0001140361-20-006788 | 10-K | XBRL Viewer | Ollies Bargain Outlet Holdings INC

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Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Feb. 01, 2020	Mar. 23, 2020	Aug. 03, 2019
Cover [Abstract]
Entity Registrant Name	Ollie's Bargain Outlet Holdings, Inc.
Entity Central Index Key	0001639300
Current Fiscal Year End Date	--02-01
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Public Float			$ 4.4
Entity Common Stock, Shares Outstanding		63,749,400
Document Type	10-K
Amendment Flag	false
Document Period End Date	Feb. 01, 2020
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-37501
Entity Tax Identification Number	80-0848819
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6295 Allentown Boulevard
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Harrisburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17112
City Area Code	717
Local Phone Number	657-2300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	OLLI
Security Exchange Name	NASDAQ

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Consolidated Statements of Income [Abstract]
Net sales	$ 422,431	$ 327,049	$ 333,865	$ 324,854	$ 393,934	$ 283,606	$ 288,098	$ 275,739	$ 1,408,199	$ 1,241,377	$ 1,077,032
Cost of sales									852,610	743,726	645,385
Gross profit	165,540	133,282	124,033	132,734	156,729	115,422	112,624	112,876	555,589	497,651	431,647
Selling, general and administrative expenses									356,060	312,790	278,174
Depreciation and amortization expenses									14,582	11,664	9,817
Pre-opening expenses									13,092	11,143	7,900
Operating income									171,855	162,054	135,756
Interest (income) expense, net									(878)	1,261	4,471
Loss on extinguishment of debt									0	150	798
Income before income taxes									172,733	160,643	130,487
Income tax expense									31,603	25,630	2,893
Net income	$ 50,287	$ 26,956	$ 25,170	$ 38,717	$ 49,894	$ 24,817	$ 29,848	$ 30,454	$ 141,130	$ 135,013	$ 127,594
Earnings per common share:
Basic (in dollars per share)	$ 0.80	$ 0.43	$ 0.40	$ 0.61	$ 0.79	$ 0.40	$ 0.48	$ 0.49	$ 2.23	$ 2.16	$ 2.08
Diluted (in dollars per share)	$ 0.77	$ 0.41	$ 0.38	$ 0.59	$ 0.76	$ 0.38	$ 0.45	$ 0.46	$ 2.14	$ 2.05	$ 1.96
Weighted average common shares outstanding:
Basic (in shares)									63,214	62,568	61,353
Diluted (in shares)									65,874	65,905	64,950

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Current assets:
Cash and cash equivalents	$ 89,950	$ 51,941
Inventories	335,181	296,407
Accounts receivable	2,840	570
Prepaid expenses and other assets	5,567	9,579
Total current assets	433,538	358,497
Property and equipment, net of accumulated depreciation and amortization of $77,286 and $60,433, respectively	132,084	119,052
Operating lease right-of-use assets	352,684	0
Goodwill	444,850	444,850
Trade name and other intangible assets, net of accumulated amortization of $0 and $2,160, respectively	230,559	232,304
Other assets	2,532	4,300
Total assets	1,596,247	1,159,003
Current liabilities:
Current portion of long-term debt	273	238
Accounts payable	63,223	77,431
Income taxes payable	3,906	7,393
Current portion of operating lease liabilities	53,551	0
Accrued expenses and other	56,732	65,934
Total current liabilities	177,685	150,996
Revolving credit facility	0	0
Long-term debt	527	441
Deferred income taxes	59,401	55,616
Long-term operating lease liabilities	299,743	0
Other long-term liabilities	6	9,298
Total liabilities	537,362	216,351
Stockholders' equity:
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued	0	0
Common stock - 500,000 shares authorized at $0.001 par value; 63,712 and 63,015 shares issued, respectively	64	63
Additional paid-in capital	615,350	600,234
Retained earnings	483,571	342,441
Treasury - common stock, at cost; 698 and 9 shares, respectively	(40,100)	(86)
Total stockholders' equity	1,058,885	942,652
Total liabilities and stockholders' equity	$ 1,596,247	$ 1,159,003

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Assets
Property and equipment, accumulated depreciation and amortization	$ 77,286	$ 60,433
Trade name and other intangible assets, accumulated amortization	$ 0	$ 2,160
Stockholders' equity:
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	63,712,000	63,015,000
Treasury - common stock (in shares)	698,000	9,000

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Jan. 28, 2017	$ 61	$ (86)	$ 565,861	$ 85,425	$ 651,261
Beginning balance (in shares) at Jan. 28, 2017	60,756
Beginning balance (in shares) at Jan. 28, 2017		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	7,413	0	7,413
Proceeds from stock options exercised	$ 1	$ 0	10,412	0	10,413
Proceeds from stock options exercised (in shares)	1,231	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	27	0
Common shares withheld for taxes	$ 0	$ 0	(219)	0	(219)
Common shares withheld for taxes (in shares)	(7)	0
Net income	$ 0	$ 0	0	127,594	127,594
Ending balance at Feb. 03, 2018	$ 62	$ (86)	583,467	213,019	796,462
Ending balance (in shares) at Feb. 03, 2018	62,007
Ending balance (in shares) at Feb. 03, 2018		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of adopting ASU 2014-09 (Note 2) \| ASU 2014-09 [Member]	$ 0	$ 0	0	(5,591)	(5,591)
Stock-based compensation expense	0	0	7,291	0	7,291
Proceeds from stock options exercised	$ 1	$ 0	10,178	0	10,179
Proceeds from stock options exercised (in shares)	968	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	52	0
Common shares withheld for taxes	$ 0	$ 0	(702)	0	(702)
Common shares withheld for taxes (in shares)	(12)	0
Net income	$ 0	$ 0	0	135,013	135,013
Ending balance at Feb. 02, 2019	$ 63	$ (86)	600,234	342,441	942,652
Ending balance (in shares) at Feb. 02, 2019	63,015
Ending balance (in shares) at Feb. 02, 2019		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	7,302	0	7,302
Proceeds from stock options exercised	$ 1	$ 0	9,086	0	9,087
Proceeds from stock options exercised (in shares)	653	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	60	0
Common shares withheld for taxes	$ 0	$ 0	(1,272)	0	(1,272)
Common shares withheld for taxes (in shares)	(16)	0
Shares repurchased	$ 0	$ (40,014)	0	0	(40,014)
Shares repurchased (in shares)	0	(689)
Net income	$ 0	$ 0	0	141,130	141,130
Ending balance at Feb. 01, 2020	$ 64	$ (40,100)	$ 615,350	$ 483,571	$ 1,058,885
Ending balance (in shares) at Feb. 01, 2020	63,712
Ending balance (in shares) at Feb. 01, 2020		(698)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Cash flows from operating activities:
Net income	$ 141,130	$ 135,013	$ 127,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	17,543	14,008	11,923
Amortization of debt issuance costs	296	482	640
Amortization of original issue discount	0	5	17
Loss on extinguishment of debt	0	150	798
Amortization of intangibles	0	335	338
Gain on sale of assets	(74)	(48)	(29)
Deferred income tax provision (benefit)	3,785	(1,568)	(30,323)
Deferred rent expense	0	1,590	1,920
Stock-based compensation expense	7,302	7,291	7,413
Changes in operating assets and liabilities:
Inventories	(38,774)	(41,222)	(45,078)
Accounts receivable	(2,270)	701	(970)
Prepaid expenses and other assets	(870)	(4,163)	(4,424)
Accounts payable	(15,513)	3,564	22,955
Income taxes payable	(3,487)	1,358	1,487
Accrued expenses and other liabilities	(3,724)	8,583	1,675
Net cash provided by operating activities	105,344	126,079	95,936
Cash flows from investing activities:
Purchases of property and equipment	(76,979)	(74,178)	(19,285)
Proceeds from sale of property and equipment	42,855	330	128
Net cash used in investing activities	(34,124)	(73,848)	(19,157)
Cash flows from financing activities:
Repayments on term loan and capital leases	(460)	(49,001)	(146,422)
Payment of debt issuance costs	(552)	0	0
Proceeds from stock option exercises	9,087	10,179	10,413
Common shares withheld for taxes	(1,272)	(702)	(219)
Payment for shares repurchased	(40,014)	0	0
Net cash used in financing activities	(33,211)	(39,524)	(136,228)
Net increase (decrease) in cash and cash equivalents	38,009	12,707	(59,449)
Cash and cash equivalents at the beginning of the year	51,941	39,234	98,683
Cash and cash equivalents at the end of the year	89,950	51,941	39,234
Cash paid during the year for:
Interest	355	807	3,806
Income taxes	30,857	26,112	31,949
Non-cash investing activities:
Accrued purchases of property and equipment	$ 4,562	$ 5,735	$ 1,925

Organization and Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2020

Organization and Summary of Significant Accounting Policies [Abstract]

Organization and Summary of Significant Accounting Policies

(1)	Organization and Summary of Significant Accounting Policies

(a)

Description of Business

Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referenced to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked and closeout merchandise from manufacturers, wholesalers and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories.

Since the first store opened in 1982, the Company has grown to 345 retail locations in 25 states as of February 1, 2020. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and West Virginia.

(b)

Fiscal Year

Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer January 31 of the following calendar year. References to the fiscal year ended February 1, 2020 refer to the 52-week period from February 3, 2019 to February 1, 2020 (“2019”). References to the fiscal year ended February 2, 2019 refer to the 52-week period from February 4, 2018 to February 2, 2019 (“2018”). References to the fiscal year ended February 3, 2018 refer to the 53-week period from January 29, 2017 to February 3, 2018 (“2017”).

(c)

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation.

(d)

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(e)

Fair Value Disclosures

Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three-level hierarchy used in measuring fair value, as follows:

●

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 less observable and reflect the Company’s assumptions.

Ollie’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short maturities. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions.

(f)

Cash and Cash Equivalents

The Company considers cash on hand in stores, bank deposits, credit card receivables, and all highly liquid investments with remaining maturities of three months or less at the date of acquisition to be cash and cash equivalents. Amounts receivable from credit card issuers are typically converted to cash within one to two business days of the original sales transaction.

(g)

Concentration of Credit Risk

A financial instrument which potentially subjects the Company to a concentration of credit risk is cash. Ollie’s currently maintains its day-to-day operating cash balances with major financial institutions. The Company’s operating cash balances are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. From time to time, Ollie’s invests temporary excess cash in overnight investments with expected minimal volatility, such as money market funds. Although the Company maintains balances which exceed the FDIC insured limit, it has not experienced any losses related to this balance, and Ollie’s believes the credit risk to be minimal.

(h)

Inventories

Inventories are stated at the lower of cost or market determined using the retail inventory method on a first-in, first-out basis. The cost of inventories includes the merchandise cost, transportation costs, and certain distribution and storage costs. Such costs are thereafter expensed as cost of sales upon the sale of the merchandise.

