |||||||||||
Number | exercise | contractual | ||||||||||
of options
|
price
|
term (years)
|
||||||||||
(in thousands, except share and per share amounts) | ||||||||||||
Outstanding at February 3,
2024
|
|
$
|
|
|||||||||
Granted
|
|
|
||||||||||
Forfeited
|
(
|
)
|
|
|||||||||
Exercised
|
(
|
)
|
|
|||||||||
Outstanding at November 2,
2024
|
|
|
|
|||||||||
Exercisable at November 2,
2024
|
|
|
|
Thirty-nine weeks ended
|
||||||||
November 2, | October 28, | |||||||
2024
|
2023
|
|||||||
Risk-free interest rate
|
|
%
|
|
%
|
||||
Expected dividend yield
|
|
|
||||||
Expected life (years)
|
|
|
||||||
Expected volatility
|
|
%
|
|
%
|
Weighted | ||||||||
average | ||||||||
Number |
grant date
|
|||||||
of shares
|
fair value
|
|||||||
Non-vested balance at February 3, 2024
|
|
$
|
|
|||||
Granted
|
|
|
||||||
Forfeited
|
(
|
)
|
|
|||||
Vested
|
(
|
)
|
|
|||||
Non-vested balance at November 2, 2024
|
|
|
(10) |
Common Stock
|
(11)
|
Transactions with Affiliated and Related Parties
|
ITEM 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
• |
growing our merchant buying team to increase our access to brand name/closeout merchandise;
|
• |
adding members to our senior management team;
|
• |
expanding the capacity of our distribution centers to their current 3.0 million square feet with the completion of our fourth distribution center in Princeton, IL; and
|
• |
investing in information technology, accounting, and warehouse management systems.
|
• |
growing our store base;
|
• |
increasing our offerings of great bargains; and
|
• |
leveraging and expanding Ollie’s Army.
|
• |
have been remodeled while remaining open;
|
• |
are closed for five or fewer days in any fiscal month;
|
• |
are closed temporarily and relocated within their respective trade areas; and
|
• |
have expanded, but are not significantly different in size, within their current locations.
|
Thirteen weeks ended
|
Thirty-nine weeks ended
|
|||||||||||||||
November 2,
|
October 28,
|
November 2,
|
October 28,
|
|||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
( dollars in thousands)
|
||||||||||||||||
Condensed consolidated statements of income data:
|
||||||||||||||||
Net sales
|
$
|
517,428
|
$
|
480,050
|
$
|
1,604,621
|
$
|
1,453,713
|
||||||||
Cost of sales
|
302,969
|
285,939
|
961,773
|
884,347
|
||||||||||||
Gross profit
|
214,459
|
194,111
|
642,848
|
569,366
|
||||||||||||
Selling, general, and administrative expenses
|
154,467
|
141,684
|
442,559
|
406,575
|
||||||||||||
Depreciation and amortization expenses
|
8,296
|
7,065
|
24,016
|
20,203
|
||||||||||||
Pre-opening expenses
|
7,174
|
6,293
|
14,495
|
12,443
|
||||||||||||
Operating income
|
44,522
|
39,069
|
161,778
|
130,145
|
||||||||||||
Interest income, net
|
(4,028
|
)
|
(3,977
|
)
|
(12,257
|
)
|
(10,054
|
)
|
||||||||
Income before income taxes
|
48,550
|
43,046
|
174,035
|
140,199
|
||||||||||||
Income tax expense
|
12,666
|
11,243
|
42,827
|
35,235
|
||||||||||||
Net income
|
$
|
35,884
|
$
|
31,803
|
$
|
131,208
|
$
|
104,964
|
||||||||
Percentage of net sales (1):
|
||||||||||||||||
Net sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Cost of sales
|
58.6
|
59.6
|
59.9
|
60.8
|
||||||||||||
Gross profit
|
41.4
|
40.4
|
40.1
|
39.2
|
||||||||||||
Selling, general, and administrative expenses
|
29.9
|
29.5
|
27.6
|
28.0
|
||||||||||||
Depreciation and amortization expenses
|
1.6
|
1.5
|
1.5
|
1.4
|
||||||||||||
Pre-opening expenses
|
1.4
|
1.3
|
0.9
|
0.9
|
||||||||||||
Operating income
|
8.6
|
8.1
|
10.1
|
9.0
|
||||||||||||
Interest income, net
|
(0.8
|
)
|
(0.8
|
)
|
(0.8
|
)
|
(0.7
|
)
|
||||||||
Income before income taxes
|
9.4
|
9.0
|
10.8
|
9.6
|
||||||||||||
Income tax expense
|
2.4
|
2.3
|
2.7
|
2.4
|
||||||||||||
Net income
|
6.9
|
%
|
6.6
|
%
|
8.2
|
%
|
7.2
|
%
|
||||||||
Select operating data:
|
||||||||||||||||
New store openings
|
24
|
23
|
37
|
38
|
||||||||||||
Number of closed stores
|
(3
|
)
|
—
|
(3
|
)
|
(1
|
)
|
|||||||||
Number of stores open at end of period
|
546
|
505
|
546
|
505
|
||||||||||||
Average net sales per store (2)
|
$
|
965
|
$
|
970
|
$
|
3,071
|
$
|
3,014
|
||||||||
Comparable stores sales change
|
(0.5
|
)%
|
7.0
|
%
|
2.8
|
%
|
6.5
|
%
|
(1) |
Components may not add to totals due to rounding.
