UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8‑K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report: January 11, 2019
(Date of earliest event reported)
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Ollie’s Bargain Outlet Holdings, Inc.
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(Exact name of registrant as specified in its charter)
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Delaware
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(State or other jurisdiction of incorporation)
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001-37501
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80-0848819
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(Commission File Number)
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(IRS Employer Identification No.)
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6295 Allentown Boulevard
Suite 1
Harrisburg, Pennsylvania
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17112
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(Address of principal executive offices)
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(Zip Code)
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(717) 657-2300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐.
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Results of Operations and Financial Condition.
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On January 11, 2019, Ollie’s Bargain Outlet Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the nine
week-period ended January 5, 2019. A copy of the press release is furnished as Exhibit 99.1 to this current report and is incorporated by reference herein.
The information furnished on this Form 8-K, including the exhibit attached, shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, regardless of any general incorporation language in such filing.
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Financial Statements and Exhibits.
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(d) Exhibits. The following exhibits are filed with this
report:
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Exhibit No.
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Description
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99.1
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Press Release issued on January 11, 2019 of Ollie’s Bargain Outlet Holdings, Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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OLLIE’S BARGAIN OUTLET HOLDINGS, INC.
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By:
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/s/ Jay Stasz
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Name:
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Jay Stasz
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Title:
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Senior Vice President and Chief Financial Officer
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Date: January 11, 2019
EXHIBIT INDEX
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Exhibit No.
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Description
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Press Release issued on January 11, 2019 of Ollie’s Bargain Outlet Holdings, Inc.
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Exhibit 99.1
Ollie’s Bargain Outlet Holdings, Inc. Reports Strong Holiday Sales, Raises Full Year Outlook, and Pays Off Remaining Term Loan Balance
Announces Participation in the 2019 ICR Conference
HARRISBURG, Pa., Jan. 11, 2019 – Ollie’s Bargain Outlet Holdings,
Inc. (NASDAQ:OLLI) (“Ollie’s” or the “Company”) today commented on its holiday sales and full year outlook ahead of its participation at the 2019 ICR Conference. For the nine-week period ended January 5, 2019, total sales increased 16.6%, with a
comparable store sales increase of 7.1%.
Mark Butler, Chairman, President and Chief Executive Officer, stated, “We had an exceptional holiday period driven by strong deal flow with particular
strength in our toy and housewares categories. In keeping with our 36-year tradition of offering Good Stuff Cheap, we provided incredible bargains to our customers and delivered record performance on our annual Ollie’s Army night. Based on our
strong holiday results, we are raising our full year sales and earnings guidance. We believe that we are positioned better than ever to execute our growth strategies and drive long term shareholder value”.
Based on the trends to date, the Company currently estimates the following results for the fiscal year ending February 2, 2019:
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Total net sales of approximately $1.245 billion;
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Comparable store sales growth of approximately 4.4%;
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Adjusted net income per diluted share(1) of approximately $1.81, excluding the after-tax
loss on extinguishment of debt and excess tax benefits related to stock-based compensation; and
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Weighted diluted average shares outstanding of approximately 66.0 million.
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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.
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These revised estimates update the guidance provided by the Company on December 4, 2018, which included expectations of total net sales, comparable store
sales, and Adjusted net income per diluted share, excluding the after-tax loss on extinguishment of debt and excess tax benefits related to stock-based compensation for the fiscal year ending February 2, 2019, of $1.226 billion to $1.231 billion,
3.0% to 3.5% and $1.74 to $1.77, respectively.
On December 31, 2018, the Company paid off the remaining balance of its outstanding term loan of approximately $19.0 million.
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The Company plans to report actual results for the fourth quarter and fiscal year ending February 2, 2019, in late March 2019.
2019 ICR Conference
The Company also announced that it will be presenting at the 2019 ICR Conference, held at The Grande Lakes Orlando in Orlando, Florida, on Tuesday January
15, 2019 at 1:00 pm Eastern Standard Time. Mr. Butler, Mr. John Swygert, Executive Vice President and Chief Operating Officer, and Mr. Jay Stasz, Senior Vice President and Chief Financial Officer, will host the presentation.
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 adjusted net income per diluted share, a non-GAAP measure, in this press release as this is a key measure used by our management
and our board of directors to evaluate our operating performance and the effectiveness of our business strategies, make budgeting decisions, and evaluate compensation 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. We believe that excluding items that may not be indicative of, or are unrelated to, our core operating results, and that may vary in
frequency or magnitude from net income and net income per diluted share, enhances the comparability of our results and provides a better baseline for analyzing trends in our business.
Adjusted net income per diluted share gives effect to the after-tax loss on extinguishment of debt and excess tax benefits related to stock-based
compensation, which may not occur with the same frequency or magnitude in future periods.
Non-GAAP financial measures should be viewed as supplementing, and not as an alternative to or substitute for, the Company’s financial results prepared in
accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company's financial position, results of operations and cash flows and should therefore be
considered in assessing the Company's actual financial condition and performance. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar
measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.
About Ollie’s
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, Real Brands! Real Bargains!®, in every department, including housewares, food, books and
stationery, bed and bath, floor coverings, toys, hardware and other categories. We currently operate 303 store locations in 23 states throughout the Eastern half of the United States. For more information, visit www.ollies.us.
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Forward-Looking Statements
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, including our fiscal 2018 business outlook or financial guidance, 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 recently enacted 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 failure to timely acquire and open, the loss of, or disruption or interruption 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; risks associated with the timely and effective deployment and protection of computer networks and other electronic systems; the risks
associated with doing business with international manufacturers; 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 United States Securities and Exchange Commission (“SEC”). Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that
could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Ollie’s undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.
Investor Contact:
Jean Fontana
ICR
646-277-1214
Jean.Fontana@icrinc.com
Media Contact:
Dan Haines
Vice President – Marketing & Advertising
717-657-2300
dhaines@ollies.us
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