Inherent in the retail inventory method are certain management judgments and estimates including, among others, merchandise markups, the amount and timing of permanent markdowns, and shrinkage, which may significantly impact both the ending inventory valuation and gross margin.

Factors considered in the determination of permanent markdowns include inventory obsolescence, excess inventories, current and anticipated demand, age of the merchandise and customer preferences. Pursuant to the retail inventory method, permanent markdowns result in the devaluation of inventory and the resulting gross margin reduction is recognized in the period in which the markdown is recorded.

(i)

Property and Equipment

Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation is computed on the straight-line method for financial reporting purposes.

The useful lives for the purpose of computing depreciation and amortization are as follows:

Software	3 years
Automobiles	3 years
Computer equipment	5 years
Furniture, fixtures, and equipment	7-10 years
Buildings	40 years
Leasehold improvements	Lesser of lease term or useful life

(j)

Goodwill/Intangible Assets

The Company amortizes intangible assets over their useful lives unless it determines such lives to be indefinite. Goodwill and intangible assets having indefinite useful lives are not amortized to earnings, but instead are subject to annual impairment testing or more frequently if events or circumstances indicate that the value of goodwill or intangible assets having indefinite useful lives might be impaired.

Goodwill and intangible assets having indefinite useful lives are tested for impairment annually in the fiscal month of October. The Company has the option to evaluate qualitative factors to determine if it is more likely than not that the carrying amount of its sole reporting unit or its nonamortizing intangible assets (consisting of a tradename) exceed their implied respective fair value and whether it is necessary to perform a quantitative analysis to determine impairment. As part of this qualitative assessment, the Company weighs the relative impact of factors that are specific to its sole reporting unit or its nonamortizing intangible assets as well as industry, regulatory and macroeconomic factors that could affect the inputs used to determine the fair value of the assets.

If management determines a quantitative goodwill impairment test is required, or it elects to perform a quantitative test, the test is performed by determining the fair value of the Company’s sole reporting unit. Fair value is determined based upon the Company’s public market capitalization. The quantitative test is a two-step test. Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after the allocation is the implied fair value of the reporting unit’s goodwill.

For 2019, 2018 and 2017 the Company completed an impairment test of its goodwill and determined that no impairment of goodwill existed.

If management determines a quantitative analysis of intangible assets having indefinite useful lives is required, the test is performed using the discounted cash flow method based on management’s projections of future revenues and an estimated royalty rate to determine the fair value of the asset, specifically, the Company’s tradename. An impairment loss is recognized for any excess of the carrying amount of the asset over the implied fair value of that asset.

For 2019, 2018 and 2017, the Company completed an impairment test of its tradename and determined that no impairment of the asset existed.

For 2018 and 2017, intangible assets with determinable useful lives were amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicated that the carrying amount may not be recoverable. Due to the adoption of Accounting Standards Update 2016-02, Leases, as of February 3, 2019, intangible assets are now included in the operating lease right-of-use assets on the consolidated balance sheet.

(k)

Impairment of Long-Lived Assets

Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

(l)

Stock-Based Compensation

The Company measures the cost of employee services received in exchange for stock-based compensation based on the grant date fair value of the employee stock award. For stock option awards, the Company estimates grant date fair value using the Black-Scholes option pricing model. For restricted stock unit awards, grant date fair value is determined based on the closing trading value of the Company’s stock on the date of grant. In both cases, stock-based compensation is recorded on a straight-line basis over the vesting period for the entire award.

(m)

Cost of Sales

Cost of sales includes merchandise costs, inventory markdowns, shrinkage and transportation, distribution and warehousing costs, including depreciation.

(n)

Selling, General and Administrative Expenses

Selling, general and administrative expenses (“SG&A”) are comprised of payroll and benefits for stores, field support and support center employees. SG&A also include marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure and other general expenses.

(o)

Advertising Costs

Advertising costs primarily consist of newspaper circulars, email campaigns, media broadcasts and prominent advertising at professional and collegiate sporting events and are generally expensed the first time the advertising occurs. Advertising expense for 2019, 2018 and 2017 was $42.4 million, $36.7 million and $32.4 million, respectively.

(p)

Operating Leases

The Company generally leases its store locations, distribution centers and office facilities. Many of the lease agreements contain rent holidays, rent escalation clauses and contingent rent provisions – or some combination of these items. For leases of store locations and the store support centers, the Company recognizes rent expense in SG&A. For leases of distribution centers, the Company recognizes rent expense within cost of sales. All rent expense is recorded on a straight-line basis over the accounting lease term, which includes lease renewals determined to be reasonably certain.

The Company recognizes operating lease assets and liabilities at the lease commencement date in accordance with Accounting Standards Update (“ASU”) 2016-02, Leases. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the Company’s right to use an underlying asset for the lease term. The Company’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the portfolio approach, which applies one rate to leases within a given period. The incremental borrowing rate is used to discount future cash flows and is an estimate which is determined by an analysis of the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms and current market conditions.

(q)

Pre-Opening Expenses

Pre-opening expenses consist of expenses of opening new stores and distribution centers, as well as store closing costs. For opening new stores, pre-opening expenses include grand opening advertising costs, payroll expenses, travel expenses, employee training costs, rent expenses, and store setup costs. Pre-opening expenses for new stores are expensed as they are incurred, which is typically within 30 to 45 days of opening a new store. For opening distribution centers, pre-opening expenses primarily include inventory transportation costs, employee travel expenses and occupancy costs. Store closing costs primarily consist of insurance deductibles, rent and store payroll.

(r)

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the life of the related debt. As of February 1, 2020 and February 2, 2019, debt issuance costs, net of accumulated amortization, were $1.1 million and $0.8 million, respectively. The amortization expense for debt issuance costs was $0.3 million, $0.5 million and $0.6 million for 2019, 2018 and 2017, respectively. The write-off of unamortized debt issuance costs recorded in loss on extinguishment of debt on the consolidated statements of income totaled $0.0 million, $0.2 million and $0.8 million for 2019, 2018 and 2017, respectively.

(s)

Self-Insurance Liabilities

Under a number of the Company’s insurance programs, which include the Company’s employee health insurance program, its workers’ compensation and general liability insurance programs, the Company is liable for a portion of its losses. The Company estimates the accrued liabilities for its self-insurance programs using historical claims experience and loss reserves. To limit the Company’s exposure to losses, a stop-loss coverage is maintained through third-party insurers.

(t)

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.

Ollie’s files consolidated federal and state income tax returns. For tax years prior to 2016, the Company is no longer subject to U.S. federal income tax examinations. State income tax returns are filed in various state tax jurisdictions, as appropriate, with varying statutes of limitation and remain subject to examination for varying periods up to three to four years depending on the state.

(u)

Earnings per Common Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding, after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units.

The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts):

	Fiscal year ended
	February 1, 2020		February 2, 2019		February 3, 2018
Net income	$	141,130	$	135,013	$	127,594

Weighted average number of common shares outstanding – Basic		63,214		62,568		61,353
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		2,660		3,337		3,597
Weighted average number of common shares outstanding – Diluted		65,874		65,905		64,950
Earnings per common share – Basic	$	2.23	$	2.16	$	2.08
Earnings per common share – Diluted	$	2.14	$	2.05	$	1.96

The effect of the weighted average assumed exercise of stock options outstanding totaling 359,801, 100,183 and 126,899 as of February 1, 2020, February 2, 2019 and February 3, 2018, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

The effect of weighted average non-vested restricted stock units outstanding totaling 34,673, 6,800 and 10,169 as of February 1, 2020, February 2, 2019 and February 3, 2018, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

(v)

Immaterial Correction of Prior Period Financial Statements

During the fourth quarter of fiscal 2019, the Company identified that it had been incorrectly recording the activity within one of its cash accounts as borrowings and repayments on its revolving credit facility within the consolidated statements of cash flows although there were no actual borrowings or repayments on the revolving credit facility during the periods. The error had no impact to total net cash used in financing activities or to the Company’s consolidated balance sheets or consolidated statements of income. The Company corrected the presentation for the current period as well as the prior periods in the accompanying consolidated statements of cash flows.

Net Sales

12 Months Ended

Feb. 01, 2020

Net Sales [Abstract]

Net Sales

(2)

Net Sales

Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

Adoption of ASU 2014-09, Revenue from Contracts with Customers

In May 2014, the Financial Accounting Standards Board issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than prior guidance.

The Company adopted ASU 2014-09 as of February 4, 2018 using the modified retrospective transition method. Results for reporting periods beginning after February 4, 2018 are presented pursuant to the requirements of the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under prior guidance.

The Company recorded a net reduction to the opening balance of retained earnings of $5.6 million as of February 4, 2018 due to the cumulative impact of adopting ASU 2014-09, with the impact primarily related to the changes in revenue recognition associated with the Company’s customer loyalty program and gift card breakage.

The cumulative effect of changes to the Company’s consolidated February 4, 2018 balance sheet for the adoption of ASU 2014-09 was as follows (in thousands):

	Balance at February 3, 2018		Adjustments Due to ASU 2014-09			Balance at February 4, 2018
Assets
Inventories	$	255,185	$	339		$	255,524

Liabilities
Accrued expenses and other		46,327		7,853			54,180
Deferred income taxes		59,073		(1,923	)		57,150

Equity
Retained earnings		213,019		(5,591	)		207,428

The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated income statement and statement of cash flows for 2018. As a result of the adoption of ASU 2014-09, the Company determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction as noted below. The Company’s balance sheet at February 2, 2019 reflected an additional liability of $9.1 million related to the Ollie’s Army loyalty program which would not have been recorded prior to adoption. Other changes to the consolidated balance sheet at February 2, 2019 were not significant.