|
(2) |
Average net sales per store represents the weighted average of total net weekly sales divided by the number of stores open at the end of each week for the respective periods presented.
|
Thirteen weeks ended
|
Thirty-nine weeks ended
|
|||||||||||||||
November 2,
|
October 28,
|
November 2,
|
October 28,
|
|||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
( dollars in thousands)
|
||||||||||||||||
Net income
|
$
|
35,884
|
$
|
31,803
|
$
|
131,208
|
$
|
104,964
|
||||||||
Interest income, net
|
(4,028
|
)
|
(3,977
|
)
|
(12,257
|
)
|
(10,054
|
)
|
||||||||
Depreciation and amortization expenses (1)
|
11,712
|
9,051
|
31,536
|
25,417
|
||||||||||||
Income tax expense
|
12,666
|
11,243
|
42,827
|
35,235
|
||||||||||||
EBITDA
|
56,234
|
48,120
|
193,314
|
155,562
|
||||||||||||
Non-cash stock-based compensation expense
|
3,606
|
3,004
|
10,407
|
9,008
|
||||||||||||
Adjusted EBITDA
|
$
|
59,840
|
$
|
51,124
|
$
|
203,721
|
$
|
164,570
|
(1) |
Includes depreciation and amortization relating to our distribution centers, which is included within cost of sales on our condensed consolidated statements of income.
|
Thirty-nine weeks ended
|
||||||||
November 2,
|
October 28,
|
|||||||
2024
|
2023
|
|||||||
(in thousands)
|
||||||||
Net cash provided by operating activities
|
$
|
79,694
|
$
|
110,861
|
||||
Net cash used in investing activities
|
(183,446
|
)
|
(125,301
|
)
|
||||
Net cash used in financing activities
|
(33,825
|
)
|
(36,601
|
)
|
||||
Net decrease in cash and cash equivalents
|
$
|
(137,577
|
)
|
$
|
(51,041
|
)
|
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
ITEM 1. |
LEGAL PROCEEDINGS
|
ITEM 1A. |
RISK FACTORS
|
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total number
of shares
repurchased (1)
|
Average
price paid
per share (2)
|
Total number of
shares purchased
as part of publicly
announced plans
or programs (3)
|
Approximate dollar
value of shares that
may yet be purchased
under the plans or
programs (3)
|
||||||||||||
August 4, 2024 through August 31, 2024
|
54,991
|
$
|
93.59
|
54,991
|
$
|
49,059,786
|
||||||||||
September 1, 2024 through October 5, 2024
|
55,932
|
$
|
95.92
|
55,932
|
$
|
43,704,239
|
||||||||||
October 6, 2024 through November 2, 2024
|
58,436
|
$
|
93.04
|
58,436
|
$
|
38,395,894
|
||||||||||
Total
|
169,359
|
169,359
|
(1) |
Consists of shares repurchased under the publicly announced share repurchase program.
|
(2) |
Includes commissions for the shares repurchased under the share repurchase program.
|
(3) |
On December 15, 2020, the Board of Directors authorized the repurchase of up to $100.00 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an
increase of $100.0 million in the Company’s share repurchase program resulting in $200.0 million approved for share repurchases through January 13, 2023. On November 30, 2021, the Board of Directors of the Company authorized an
additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Board of Directors of the Company authorized an extension to the existing share
repurchase program set to expire on December 15, 2023, until March 31, 2026. Shares to be repurchased are subject to the same considerations regarding timing and amount of repurchases as the initial authorization. As of November 2,
2024, the Company had $38.4 million remaining under its share repurchase program. For further discussion on the share repurchase program, see “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of
Operations, Liquidity and Capital Resources, Share Repurchase Program.”
|
ITEM 5. |
OTHER INFORMATION
|
ITEM 6. |
EXHIBITS
|
Exhibit No.
|
Description of Exhibits
|
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
||
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
||
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
||
**101.INS
|
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
|
|
**101.SCH
|
Inline XBRL Taxonomy Extension Schema Document.
|
|
**101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
**101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
|
**101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
|
**101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
**104
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
|
* |
Filed herewith.
|
** |
Submitted electronically with this Report.
|
OLLIE’S BARGAIN OUTLET HOLDINGS, INC.
|
||||
Date: December 10, 2024
|
/s/ Robert Helm
|
|||
Robert Helm
|
||||
|
Executive Vice President and Chief Financial Officer
|
|||
|
(Principal Financial and Accounting Officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of Ollie’s Bargain Outlet Holdings, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of,
and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 10, 2024
|
/s/ John Swygert
|
John Swygert
|
|
Chief Executive Officer
|
|
(Principal Executive Officer)
|
1. |
I have reviewed this quarterly report on Form 10-Q of Ollie’s Bargain Outlet Holdings, Inc.;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of,
and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by
this report based on such evaluation; and
|
(d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of
directors (or persons performing the equivalent functions):
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and
report financial information; and
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: December 10, 2024
|
/s/ Robert Helm
|
Robert Helm
|
|
Executive Vice President and Chief Financial Officer
|
|
(Principal Financial Officer)
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: December 10, 2024
|
||
/s/ John Swygert
|
||
John Swygert
|
||
Chief Executive Officer
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: December 10, 2024
|
||
/s/ Robert Helm
|
||
Robert Helm
|
||
Executive Vice President and Chief Financial Officer
|