☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Total net sales increased 17.8% to $324.9 million.

•

Comparable store sales increased 0.8% on top of a 1.9% increase in the prior year.

•

The Company opened 21 stores during the quarter, ending the period with a total of 324 stores in 23 states, an increase in store count of 17.4% year over year.

•

Net income increased 27.1% to $38.7 million and net income per diluted share increased 28.3% to $0.59.

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Adjusted net income(1) increased 13.5% to $30.2 million and adjusted net income per diluted share(1) increased 12.2% to $0.46.

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Adjusted EBITDA(1) increased 13.7% to $46.6 million.

(1)

As used throughout this release, adjusted operating income, adjusted net income, adjusted net income per diluted share, EBITDA and adjusted EBITDA are not measures recognized under U.S. generally accepted accounting principles (“GAAP”). Please see the accompanying financial tables which reconcile GAAP to these non-GAAP measures.

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total net sales of $1.440 billion to $1.453 billion;

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comparable store sales growth of 1.0% to 2.0%;

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the opening of 42 to 44 new stores, with no planned relocations or closures;

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adjusted operating income(2) of $190.0 million to $194.0 million;

•

adjusted net income(2) of $142.0 million to $145.0 million and adjusted net income per diluted share(2) of $2.13 to $2.17, both of which exclude excess tax benefits related to stock-based compensation; and

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capital expenditures of $75.0 million to $80.0 million.

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Ollie’s Bargain Outlet Holdings, Inc.

(1)	Components may not add to totals due to rounding.

		May 4,				May 5,
Assets		2019				2018
Current assets:
Cash and cash equivalents		$	58,511			$	27,614
Inventories			329,065				276,040
Accounts receivable			961				414
Prepaid expenses and other assets			5,723				8,132
Total current assets			394,260				312,200
Property and equipment, net			134,498				55,647
Operating lease right-of-use assets (1)			273,099				-
Goodwill			444,850				444,850
Trade name and other intangible assets, net			230,559				232,555
Other assets			2,022				2,084
Total assets		$	1,479,288			$	1,047,336
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt		$	197			$	10,143
Accounts payable			92,738				75,420
Income taxes payable			9,429				10,858
Current portion of operating lease liabilities (1)			50,955				-
Accrued expenses and other			58,773				47,067
Total current liabilities			212,092				143,488
Revolving credit facility			-				-
Long-term debt			413				13,926
Deferred income taxes			55,424				57,094
Long-term operating lease liabilities (1)			222,976				-
Other long-term liabilities			7				7,113
Total liabilities			490,912				221,621
Stockholders’ equity:
Common stock			63				62
Additional paid-in capital			607,241				587,857
Retained earnings			381,158				237,882
Treasury - common stock			(86	)			(86	)
Total stockholders’ equity			988,376				825,715
Total liabilities and stockholders’ equity		$	1,479,288			$	1,047,336

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Net cash provided by operating activities		$	21,976			$	15,348
Net cash used in investing activities			(20,107	)			(4,708	)
Net cash provided by (used in) financing activities			4,701				(22,260	)
Net increase (decrease) in cash and cash equivalents			6,570				(11,620	)
Cash and cash equivalents at the beginning of the period			51,941				39,234
Cash and cash equivalents at the end of the period		$	58,511			$	27,614

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Operating income		$	40,784			$	35,985
Gain from insurance settlement			(565	)			-
Adjusted operating income		$	40,219			$	35,985

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Net income		$	38,717			$	30,454
Gain from insurance settlement			(565	)			-
Loss on extinguishment of debt			-				100
Adjustment to provision for income taxes (1)			144				(25	)
Excess tax benefits related to stock-based compensation  (2)			(8,113	)			(3,932	)
Adjusted net income		$	30,183			$	26,597

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Net income per diluted share		$	0.59			$	0.46
Adjustments as noted above, per diluted share:
Gain from insurance settlement, net of taxes			(0.01	)			-
Loss on extinguishment of debt, net of taxes			—				—
Excess tax benefits related to stock-based compensation			(0.12	)			(0.06	)
Adjusted net income per diluted share (1)		$	0.46			$	0.41
Diluted weighted-average common shares outstanding			66,176				65,624

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Net income		$	38,717			$	30,454
Interest (income) expense, net			(145	)			538
Loss on extinguishment of debt			-				100
Depreciation and amortization expenses			4,199				3,393
Income tax expense			2,212				4,893
EBITDA			44,983				39,378
Gain from insurance settlement			(565	)			-
Non-cash stock-based compensation expense			2,193				1,600
Non-cash purchase accounting items			-				(1	)
Adjusted EBITDA		$	46,611			$	40,977

		Thirteen weeks ended
		May 4,				May 5,
		2019				2018
Number of stores open at beginning of period			303				268
Number of new stores			21				8
Number of stores open at end of period			324				276
Average net sales per store (1)		$	1,032			$	1,011
Comparable stores sales change			0.8	%			1.9	%
Comparable store count – end of period			268				234

10

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