Revenue Recognition

Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. The maximum redemption period is 45 days. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability. Discount awards are combined in one homogeneous pool and are not separately identifiable. Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. The following table is a reconciliation of the liability related to this program (in thousands):

	Fiscal year ended
	February 1, 2020			February 2, 2019
Beginning balance	$	9,055		$	8,321
Revenue deferred		15,720			12,180
Revenue recognized		(16,521	)		(11,446	)
Ending balance	$	8,254		$	9,055

Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability (in thousands):

	Fiscal year ended
	February 1, 2020			February 2, 2019
Beginning balance	$	1,448		$	1,223
Gift card issuances		5,178			4,561
Gift card redemption and breakage		(4,947	)		(4,336	)
Ending balance	$	1,679		$	1,448

Sales return allowance is recorded on a gross basis on the consolidated balance sheet as a refund liability and an asset for recovery rather than as a net liability. The allowance for estimated retail merchandise returns is based on prior experience. The following table provides a reconciliation of the activity related to the Company’s sales returns allowance (in thousands):

	Fiscal year ended
	February 1, 2020			February 2, 2019			February 3, 2018
Beginning balance	$	798		$	339		$	339
Cumulative effect of adopting ASU 2014-09		–			339			–
Provisions		55,649			46,049			39,421
Sales returns		(55,387	)		(45,929	)		(39,421	)
Ending balance	$	1,060		$	798		$	339

Property and Equipment

12 Months Ended

Feb. 01, 2020

Property and Equipment [Abstract]

Property and Equipment

(3)	Property and Equipment

Property and equipment consists of the following (in thousands):

	February 1, 2020			February 2, 2019
Land	$	7,479		$	27,010
Buildings		3,154			1,518
Furniture, fixtures, and equipment		141,359			106,647
Leasehold improvements		25,019			16,791
Automobiles		1,912			1,999
Construction in progress		30,447			25,520
		209,370			179,485
Less: Accumulated depreciation and amortization		(77,286	)		(60,433	)
	$	132,084		$	119,052

Depreciation and amortization expense of property and equipment was $17.5 million, $14.0 million and $11.9 million for 2019, 2018 and 2017, respectively, of which $14.6 million, $11.7 million and $9.8 million is included in the depreciation and amortization expenses for 2019, 2018 and 2017 respectively, on the consolidated statements of income. The remainder, as it relates to the Company’s distribution centers, is included within cost of sales on the consolidated statements of income.

Commitments and Contingencies

12 Months Ended

Feb. 01, 2020

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(4)	Commitments and Contingencies

Commitments

On February 3, 2019, the first day of Ollie’s fiscal year 2019, the Company adopted ASU 2016-02, Leases (“ASU 2016-02”), which requires that lessees recognize right-of-use assets and lease liabilities for all leases on the balance sheet. The Company used the modified retrospective transition method, including the option to not restate comparative periods. Pursuant to the adoption of the new standard, the Company elected the practical expedients upon transition that did not require it to reassess existing contracts to determine if they contain leases under the new definition of a lease, or to reassess historical lease classification or initial direct costs. The Company also adopted the practical expedient to not separate lease and non-lease components for new leases after adoption of the new standard. In addition, the Company applied a policy election to exclude leases with an initial term of 12 months or less from balance sheet recognition. The Company did not adopt the hindsight practical expedient and, therefore, will continue to utilize lease terms determined under previous lease guidance.

Adoption of the standard had a material impact on the consolidated balance sheet and related disclosures and resulted in recognition of right-of-use assets of $268.2 million and lease liabilities for operating leases of $269.1 million as of February 3, 2019, while eliminating pre-existing balances for other assets of $6.9 million, deferred rent and tenant improvement allowances of $9.5 million and intangible assets related to favorable leases of $1.7 million which were reclassified to the operating lease right-of-use asset. The standard did not have a material impact on the Company’s consolidated statement of income, stockholders’ equity or cash flows.

Ollie’s generally leases its stores, offices and distribution facilities under operating leases that expire at various dates through 2034. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales. A majority of the Company’s leases also require a payment for all or a portion of common area maintenance, insurance, real estate taxes, water and sewer costs and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASU 2016-02, is charged to the related expense category rather than being accounted for as rent expense. For leases entered into after the adoption of ASU 2016-02, the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets. Most of the leases contain options to renew for three to five successive five-year periods. The Company is generally not reasonably certain to exercise renewal options, therefore the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments. Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Store and office lease costs are classified in SG&A and distribution center lease costs are classified in cost of goods sold on the consolidated statements of income. Lease costs for operating leases for 2019, 2018, and 2017 were $67.4 million, $49.8 million, and $44.2 million respectively.

The following table summarizes the maturity of the Company’s operating lease liabilities as of February 1, 2020 (in thousands):

2020	$	67,960
2021		68,973
2022		62,891
2023		59,215
2024		43,029
Thereafter		111,419
Total undiscounted lease payments⁽¹⁾		413,487
Less: Imputed interest		(60,193	)
Total lease obligations		353,294
Less: Current obligations under leases		(53,551	)
Long-term lease obligations	$	299,743

⁽¹⁾

Lease obligations exclude $32.2 million of minimum lease payments for leases signed, but not commenced.

The following table summarizes other information related to the Company’s operating leases as of and for the fiscal year ended February 1, 2020 (dollars in thousands):

Cash paid for operating leases	$	66,705
Variable lease cost		2,421
Non-cash right-of-use assets obtained in exchange for lease obligations		91,986
Weighted-average remaining lease term	7.1 years
Weighted-average discount rate		4.5	%

The Company adopted the new lease standard in the first quarter of 2019 as discussed in Note 1, and as required, the following disclosure is provided for periods prior to adoption. As of February 2, 2019, the following is a schedule by year of future minimum rental payments required under non-cancelable operating leases, including renewal periods that were reasonably assured and that had initial or remaining lease terms in excess of one year, excluding any payments related to insurance, taxes, or maintenance (in thousands):

2019	$	60,804
2020		56,106
2021		49,226
2022		42,724
2023		34,876
Thereafter		65,218
Total minimum lease payments	$	308,954

Related Party Leases

The Company has entered into five non-cancelable operating leases with related parties for office and store locations that expire at various dates through 2033. Ollie’s made $1.5 million, $1.3 million, and $1.5 million in rent payments to such related parties during 2019, 2018 and 2017, respectively. The annual lease payments are between $1.0 million and $1.7 million for the next five years and the total remaining payments after the next five years are $5.8 million. These lease payments are included in the operating lease disclosures stated above.

Contingencies

From time to time the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party. However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources.

Sale-Leaseback

On May 31, 2019, OBO Ventures, Inc. (“OBO”), a wholly owned subsidiary of the Company, entered into a sale-leaseback transaction with an unaffiliated third-party involving 12 former Toys “R” Us store locations which were acquired by OBO on August 29, 2018. OBO received approximately $42.0 million for the 12 locations, which resulted in no net gain or loss. Each of the 12 leased locations has 15-year lease terms with options for renewal.

Goodwill and Other Intangible Assets

12 Months Ended

Feb. 01, 2020

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

(5)	Goodwill and Other Intangible Assets

Goodwill and other intangible assets consist of the following (in thousands):

	February 1, 2020		February 2, 2019
Non-amortizing intangible assets:
Goodwill	$	444,850	$	444,850
Tradename		230,559		230,559
Amortizing intangible assets:
Favorable leases		-		3,905
Accumulated amortization:
Favorable leases		-		(2,160	)
	$	675,409	$	677,154

Amortization expense for each of 2018 and 2017 was $0.3 million, which was charged to rent expense. In 2019, as a result of the adoption of ASU 2016-02, favorable leases are now included in operating lease right-of-use assets and no longer reflected in intangible assets.

Accrued Expenses

12 Months Ended

Feb. 01, 2020

Accrued Expenses [Abstract]

Accrued Expenses

(6)	Accrued Expenses

Accrued expenses consist of the following (in thousands):

	February 1, 2020		February 2, 2019
Compensation and benefits	$	11,375	$	16,438
Deferred revenue		9,933		10,503
Insurance		4,864		6,159
Real estate related		4,787		3,748
Sales and use taxes		4,590		3,464
Freight		3,363		4,496
Advertising		2,486		5,678
Other		15,334		15,448
	$	56,732	$	65,934

Debt Obligations and Financing Arrangements

12 Months Ended

Feb. 01, 2020

Debt Obligations and Financing Arrangements [Abstract]

Debt Obligations and Financing Arrangements

(7)	Debt Obligations and Financing Arrangements

Long-term debt consists of the following (in thousands):

	February 1, 2020			February 2, 2019
Finance leases	$	800		$	679
Total debt		800			679
Less: Current portion		(273	)		(238	)
Long-term debt	$	527		$	441

The Company’s prior credit facilities consisted of a $200.0 million term loan, which was fully paid as of February 2, 2019, and a $100.0 million revolving credit facility, which included a $25.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans. Loans under the prior credit facilities would have matured January 29, 2021; however, the Company made voluntary prepayments under the prior term loan facility totaling $48.8 million during 2018, paying the balance in full.

On May 22, 2019, the Company completed a transaction in which it refinanced its credit facility (the “Credit Facility”). The Credit Facility provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”). The loans under the Revolving Credit Facility mature on May 22, 2024. In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility.

The interest rates for the Credit Facility are calculated as follows: for Base Rate Loans, the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% or the Eurodollar Rate plus 1.0%, plus the Applicable Margin, or, for Eurodollar Loans, the Eurodollar Rate plus the Applicable Margin. The Applicable Margin will vary from 0.00% to 0.50% for a Base Rate Loan and 1.00% to 1.50% for a Eurodollar Loan, based on availability under the Credit Facility. The Eurodollar Rate is subject to a 0% floor.

Under the terms of the Revolving Credit Facility, as of February 1, 2020, the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million.

As of February 1, 2020, the Company had no outstanding borrowings under the Revolving Credit Facility, with $90.8 million of borrowing availability, outstanding letters of credit commitments of $9.0 million and $0.2 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.125% to 0.250% per annum. The Company incurred unused line fees of $0.2 million, $0.2 million and $0.3 million in 2019, 2018 and 2017, respectively.

The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during 2019.

The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of February 1, 2020, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions that are a party to the Credit Facility, subject to material exceptions including proforma compliance with the applicable conditions described in the Credit Facility.

Income Taxes

12 Months Ended

Feb. 01, 2020

Income Taxes [Abstract]

Income Taxes

(8)	Income Taxes

On December 22, 2017, new U.S. federal tax legislation, the Tax Cuts and Jobs Act (the “2017 Tax Act”) was enacted. The new legislation was a significant modification of existing U.S. federal tax law and contained a number of provisions which impacted the tax position of the Company in 2017 and 2018. Among other things, the 2017 Tax Act permanently lowered the federal corporate tax rate to 21% from the existing maximum rate of 35%, effective for tax years including or commencing January 1, 2018. As a result of the 2017 Tax Act, the Company recorded a tax benefit of $30.9 million in 2017 due to the net impact of the revaluation of net deferred tax liability balances.

The components of income tax provision (benefit) are as follows (in thousands):

	Fiscal year ended
	February 1, 2020		February 2, 2019			February 3, 2018
Current:
Federal	$	21,737	$	20,804		$	27,817
State		6,081		6,394			5,399
		27,818		27,198			33,216
Deferred:
Federal		3,393		(901	)		(29,851	)
State		392		(667	)		(472	)
		3,785		(1,568	)		(30,323	)
Income tax expense	$	31,603	$	25,630		$	2,893

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:

	Fiscal year ended
	February 1, 2020			February 2, 2019			February 3, 2018
Statutory federal rate		21.0	%		21.0	%		33.7	%
State taxes, net of federal benefit		3.0			2.8			2.5
Impact from 2017 Tax Act		–			0.2			(23.7	)
Excess tax benefits related to stock-based compensation		(5.4	)		(7.4	)		(9.9	)
Other		(0.3	)		(0.6	)		(0.4	)
		18.3	%		16.0	%		2.2	%

Deferred income taxes reflect the effect of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the carrying amounts used for income tax reporting purposes. Significant components of deferred tax assets and liabilities are as follows (in thousands):

	February 1, 2020			February 2, 2019
Deferred tax assets:
Inventory reserves	$	1,015		$	1,134
Lease liability		87,979			–
Deferred rent		–			2,957
Stock-based compensation		4,622			4,175
Deferred revenue		2,105			2,316
Other		2,593			2,642
Total deferred tax assets		98,314			13,224
Deferred tax liabilities:
Tradename		(58,759	)		(58,946	)
Depreciation		(11,136	)		(9,450	)
Operating lease right-of-use assets		(87,820	)		(444	)
Total deferred tax liabilities		(157,715	)		(68,840	)
Net deferred tax liabilities	$	(59,401	)	$	(55,616	)

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income and the scheduled reversal of deferred liabilities over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences as of February 1, 2020 and February 2, 2019.

Ollie’s has no material accrual for uncertain tax positions or interest or penalties related to income taxes on the Company’s consolidated balance sheets as of February 1, 2020 or February 2, 2019, and has not recognized any material uncertain tax positions or interest or penalties related to income taxes in the consolidated statements of income for 2019, 2018 or 2017.

Equity Incentive Plans

12 Months Ended

Feb. 01, 2020

Equity Incentive Plans [Abstract]

Equity Incentive Plans

(9)	Equity Incentive Plans

During 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering (the “IPO”), no additional equity grants will be made under the 2012 Plan.

In connection with the IPO, the Company adopted the 2015 equity incentive plan (the “2015 Plan”), pursuant to which the Company’s Board of Directors may grant stock options, restricted shares or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of February 1, 2020, there were 3,312,540 shares available for grant under the 2015 Plan.

Stock Options

The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death.

A summary of the Company’s stock option activity and related information follows for 2017, 2018 and 2019 (in thousands, except share and per share amounts):

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at January 28, 2017		5,425,960		$	9.62		-		-
Granted		357,222			32.64
Forfeited		(93,867	)		16.06
Exercised		(1,230,928	)		8.46
Outstanding at February 3, 2018		4,458,387			11.65
Granted		279,629			58.96
Forfeited		(23,069	)		42.02
Exercised		(968,525	)		10.51
Outstanding at February 2, 2019		3,746,422			15.29
Granted		357,718			76.28
Forfeited		(222,729	)		51.53
Exercised		(652,719	)		13.92
Outstanding at February 1, 2020		3,228,692			19.83		4.6	$	114,822
Exercisable at February 1, 2020		2,455,473			10.85		3.6	$	103,884

The intrinsic value of stock options exercised for 2019, 2018 and 2017 was $44.6 million, $59.4 million and $42.7 million, respectively.

The weighted average grant date fair value per option for options granted during 2019, 2018 and 2017 was $23.67, $18.78 and $10.68, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:

	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Risk-free interest rate		2.30	%		2.70	%		2.20	%
Expected dividend yield		–			–			–
Expected life (years)	6.25 years			6.25 years			6.25 years
Expected volatility		26.00	%		25.85	%		28.29	%

The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses its historical information since its IPO as well as comparable public companies as a basis for its expected volatility to calculate the fair value of option grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.

Restricted Stock Units

Restricted stock units (“RSUs”) are issued at a value not less than the fair market value of the common stock on the date of the grant. RSUs outstanding vest ratably over four years or cliff vest in one or four years. Awards are subject to employment for vesting and are not transferable other than upon death.

A summary of the Company’s RSU activity and related information for 2017, 2018 and 2019 is as follows:

	Number of shares			Weighted average grant date fair value
Nonvested balance at January 28, 2017		136,718		$	20.36
Granted		97,472			32.71
Forfeited		(179	)		31.45
Vested		(26,665	)		20.37
Nonvested balance at February 3, 2018		207,346			26.15
Granted		64,511			58.93
Forfeited		–			–
Vested		(51,657	)		26.19
Nonvested balance at February 2, 2019		220,200			35.75
Granted		77,469			75.40
Forfeited		(60,172	)		50.25
Vested		(59,951	)		33.82
Nonvested balance at February 1, 2020		177,546			48.78

Stock-Based Compensation Expense

The compensation cost for stock options and RSUs which has been recorded within SG&A was $7.3 million, $7.3 million and $7.4 million for 2019, 2018 and 2017, respectively.

As of February 1, 2020, there was $13.5 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.8 years. Compensation costs related to awards are recognized using the straight-line method.

Employee Benefit Plans

12 Months Ended

Feb. 01, 2020

Employee Benefit Plans [Abstract]

Employee Benefit Plans

(10)	Employee Benefit Plans

Ollie’s sponsors a defined contribution plan (the “Plan”), qualified under Internal Revenue Code (“IRC”) Section 401(k), for the benefit of employees. An employee becomes eligible to participate in the Plan upon attaining at least 21 years of age and completing three months of full-time employment. An employee may elect to contribute annual compensation up to the maximum allowable under the IRC. The Company assumes all administrative costs of the Plan and matches the employee’s contribution up to 25% of the first 6% of their annual compensation. The portion that the Company matches is vested ratably over six years. The employer matching contributions to the Plan were $0.2 million in each of 2019, 2018 and 2017.

In addition to the regular matching contribution, the Company may elect to make a discretionary matching contribution. Discretionary contributions shall be allocated as a percentage of compensation of eligible participants for the Plan year. There were no discretionary contributions in 2019, 2018 or 2017.

Common Stock

12 Months Ended

Feb. 01, 2020

Common Stock [Abstract]

Common Stock

(11)	Common Stock

Common Stock

The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 par value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method.

Share Repurchase Program

On March 26, 2019, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. The program is authorized to be executed through March 2021. Shares to be repurchased may be purchased from time to time in open market conditions.

During 2019, the Company repurchased 689,457 shares of its common stock for $40.0 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash generated from operations. As of February 1, 2020, the Company had $60.0 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time.

Segment Reporting

12 Months Ended

Feb. 01, 2020

Segment Reporting [Abstract]

Segment Reporting

(12)	Segment Reporting

For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.

The following table summarizes the percentage of net sales by merchandise category for each year presented:

	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Housewares		15.0	%		15.1	%		13.7	%
Food		10.8			11.0			11.9
Bed and bath		10.5			10.1			10.5
Books and stationery		8.6			9.4			10.0
Floor coverings		8.4			7.8			7.7
Electronics		6.6			6.8			6.9
Toys		6.5			6.8			5.5
Health and beauty aids		5.7			5.6			5.5
Other		27.9			27.4			28.3
		100.0	%		100.0	%		100.0	%

Quarterly Results of Operations and Seasonality (Unaudited)

12 Months Ended

Feb. 01, 2020

Quarterly Results of Operations and Seasonality (Unaudited) [Abstract]

Quarterly Results of Operations and Seasonality (Unaudited)

(13)	Quarterly Results of Operations and Seasonality (Unaudited)

The following table reflects quarterly financial results for 2019 and 2018 (in thousands, except for per share data). Each quarterly period listed below consisted of a 13-week period. The sum of the four quarters for any given year may not equal annual totals due to rounding.

	2019								2018
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Net sales	$	422,431	$	327,049	$	333,865	$	324,854	$	393,934	$	283,606	$	288,098	$	275,739
Gross profit		165,540		133,282		124,033		132,734		156,729		115,422		112,624		112,876
Net income		50,287		26,956		25,170		38,717		49,894		24,817		29,848		30,454
Basic earnings per common share	$	0.80	$	0.43	$	0.40	$	0.61	$	0.79	$	0.40	$	0.48	$	0.49
Diluted earnings per common share	$	0.77	$	0.41	$	0.38	$	0.59	$	0.76	$	0.38	$	0.45	$	0.46

The Company’s business is seasonal in nature and demand is generally the highest in the fourth fiscal quarter due to the holiday sales season. To prepare for the holiday sales season, Ollie’s must order and keep in stock more merchandise than is carried during other times of the year and generally engage in additional marketing efforts. The Company expects inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in the third and fourth fiscal quarters in anticipation of increased net sales during the holiday sales season. As a result of this seasonality, and generally because of variation in consumer spending habits, the Company experiences fluctuations in net sales and working capital requirements during the year.

Subsequent Event

12 Months Ended

Feb. 01, 2020

Subsequent Event [Abstract]

Subsequent Event

(14)	Subsequent Event

In March 2020, the outbreak of COVID-19 (coronavirus) caused by a novel strain of the coronavirus has recently been recognized as a pandemic by the World Health Organization, and the outbreak has become increasingly widespread in the United States, including in the markets in which the Company operates. The COVID-19 (coronavirus) outbreak has had a notable impact on general economic conditions, including but not limited to the temporary closures of many businesses, “shelter in place” and other governmental regulations, reduced consumer spending due to both job losses and other effects attributable to the COVID-19 (coronavirus), and there are many unknowns. While to date the Company has not been required to close any of its stores, the Company is currently operating under reduced hours and has seen increased sales pressure in recent days. The Company continues to monitor the impact of the COVID-19 (coronavirus) outbreak closely. The extent to which the COVID-19 (coronavirus) outbreak will impact its operations or financial results is uncertain.

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only)

12 Months Ended

Feb. 01, 2020

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only) [Abstract]

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only)

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Condensed Balance Sheets

(In thousands)

	February 1, 2020			February 2, 2019
Assets
Total current assets	$	–		$	–
Long-term assets:
Investment in subsidiaries		1,058,885			942,652
Total assets	$	1,058,885		$	942,652

Liabilities and stockholders’ equity
Total current liabilities	$	–		$	–
Total long-term liabilities		–			–
Total liabilities		–			–
Stockholders’ equity:
Common stock		64			63
Additional paid-in capital		615,350			600,234
Retained earnings		483,571			342,441
Treasury stock, at cost		(40,100	)		(86	)
Total stockholders’ equity		1,058,885			942,652
Total liabilities and stockholders’ equity	$	1,058,885		$	942,652

See accompanying notes.

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Condensed Statements of Income

(In thousands)

Fiscal year ended

February 1,

2020

February 2,

2019

February 3,

2018

Net sales

–

Cost of sales

–

Gross profit

–

Selling, general and administrative expenses

–

Depreciation and amortization expenses

–

Pre-opening expenses

–

Operating income

–

Interest expense, net

–

Income before income taxes and equity in net income of subsidiaries

–

Income tax expense

–

Income before equity in net income of subsidiaries

–

Net income of subsidiaries

141,130

135,013

127,594

Net income

141,130

135,013

127,594

See accompanying notes.

Schedule I - Condensed Financial Information of Registrant

Ollie’s Bargain Outlet Holdings, Inc. (parent company only)

Notes to Condensed Financial Statements

1.	Basis of presentation

In the parent-company-only condensed financial statements, Ollie’s Bargain Outlet Holdings, Inc.’s (the “Company”) investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date of acquisition. The parent-company-only condensed financial statements should be read in conjunction with the Company’s consolidated financial statements. A condensed statement of cash flows was not presented because Ollie’s Bargain Outlet Holdings, Inc. had no cash flow activities during 2019, 2018 or 2017.

2.	Guarantees and restrictions

Ollie’s Bargain Outlet, Inc., a subsidiary of the Company, had prior credit facilities which consisted of a $200.0 million term loan, which was fully paid as of February 2, 2019. On May 22, 2019, Ollie’s Bargain Outlet, Inc. completed a transaction in which it refinanced its credit facility (the “Credit Facility”). The Credit Facility provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”). The loans under the Revolving Credit Facility mature on May 22, 2024. In addition, Ollie’s Bargain Outlet, Inc. may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to the terms and conditions set out in the Credit Facility. Under the terms of the Credit Facility, Bargain Parent, Inc., a subsidiary of the Company, guaranteed the payment of all principal and interest. In the event of a default under the Credit Facility, Bargain Parent, Inc. will be directly liable to the debt holders.

As of February 1, 2020, Ollie’s Bargain Outlet, Inc. had $90.8 million available for borrowing under its Revolving Credit Facility. The Revolving Credit Facility matures on May 22, 2024.

The Credit Facility is collateralized by the Company’s assets and equity and contain financial covenants, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of such agreements. The Company was in compliance with all terms of such agreements during and as of the fiscal year ended February 1, 2020.

The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of February 1, 2020, from being used to pay any dividends or make other restricted payments without prior written consent from the lenders under the Credit Facility, subject to certain exceptions.

Organization and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 01, 2020

Organization and Summary of Significant Accounting Policies [Abstract]

Fiscal Year

(b)

Fiscal Year

Principles of Consolidation

(c)

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany transactions have been eliminated in consolidation.

Use of Estimates

(d)

Use of Estimates

Fair Value Disclosures

(e)

Fair Value Disclosures

●

Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

●

Level 3 inputs are less observable and reflect the Company’s assumptions.

Cash and Cash Equivalents

(f)

Cash and Cash Equivalents

Concentration of Credit Risk

(g)

Concentration of Credit Risk

Inventories

(h)

Inventories

Property and Equipment

(i)

Property and Equipment

The useful lives for the purpose of computing depreciation and amortization are as follows:

Software	3 years
Automobiles	3 years
Computer equipment	5 years
Furniture, fixtures, and equipment	7-10 years
Buildings	40 years
Leasehold improvements	Lesser of lease term or useful life

Goodwill/Intangible Assets

(j)

Goodwill/Intangible Assets

For 2019, 2018 and 2017 the Company completed an impairment test of its goodwill and determined that no impairment of goodwill existed.

For 2019, 2018 and 2017, the Company completed an impairment test of its tradename and determined that no impairment of the asset existed.

Impairment of Long-Lived Assets

(k)

Impairment of Long-Lived Assets

Stock-Based Compensation

(l)

Stock-Based Compensation

Cost of Sales

(m)

Cost of Sales

Cost of sales includes merchandise costs, inventory markdowns, shrinkage and transportation, distribution and warehousing costs, including depreciation.

Selling, General and Administrative Expenses

(n)

Selling, General and Administrative Expenses

Advertising Costs

(o)

Advertising Costs

Operating Leases

(p)

Operating Leases

Pre-Opening Expenses

(q)

Pre-Opening Expenses

Debt Issuance Costs

(r)

Debt Issuance Costs

Self-Insurance Liabilities

(s)

Self-Insurance Liabilities

Income Taxes

(t)

Income Taxes

Earnings per Common Share

(u)

Earnings per Common Share

The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts):

	Fiscal year ended
	February 1, 2020		February 2, 2019		February 3, 2018
Net income	$	141,130	$	135,013	$	127,594

Weighted average number of common shares outstanding – Basic		63,214		62,568		61,353
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		2,660		3,337		3,597
Weighted average number of common shares outstanding – Diluted		65,874		65,905		64,950
Earnings per common share – Basic	$	2.23	$	2.16	$	2.08
Earnings per common share – Diluted	$	2.14	$	2.05	$	1.96

Immaterial Correction of Prior Period Financial Statements

(v)

Immaterial Correction of Prior Period Financial Statements

Net Sales (Policies)	12 Months Ended
Net Sales (Policies)	Feb. 01, 2020
Net Sales [Abstract]
Net Sales	Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise. Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage. Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

Organization and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 01, 2020

Organization and Summary of Significant Accounting Policies [Abstract]

Useful Lives of Property and Equipment

The useful lives for the purpose of computing depreciation and amortization are as follows:

Software	3 years
Automobiles	3 years
Computer equipment	5 years
Furniture, fixtures, and equipment	7-10 years
Buildings	40 years
Leasehold improvements	Lesser of lease term or useful life

Earnings per Common Share

The following table summarizes those effects for the diluted earnings per common share calculation (in thousands, except per share amounts):

	Fiscal year ended
	February 1, 2020		February 2, 2019		February 3, 2018
Net income	$	141,130	$	135,013	$	127,594

Weighted average number of common shares outstanding – Basic		63,214		62,568		61,353
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		2,660		3,337		3,597
Weighted average number of common shares outstanding – Diluted		65,874		65,905		64,950
Earnings per common share – Basic	$	2.23	$	2.16	$	2.08
Earnings per common share – Diluted	$	2.14	$	2.05	$	1.96

Net Sales (Tables)

12 Months Ended

Feb. 01, 2020

Net Sales [Abstract]

Cumulative Effect of Changes to Consolidated Balance Sheet for Adoption of ASU 2014-09

The cumulative effect of changes to the Company’s consolidated February 4, 2018 balance sheet for the adoption of ASU 2014-09 was as follows (in thousands):

	Balance at February 3, 2018		Adjustments Due to ASU 2014-09			Balance at February 4, 2018
Assets
Inventories	$	255,185	$	339		$	255,524

Liabilities
Accrued expenses and other		46,327		7,853			54,180
Deferred income taxes		59,073		(1,923	)		57,150

Equity
Retained earnings		213,019		(5,591	)		207,428

Reconciliation of Liabilities for Ollie's Army Loyalty Program, Gift Cards and Sales Return Allowance

	Fiscal year ended
	February 1, 2020			February 2, 2019
Beginning balance	$	9,055		$	8,321
Revenue deferred		15,720			12,180
Revenue recognized		(16,521	)		(11,446	)
Ending balance	$	8,254		$	9,055

	Fiscal year ended
	February 1, 2020			February 2, 2019
Beginning balance	$	1,448		$	1,223
Gift card issuances		5,178			4,561
Gift card redemption and breakage		(4,947	)		(4,336	)
Ending balance	$	1,679		$	1,448

	Fiscal year ended
	February 1, 2020			February 2, 2019			February 3, 2018
Beginning balance	$	798		$	339		$	339
Cumulative effect of adopting ASU 2014-09		–			339			–
Provisions		55,649			46,049			39,421
Sales returns		(55,387	)		(45,929	)		(39,421	)
Ending balance	$	1,060		$	798		$	339

Property and Equipment (Tables)

12 Months Ended

Feb. 01, 2020

Property and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following (in thousands):

	February 1, 2020			February 2, 2019
Land	$	7,479		$	27,010
Buildings		3,154			1,518
Furniture, fixtures, and equipment		141,359			106,647
Leasehold improvements		25,019			16,791
Automobiles		1,912			1,999
Construction in progress		30,447			25,520
		209,370			179,485
Less: Accumulated depreciation and amortization		(77,286	)		(60,433	)
	$	132,084		$	119,052

Commitments and Contingencies (Tables)

12 Months Ended

Feb. 01, 2020

Commitments and Contingencies [Abstract]

Maturity of Operating Lease Liabilities

The following table summarizes the maturity of the Company’s operating lease liabilities as of February 1, 2020 (in thousands):

2020	$	67,960
2021		68,973
2022		62,891
2023		59,215
2024		43,029
Thereafter		111,419
Total undiscounted lease payments⁽¹⁾		413,487
Less: Imputed interest		(60,193	)
Total lease obligations		353,294
Less: Current obligations under leases		(53,551	)
Long-term lease obligations	$	299,743

⁽¹⁾

Lease obligations exclude $32.2 million of minimum lease payments for leases signed, but not commenced.

Other Information Related to Operating Leases

The following table summarizes other information related to the Company’s operating leases as of and for the fiscal year ended February 1, 2020 (dollars in thousands):

Cash paid for operating leases	$	66,705
Variable lease cost		2,421
Non-cash right-of-use assets obtained in exchange for lease obligations		91,986
Weighted-average remaining lease term	7.1 years
Weighted-average discount rate		4.5	%

Future Minimum Rental Payments Required under Non-cancelable Operating Leases

2019	$	60,804
2020		56,106
2021		49,226
2022		42,724
2023		34,876
Thereafter		65,218
Total minimum lease payments	$	308,954

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Feb. 01, 2020

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Goodwill and other intangible assets consist of the following (in thousands):

	February 1, 2020		February 2, 2019
Non-amortizing intangible assets:
Goodwill	$	444,850	$	444,850
Tradename		230,559		230,559
Amortizing intangible assets:
Favorable leases		-		3,905
Accumulated amortization:
Favorable leases		-		(2,160	)
	$	675,409	$	677,154

Accrued Expenses (Tables)

12 Months Ended

Feb. 01, 2020

Accrued Expenses [Abstract]

Accrued Expenses

Accrued expenses consist of the following (in thousands):

	February 1, 2020		February 2, 2019
Compensation and benefits	$	11,375	$	16,438
Deferred revenue		9,933		10,503
Insurance		4,864		6,159
Real estate related		4,787		3,748
Sales and use taxes		4,590		3,464
Freight		3,363		4,496
Advertising		2,486		5,678
Other		15,334		15,448
	$	56,732	$	65,934

Debt Obligations and Financing Arrangements (Tables)

12 Months Ended

Feb. 01, 2020

Debt Obligations and Financing Arrangements [Abstract]

Long-term Debt

Long-term debt consists of the following (in thousands):

	February 1, 2020			February 2, 2019
Finance leases	$	800		$	679
Total debt		800			679
Less: Current portion		(273	)		(238	)
Long-term debt	$	527		$	441

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Income Taxes (Tables)

12 Months Ended

Feb. 01, 2020

Income Taxes [Abstract]

Income Tax Provision (Benefit)

The components of income tax provision (benefit) are as follows (in thousands):

	Fiscal year ended
	February 1, 2020		February 2, 2019			February 3, 2018
Current:
Federal	$	21,737	$	20,804		$	27,817
State		6,081		6,394			5,399
		27,818		27,198			33,216
Deferred:
Federal		3,393		(901	)		(29,851	)
State		392		(667	)		(472	)
		3,785		(1,568	)		(30,323	)
Income tax expense	$	31,603	$	25,630		$	2,893

Reconciliation of Statutory to Effective Income Tax Rate

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate is as follows:

	Fiscal year ended
	February 1, 2020			February 2, 2019			February 3, 2018
Statutory federal rate		21.0	%		21.0	%		33.7	%
State taxes, net of federal benefit		3.0			2.8			2.5
Impact from 2017 Tax Act		–			0.2			(23.7	)
Excess tax benefits related to stock-based compensation		(5.4	)		(7.4	)		(9.9	)
Other		(0.3	)		(0.6	)		(0.4	)
		18.3	%		16.0	%		2.2	%

Deferred Tax Assets and Liabilities

	February 1, 2020			February 2, 2019
Deferred tax assets:
Inventory reserves	$	1,015		$	1,134
Lease liability		87,979			–
Deferred rent		–			2,957
Stock-based compensation		4,622			4,175
Deferred revenue		2,105			2,316
Other		2,593			2,642
Total deferred tax assets		98,314			13,224
Deferred tax liabilities:
Tradename		(58,759	)		(58,946	)
Depreciation		(11,136	)		(9,450	)
Operating lease right-of-use assets		(87,820	)		(444	)
Total deferred tax liabilities		(157,715	)		(68,840	)
Net deferred tax liabilities	$	(59,401	)	$	(55,616	)

Equity Incentive Plans (Tables)

12 Months Ended

Feb. 01, 2020

Equity Incentive Plans [Abstract]

Stock Option Activity

A summary of the Company’s stock option activity and related information follows for 2017, 2018 and 2019 (in thousands, except share and per share amounts):

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at January 28, 2017		5,425,960		$	9.62		-		-
Granted		357,222			32.64
Forfeited		(93,867	)		16.06
Exercised		(1,230,928	)		8.46
Outstanding at February 3, 2018		4,458,387			11.65
Granted		279,629			58.96
Forfeited		(23,069	)		42.02
Exercised		(968,525	)		10.51
Outstanding at February 2, 2019		3,746,422			15.29
Granted		357,718			76.28
Forfeited		(222,729	)		51.53
Exercised		(652,719	)		13.92
Outstanding at February 1, 2020		3,228,692			19.83		4.6	$	114,822
Exercisable at February 1, 2020		2,455,473			10.85		3.6	$	103,884

Weighted Average Assumptions

	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Risk-free interest rate		2.30	%		2.70	%		2.20	%
Expected dividend yield		–			–			–
Expected life (years)	6.25 years			6.25 years			6.25 years
Expected volatility		26.00	%		25.85	%		28.29	%

RSU Activity

A summary of the Company’s RSU activity and related information for 2017, 2018 and 2019 is as follows:

	Number of shares			Weighted average grant date fair value
Nonvested balance at January 28, 2017		136,718		$	20.36
Granted		97,472			32.71
Forfeited		(179	)		31.45
Vested		(26,665	)		20.37
Nonvested balance at February 3, 2018		207,346			26.15
Granted		64,511			58.93
Forfeited		–			–
Vested		(51,657	)		26.19
Nonvested balance at February 2, 2019		220,200			35.75
Granted		77,469			75.40
Forfeited		(60,172	)		50.25
Vested		(59,951	)		33.82
Nonvested balance at February 1, 2020		177,546			48.78

Segment Reporting (Tables)

12 Months Ended

Feb. 01, 2020

Segment Reporting [Abstract]

Percentage of Net Sales by Merchandise Category

The following table summarizes the percentage of net sales by merchandise category for each year presented:

	Fiscal Year Ended
	February 1, 2020			February 2, 2019			February 3, 2018
Housewares		15.0	%		15.1	%		13.7	%
Food		10.8			11.0			11.9
Bed and bath		10.5			10.1			10.5
Books and stationery		8.6			9.4			10.0
Floor coverings		8.4			7.8			7.7
Electronics		6.6			6.8			6.9
Toys		6.5			6.8			5.5
Health and beauty aids		5.7			5.6			5.5
Other		27.9			27.4			28.3
		100.0	%		100.0	%		100.0	%

Quarterly Results of Operations and Seasonality (Unaudited) (Tables)

12 Months Ended

Feb. 01, 2020

Quarterly Results of Operations and Seasonality (Unaudited) [Abstract]

Quarterly Results of Operations

	2019								2018
	Fourth Quarter		Third Quarter		Second Quarter		First Quarter		Fourth Quarter		Third Quarter		Second Quarter		First Quarter
Net sales	$	422,431	$	327,049	$	333,865	$	324,854	$	393,934	$	283,606	$	288,098	$	275,739
Gross profit		165,540		133,282		124,033		132,734		156,729		115,422		112,624		112,876
Net income		50,287		26,956		25,170		38,717		49,894		24,817		29,848		30,454
Basic earnings per common share	$	0.80	$	0.43	$	0.40	$	0.61	$	0.79	$	0.40	$	0.48	$	0.49
Diluted earnings per common share	$	0.77	$	0.41	$	0.38	$	0.59	$	0.76	$	0.38	$	0.45	$	0.46

Organization and Summary of Significant Accounting Policies, Description of Business (Details)	Feb. 01, 2020 Location State
Organization and Summary of Significant Accounting Policies [Abstract]
Number of retail locations \| Location	345
Number of states in which retail locations are located \| State	25

Organization and Summary of Significant Accounting Policies, Property and Equipment (Details)	12 Months Ended
	Feb. 01, 2020
Software [Member]
Property and Equipment [Abstract]
Useful life	3 years
Automobiles [Member]
Property and Equipment [Abstract]
Useful life	3 years
Computer Equipment [Member]
Property and Equipment [Abstract]
Useful life	5 years
Furniture, Fixtures, and Equipment [Member] \| Minimum [Member]
Property and Equipment [Abstract]
Useful life	7 years
Furniture, Fixtures, and Equipment [Member] \| Maximum [Member]
Property and Equipment [Abstract]
Useful life	10 years
Buildings [Member]
Property and Equipment [Abstract]
Useful life	40 years
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Useful life	Lesser of lease term or useful life

Organization and Summary of Significant Accounting Policies, Goodwill/Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Goodwill [Abstract]
Impairment of goodwill	$ 0	$ 0	$ 0
Tradename [Member]
Intangible Assets [Abstract]
Impairment of intangible assets	$ 0	$ 0	$ 0

Organization and Summary of Significant Accounting Policies, Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Advertising Costs [Abstract]
Advertising expense	$ 42.4	$ 36.7	$ 32.4

Organization and Summary of Significant Accounting Policies, Pre-Opening Expenses (Details)	12 Months Ended
	Feb. 01, 2020
Minimum [Member]
Pre-Opening Expenses [Abstract]
Period to incur pre-opening expenses	30 days
Maximum [Member]
Pre-Opening Expenses [Abstract]
Period to incur pre-opening expenses	45 days

Organization and Summary of Significant Accounting Policies, Debt Issuance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Debt Issuance Costs and Original Issue Discount [Abstract]
Debt issuance costs, net of accumulated amortization	$ 1,100	$ 800
Amortization of debt issuance costs	296	482	$ 640
Loss on extinguishment of debt	$ 0	$ 150	$ 798

Organization and Summary of Significant Accounting Policies, Income Taxes (Details) - State [Member]	12 Months Ended
	Feb. 01, 2020
Minimum [Member]
Income Taxes [Abstract]
Statute of limitation for tax returns	3 years
Maximum [Member]
Income Taxes [Abstract]
Statute of limitation for tax returns	4 years

Organization and Summary of Significant Accounting Policies, Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Earnings per Common Share [Abstract]
Net income	$ 50,287	$ 26,956	$ 25,170	$ 38,717	$ 49,894	$ 24,817	$ 29,848	$ 30,454	$ 141,130	$ 135,013	$ 127,594
Weighted average number of common shares outstanding - Basic (in shares)									63,214,000	62,568,000	61,353,000
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares)									2,660,000	3,337,000	3,597,000
Weighted average number of common shares outstanding - Diluted (in shares)									65,874,000	65,905,000	64,950,000
Earnings per common share - Basic (in dollars per share)	$ 0.80	$ 0.43	$ 0.40	$ 0.61	$ 0.79	$ 0.40	$ 0.48	$ 0.49	$ 2.23	$ 2.16	$ 2.08
Earnings per common share - Diluted (in dollars per share)	$ 0.77	$ 0.41	$ 0.38	$ 0.59	$ 0.76	$ 0.38	$ 0.45	$ 0.46	$ 2.14	$ 2.05	$ 1.96
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)									359,801	100,183	126,899
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)									34,673	6,800	10,169

Organization and Summary of Significant Accounting Policies, Immaterial Correction of Prior Period Financial Statements (Details)	3 Months Ended	12 Months Ended
	Feb. 01, 2020 Account	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Immaterial Correction of Prior Period Financial Statements [Abstract]
Number of cash accounts with incorrectly recorded activity \| Account	1
Borrowings on revolving credit facility		$ 0	$ 0	$ 0
Repayments on revolving credit facility		$ 0	$ 0	$ 0

Net Sales (Details) - USD ($) $ in Thousands	12 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Assets [Abstract]
Inventories	$ 335,181	$ 296,407	$ 255,185
Liabilities [Abstract]
Accrued expenses and other	56,732	65,934	46,327
Deferred income taxes	59,401	55,616	59,073
Equity [Abstract]
Retained earnings	$ 483,571	342,441	213,019
Ollie's Army Loyalty Program Liability [Abstract]
Maximum redemption period for discount awards	45 days
Beginning balance	$ 9,055	8,321
Revenue deferred	15,720	12,180
Revenue recognized	(16,521)	(11,446)
Ending balance	8,254	9,055	8,321
Gift Card Liability [Rollforward]
Beginning balance	1,448	1,223
Gift card issuances	5,178	4,561
Gift card redemption and breakage	(4,947)	(4,336)
Ending balance	1,679	1,448	1,223
Sales Return Allowance [Roll Forward]
Beginning balance	798	339	339
Cumulative effect of adopting ASU 2014-09	0	339	0
Provisions	55,649	46,049	39,421
Sales returns	(55,387)	(45,929)	(39,421)
Ending balance	$ 1,060	$ 798	339
ASU 2014-09 [Member]
Assets [Abstract]
Inventories			255,524
Liabilities [Abstract]
Accrued expenses and other			54,180
Deferred income taxes			57,150
Equity [Abstract]
Retained earnings			207,428
Adjustments Due to ASU 2014-09 [Member] \| ASU 2014-09 [Member]
Assets [Abstract]
Inventories			339
Liabilities [Abstract]
Accrued expenses and other			7,853
Deferred income taxes			(1,923)
Equity [Abstract]
Retained earnings			$ (5,591)

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Property and Equipment [Abstract]
Property and equipment	$ 209,370	$ 179,485
Less: Accumulated depreciation and amortization	(77,286)	(60,433)
Property and equipment, net	132,084	119,052
Depreciation and amortization of property and equipment	17,500	14,000	$ 11,900
Depreciation and amortization expenses	14,582	11,664	$ 9,817
Land [Member]
Property and Equipment [Abstract]
Property and equipment	7,479	27,010
Buildings [Member]
Property and Equipment [Abstract]
Property and equipment	3,154	1,518
Furniture, Fixtures, and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	141,359	106,647
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	25,019	16,791
Automobiles [Member]
Property and Equipment [Abstract]
Property and equipment	1,912	1,999
Construction in Progress [Member]
Property and Equipment [Abstract]
Property and equipment	$ 30,447	$ 25,520

Commitments and Contingencies, Operating Leases (Details)
$ in Thousands

12 Months Ended

Feb. 01, 2020

USD ($)

Option

Feb. 02, 2019

USD ($)

Feb. 03, 2018

USD ($)

Commitments [Abstract]

Right-of-use assets

$ 352,684

$ 0

Lease liabilities

^[1]

$ 353,294

Other assets

6,900

Deferred rent and tenant improvement allowances

9,500

Renewal term of leases

5 years

Lease cost for operating leases

$ 67,400

49,800

$ 44,200

Maturity of Operating Lease Liabilities [Abstract]

67,960

68,973

62,891

59,215

43,029

111,419

Total undiscounted lease payments

413,487

Less: Imputed interest

(60,193)

Total lease obligations

^[1]

353,294

Less: Current obligations under leases

(53,551)

Long-term lease obligations

299,743

Minimum lease payments for leases signed, but not commenced

32,200

Other Information Related to Operating Leases [Abstract]

Cash paid for operating leases

66,705

Variable lease cost

2,421

Non-cash right-of-use assets obtained in exchange for lease obligations

$ 91,986

Weighted-average remaining lease term

7 years 1 month 6 days

Weighted-average discount rate

4.50%

Minimum [Member]

Commitments [Abstract]

Number of options to renew operating leases | Option

Maximum [Member]

Commitments [Abstract]

Number of options to renew operating leases | Option

Favorable Leases [Member]

Commitments [Abstract]

Intangible assets

1,700

ASU 2016-02 [Member]

Commitments [Abstract]

Right-of-use assets

268,200

Lease liabilities

269,100

Maturity of Operating Lease Liabilities [Abstract]

Total lease obligations

$ 269,100

[1]	Lease obligations exclude $32.2 million of minimum lease payments for leases signed, but not commenced.

Commitments and Contingencies, Future Minimum Rental Payments Required under Non-cancelable Operating Leases (Details) $ in Thousands	Feb. 02, 2019 USD ($)
Future Minimum Rental Payments Required under Non-cancelable Operating Leases [Abstract]
2019	$ 60,804
2020	56,106
2021	49,226
2022	42,724
2023	34,876
Thereafter	65,218
Total minimum lease payments	$ 308,954

Commitments and Contingencies, Related Party Leases (Details) $ in Thousands	12 Months Ended
	Feb. 01, 2020 USD ($) Lease	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)
Maturity of Operating Lease Liabilities [Abstract]
2020	$ 67,960
2021	68,973
2022	62,891
2023	59,215
2024	43,029
Thereafter	$ 111,419
Operating Leases for Office and Store Locations with Related Parties [Member]
Related Party Leases [Abstract]
Number of non-cancelable operating leases with related parties \| Lease	5
Payments to related parties	$ 1,500	$ 1,300	$ 1,500
Maturity of Operating Lease Liabilities [Abstract]
Thereafter	5,800
Operating Leases for Office and Store Locations with Related Parties [Member] \| Minimum [Member]
Maturity of Operating Lease Liabilities [Abstract]
2020	1,000
2021	1,000
2022	1,000
2023	1,000
2024	1,000
Operating Leases for Office and Store Locations with Related Parties [Member] \| Maximum [Member]
Maturity of Operating Lease Liabilities [Abstract]
2020	1,700
2021	1,700
2022	1,700
2023	1,700
2024	$ 1,700

Commitments and Contingencies, Sale-Leaseback (Details) $ in Thousands		12 Months Ended
	May 31, 2019 USD ($)	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)	Aug. 29, 2018 Store
Sale-Leaseback [Abstract]
Proceeds from sale of property and equipment		$ 42,855	$ 330	$ 128
OBO [Member]
Sale-Leaseback [Abstract]
Number of Toys "R" Us store sites acquired \| Store					12
Proceeds from sale of property and equipment	$ 42,000
Net gain (loss) from sale leaseback	$ 0
Term of leases		15 years

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Goodwill and Other Intangible Assets [Abstract]
Goodwill	$ 444,850	$ 444,850
Goodwill and other intangible assets, net	675,409	677,154
Goodwill and Other Intangible Assets [Abstract]
Accumulated amortization	0	(2,160)
Amortization of intangibles	0	335	$ 338
Tradename [Member]
Goodwill and Other Intangible Assets [Abstract]
Non-amortizing intangible asset	230,559	230,559
Favorable Leases [Member]
Goodwill and Other Intangible Assets [Abstract]
Amortizing intangible assets	0	3,905
Accumulated amortization	$ 0	(2,160)
Amortization of intangibles		$ 300	$ 300

Accrued Expenses (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Accrued Expenses [Abstract]
Compensation and benefits	$ 11,375	$ 16,438
Deferred revenue	9,933	10,503
Insurance	4,864	6,159
Real estate related	4,787	3,748
Sales and use taxes	4,590	3,464
Freight	3,363	4,496
Advertising	2,486	5,678
Other	15,334	15,448
Total accrued expenses	$ 56,732	$ 65,934	$ 46,327

Debt Obligations and Financing Arrangements, Long-term Debt (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019
Debt Obligations and Financing Arrangements [Abstract]
Finance leases	$ 800	$ 679
Total debt	800	679
Less: Current portion	(273)	(238)
Long-term debt	$ 527	$ 441

Debt Obligations and Financing Arrangements, Credit Facilities (Details) $ in Millions	12 Months Ended
	Feb. 01, 2020 USD ($)	Feb. 02, 2019 USD ($)	Feb. 03, 2018 USD ($)	May 22, 2019 USD ($)
Debt Obligations and Financing Arrangements [Abstract]
Unused line fees	$ 0.2	$ 0.2	$ 0.3
Term Loan Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Face amount		200.0
Maturity date	Jan. 29, 2021
Repayment of debt		48.8
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		100.0
Sub-Facility for Letters of Credit [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		25.0
Sub-Facility for Swingline Loans [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity		$ 25.0
Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity				$ 150.0
Credit Facility [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Consolidated fixed charge coverage ratio	1.0
Credit Facility [Member] \| Federal Funds Effective Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Credit Facility [Member] \| Eurodollar Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Interest rate floor	0.00%
Credit Facility [Member] \| Eurodollar Rate [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Credit Facility [Member] \| Eurodollar Rate [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.50%
Credit Facility [Member] \| Base Rate [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.00%
Credit Facility [Member] \| Base Rate [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 100.0			100.0
Maturity date	May 22, 2024
Term of facility	5 years
Outstanding borrowings	$ 0.0
Borrowing availability	90.8
Letter of credit commitments	9.0
Rent reserves	$ 0.2
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Variable unused line fee percentage	0.125%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Percentage of most recent appraised value of eligible inventory	90.00%
Variable unused line fee percentage	0.25%
Sub-Facility for Letters of Credit [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity				45.0
Sub-Facility for Swingline Loans [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity				$ 25.0

Income Taxes, Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Dec. 31, 2017
Income Taxes [Abstract]
Statutory federal rate	21.00%	21.00%	33.70%	35.00%
Income tax benefit due to revaluation of net deferred tax liabilities			$ (30,900)
Current [Abstract]
Federal	$ 21,737	$ 20,804	27,817
State	6,081	6,394	5,399
Current income tax expense (benefit)	27,818	27,198	33,216
Deferred [Abstract]
Federal	3,393	(901)	(29,851)
State	392	(667)	(472)
Deferred income tax expense (benefit)	3,785	(1,568)	(30,323)
Income tax expense	$ 31,603	$ 25,630	$ 2,893

Income Taxes, Reconciliation of Statutory to Effective Income Tax Rate (Details)	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Dec. 31, 2017
Reconciliation of Statutory to Effective Income Tax Rate [Abstract]
Statutory federal rate	21.00%	21.00%	33.70%	35.00%
State taxes, net of federal benefit	3.00%	2.80%	2.50%
Impact from 2017 Tax Act	0.00%	0.20%	(23.70%)
Excess tax benefits related to stock-based compensation	(5.40%)	(7.40%)	(9.90%)
Other	(0.30%)	(0.60%)	(0.40%)
Effective income tax rate	18.30%	16.00%	2.20%

Income Taxes, Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Deferred Tax Assets [Abstract]
Inventory reserves	$ 1,015	$ 1,134
Lease liability	87,979	0
Deferred rent	0	2,957
Stock-based compensation	4,622	4,175
Deferred revenue	2,105	2,316
Other	2,593	2,642
Total deferred tax assets	98,314	13,224
Deferred Tax Liabilities [Abstract]
Tradename	(58,759)	(58,946)
Depreciation	(11,136)	(9,450)
Operating lease right-of-use assets	(87,820)	(444)
Total deferred tax liabilities	(157,715)	(68,840)
Net deferred tax liabilities	(59,401)	(55,616)
Income Tax Uncertainties [Abstract]
Uncertain tax positions recognized	0	0	$ 0
Interest expense and penalties on uncertain tax positions	$ 0	$ 0	$ 0

Equity Incentive Plans, Equity Incentive Plans (Details)	12 Months Ended
	Feb. 01, 2020 shares
2012 Plan [Member] \| Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	5 years
Expiration period	10 years
2012 Plan [Member] \| Stock Options [Member] \| Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] \| Stock Options [Member] \| Year 5 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2015 Plan [Member]
Equity Incentive Plans [Abstract]
Number of shares authorized for issuance (in shares)	5,250,000
Number of shares available for grant (in shares)	3,312,540
2015 Plan [Member] \| Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	4 years
Expiration period	10 years
2015 Plan [Member] \| Stock Options [Member] \| Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] \| Stock Options [Member] \| Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%

Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares)	3,746,422	4,458,387	5,425,960
Granted (in shares)	357,718	279,629	357,222
Forfeited (in shares)	(222,729)	(23,069)	(93,867)
Exercised (in shares)	(652,719)	(968,525)	(1,230,928)
Outstanding at end of period (in shares)	3,228,692	3,746,422	4,458,387
Exercisable at end of period (in shares)	2,455,473
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	$ 15.29	$ 11.65	$ 9.62
Granted (in dollars per share)	76.28	58.96	32.64
Forfeited (in dollars per share)	51.53	42.02	16.06
Exercised (in dollars per share)	13.92	10.51	8.46
Outstanding at end of period (in dollars per share)	19.83	$ 15.29	$ 11.65
Exercisable at end of period (in dollars per share)	$ 10.85
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value [Abstract]
Weighted average remaining contractual term, outstanding at end of period	4 years 7 months 6 days
Weighted average remaining contractual term, exercisable at end of period	3 years 7 months 6 days
Aggregate intrinsic value, outstanding at end of period	$ 114,822
Aggregate intrinsic value, exercisable at end of period	103,884
Intrinsic value of stock options exercised	$ 44,600	$ 59,400	$ 42,700

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 23.67	$ 18.78	$ 10.68
Risk-free interest rate	2.30%	2.70%	2.20%
Expected dividend yield	0.00%	0.00%	0.00%
Expected life	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility	26.00%	25.85%	28.29%

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member] - $ / shares	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Equity Incentive Plans [Abstract]
Vesting period	4 years
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares)	220,200	207,346	136,718
Granted (in shares)	77,469	64,511	97,472
Forfeited (in shares)	(60,172)	0	(179)
Vested (in shares)	(59,951)	(51,657)	(26,665)
Non-vested at end of period (in shares)	177,546	220,200	207,346
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share)	$ 35.75	$ 26.15	$ 20.36
Granted (in dollars per share)	75.40	58.93	32.71
Forfeited (in dollars per share)	50.25	0	31.45
Vested (in dollars per share)	33.82	26.19	20.37
Non-vested at end of period (in dollars per share)	$ 48.78	$ 35.75	$ 26.15
Minimum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	4 years

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 13.5
Weighted average period to recognize stock-based compensation expense	2 years 9 months 18 days
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 7.3	$ 7.3	$ 7.4

Employee Benefit Plans (Details) - 401(k) Defined Contribution Plan [Member] - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Employee Benefit Plans [Abstract]
Minimum age of full-time employee to participate in the Plan	21 years
Term of full-time employment for participation in the Plan	3 months
Percentage of employee's annual compensation that will be matched by employer	6.00%
Vesting period for employer matching contribution percentage	6 years
Employer matching contributions	$ 0.2	$ 0.2	$ 0.2
Employer discretionary contributions	$ 0.0	$ 0.0	$ 0.0
Maximum [Member]
Employee Benefit Plans [Abstract]
Employer matching contribution percentage	25.00%

Common Stock, Common Stock (Details)	12 Months Ended
Common Stock, Common Stock (Details)	Feb. 01, 2020 Vote / shares $ / shares shares	Feb. 02, 2019 $ / shares shares
Common Stock [Abstract]
Common stock, number of votes per share \| Vote / shares	1
Common stock, shares authorized (in shares) \| shares	500,000,000	500,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares) \| shares	50,000,000	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001

Common Stock, Share Repurchase Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Mar. 26, 2019
Share Repurchase Program [Abstract]
Amount of shares repurchased	$ 40,014
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Authorized repurchase of common stock		$ 100,000
Number of shares repurchased (in shares)	689,457
Amount of shares repurchased	$ 40,000
Remaining authorized repurchase of common stock	$ 60,000

Segment Reporting (Details) - Segment	12 Months Ended
Segment Reporting (Details) - Segment	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Segment Reporting [Abstract]
Number of operating segments	1
Net Sales [Member] \| Merchandise Category [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	100.00%	100.00%	100.00%
Net Sales [Member] \| Merchandise Category [Member] \| Housewares [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	15.00%	15.10%	13.70%
Net Sales [Member] \| Merchandise Category [Member] \| Food [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	10.80%	11.00%	11.90%
Net Sales [Member] \| Merchandise Category [Member] \| Bed and Bath [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	10.50%	10.10%	10.50%
Net Sales [Member] \| Merchandise Category [Member] \| Books and Stationery [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	8.60%	9.40%	10.00%
Net Sales [Member] \| Merchandise Category [Member] \| Floor Coverings [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	8.40%	7.80%	7.70%
Net Sales [Member] \| Merchandise Category [Member] \| Electronics [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	6.60%	6.80%	6.90%
Net Sales [Member] \| Merchandise Category [Member] \| Toys [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	6.50%	6.80%	5.50%
Net Sales [Member] \| Merchandise Category [Member] \| Health and Beauty Aids [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	5.70%	5.60%	5.50%
Net Sales [Member] \| Merchandise Category [Member] \| Other [Member]
Sales by Merchandise Category [Abstract]
Concentration risk percentage	27.90%	27.40%	28.30%

Quarterly Results of Operations and Seasonality (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Quarterly Results of Operations and Seasonality (Unaudited) [Abstract]
Net sales	$ 422,431	$ 327,049	$ 333,865	$ 324,854	$ 393,934	$ 283,606	$ 288,098	$ 275,739	$ 1,408,199	$ 1,241,377	$ 1,077,032
Gross profit	165,540	133,282	124,033	132,734	156,729	115,422	112,624	112,876	555,589	497,651	431,647
Net income	$ 50,287	$ 26,956	$ 25,170	$ 38,717	$ 49,894	$ 24,817	$ 29,848	$ 30,454	$ 141,130	$ 135,013	$ 127,594
Basic earnings per common share (in dollars per share)	$ 0.80	$ 0.43	$ 0.40	$ 0.61	$ 0.79	$ 0.40	$ 0.48	$ 0.49	$ 2.23	$ 2.16	$ 2.08
Diluted earnings per common share (in dollars per share)	$ 0.77	$ 0.41	$ 0.38	$ 0.59	$ 0.76	$ 0.38	$ 0.45	$ 0.46	$ 2.14	$ 2.05	$ 1.96

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Condensed Balance Sheets (Details) - USD ($) $ in Thousands	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	Jan. 28, 2017
Assets [Abstract]
Total current assets	$ 433,538	$ 358,497
Long-term assets: [Abstract]
Total assets	1,596,247	1,159,003
Liabilities and Stockholders' Equity [Abstract]
Total current liabilities	177,685	150,996
Total liabilities	537,362	216,351
Stockholders' equity: [Abstract]
Common stock	64	63
Additional paid-in capital	615,350	600,234
Retained earnings	483,571	342,441	$ 213,019
Treasury stock, at cost	(40,100)	(86)
Total stockholders' equity	1,058,885	942,652	$ 796,462	$ 651,261
Total liabilities and stockholders' equity	1,596,247	1,159,003
Ollie's Bargain Outlet Holdings, Inc. [Member]
Assets [Abstract]
Total current assets	0	0
Long-term assets: [Abstract]
Investment in subsidiaries	1,058,885	942,652
Total assets	1,058,885	942,652
Liabilities and Stockholders' Equity [Abstract]
Total current liabilities	0	0
Total long-term liabilities	0	0
Total liabilities	0	0
Stockholders' equity: [Abstract]
Common stock	64	63
Additional paid-in capital	615,350	600,234
Retained earnings	483,571	342,441
Treasury stock, at cost	(40,100)	(86)
Total stockholders' equity	1,058,885	942,652
Total liabilities and stockholders' equity	$ 1,058,885	$ 942,652

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Condensed Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Feb. 01, 2020	Nov. 02, 2019	Aug. 03, 2019	May 04, 2019	Feb. 02, 2019	Nov. 03, 2018	Aug. 04, 2018	May 05, 2018	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Condensed Statements of Income [Abstract]
Net sales	$ 422,431	$ 327,049	$ 333,865	$ 324,854	$ 393,934	$ 283,606	$ 288,098	$ 275,739	$ 1,408,199	$ 1,241,377	$ 1,077,032
Cost of sales									852,610	743,726	645,385
Gross profit	165,540	133,282	124,033	132,734	156,729	115,422	112,624	112,876	555,589	497,651	431,647
Selling, general and administrative expenses									356,060	312,790	278,174
Depreciation and amortization expenses									14,582	11,664	9,817
Pre-opening expenses									13,092	11,143	7,900
Operating income									171,855	162,054	135,756
Interest expense, net									878	(1,261)	(4,471)
Income before income taxes and equity in net income of subsidiaries									172,733	160,643	130,487
Income tax expense									31,603	25,630	2,893
Net income	$ 50,287	$ 26,956	$ 25,170	$ 38,717	$ 49,894	$ 24,817	$ 29,848	$ 30,454	141,130	135,013	127,594
Ollie's Bargain Outlet Holdings, Inc. [Member]
Condensed Statements of Income [Abstract]
Net sales									0	0	0
Cost of sales									0	0	0
Gross profit									0	0	0
Selling, general and administrative expenses									0	0	0
Depreciation and amortization expenses									0	0	0
Pre-opening expenses									0	0	0
Operating income									0	0	0
Interest expense, net									0	0	0
Income before income taxes and equity in net income of subsidiaries									0	0	0
Income tax expense									0	0	0
Income before equity in net income of subsidiaries									0	0	0
Net income of subsidiaries									141,130	135,013	127,594
Net income									$ 141,130	$ 135,013	$ 127,594

Schedule I - Condensed Financial Information of Registrant Ollie's Bargain Outlet Holdings, Inc. (parent company only), Notes to Condensed Financial Statements (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018	May 22, 2019
Basis of Presentation [Abstract]
Net increase (decrease) in cash and cash equivalents	$ 38,009	$ 12,707	$ (59,449)
Term Loan Facility [Member]
Guarantees and Restrictions [Abstract]
Face amount		200,000
Maturity date	Jan. 29, 2021
Credit Facility [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				$ 150,000
Revolving Credit Facility [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity	$ 100,000			100,000
Maturity date	May 22, 2024
Term of facility	5 years
Borrowing availability	$ 90,800
Sub-Facility for Letters of Credit [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				45,000
Sub-Facility for Swingline Loans [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				25,000
Ollie's Bargain Outlet Holdings, Inc. [Member]
Basis of Presentation [Abstract]
Net increase (decrease) in cash and cash equivalents	$ 0	0	$ 0
Ollie's Bargain Outlet Holdings, Inc. [Member] \| Term Loan Facility [Member]
Guarantees and Restrictions [Abstract]
Face amount		$ 200,000
Ollie's Bargain Outlet Holdings, Inc. [Member] \| Credit Facility [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				150,000
Ollie's Bargain Outlet Holdings, Inc. [Member] \| Revolving Credit Facility [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				100,000
Maturity date	May 22, 2024
Term of facility	5 years
Borrowing availability	$ 90,800
Ollie's Bargain Outlet Holdings, Inc. [Member] \| Sub-Facility for Letters of Credit [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				45,000
Ollie's Bargain Outlet Holdings, Inc. [Member] \| Sub-Facility for Swingline Loans [Member]
Guarantees and Restrictions [Abstract]
Maximum borrowing capacity				$ 25,000