|
(Exact name of registrant as specified in its charter)
|
|
(State or other jurisdiction of incorporation)
|
|
|
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
||
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of Each Class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01 |
Financial Statements and Exhibits.
|
(d)
|
Exhibits. The following exhibits are filed with this report:
|
Exhibit No.
|
Description
|
|
99.1
|
Press Release issued on May 28, 2020 of Ollie’s Bargain Outlet Holdings, Inc.
|
OLLIE’S BARGAIN OUTLET HOLDINGS, INC.
|
|||
By:
|
/s/ Jay Stasz
|
||
Name:
|
Jay Stasz
|
||
Title:
|
Senior Vice President and
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
||
Press Release issued on May 28, 2020 of Ollie’s Bargain Outlet Holdings, Inc.
|
• |
Total net sales increased 7.5% to $349.4 million.
|
• |
Comparable store sales decreased 3.3% compared with a 0.8% increase in the prior year.
|
• |
The Company opened 17 stores and closed two stores, ending the quarter with 360 stores in 25 states, an increase in store count of 11.1% year over year.
|
• |
Operating income increased 5.4% to $43.0 million. Adjusted operating income(1) increased 6.9%.
|
• |
Net income decreased 13.6% to $33.5 million and net income per diluted share decreased 13.6% to $0.51.
|
• |
Adjusted net income(1) increased 6.7% to $32.2 million and adjusted net income per diluted share(1) increased 6.5% to $0.49.
|
• |
Adjusted EBITDA(1) increased 6.6% to $49.7 million.
|
(1) |
As used throughout this release, adjusted operating income, adjusted net income, adjusted net income per diluted share, EBITDA and adjusted EBITDA are not measures recognized under
U.S. generally accepted accounting principles (“GAAP”). Please see the accompanying financial tables which reconcile GAAP to these non-GAAP measures.
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Condensed consolidated
statements of income data:
|
||||||||
Net sales
|
$
|
349,363
|
$
|
324,854
|
||||
Cost of sales
|
208,997
|
192,120
|
||||||
Gross profit
|
140,366
|
132,734
|
||||||
Selling, general and administrative expenses
|
89,720
|
83,332
|
||||||
Depreciation and amortization expenses
|
3,944
|
3,409
|
||||||
Pre-opening expenses
|
3,722
|
5,209
|
||||||
Operating income
|
42,980
|
40,784
|
||||||
Interest income, net
|
(83
|
)
|
(145
|
)
|
||||
Income before income taxes
|
43,063
|
40,929
|
||||||
Income tax expense
|
9,607
|
2,212
|
||||||
Net income
|
$
|
33,456
|
$
|
38,717
|
||||
Earnings per common share:
|
||||||||
Basic
|
$
|
0.53
|
$
|
0.61
|
||||
Diluted
|
$
|
0.51
|
$
|
0.59
|
||||
Weighted average common shares outstanding:
|
||||||||
Basic
|
63,061
|
63,188
|
||||||
Diluted
|
65,242
|
66,176
|
||||||
Percentage of net
sales (1):
|
||||||||
Net sales
|
100.0
|
%
|
100.0
|
%
|
||||
Cost of sales
|
59.8
|
59.1
|
||||||
Gross profit
|
40.2
|
40.9
|
||||||
Selling, general and administrative expenses
|
25.7
|
25.7
|
||||||
Depreciation and amortization expenses
|
1.1
|
1.0
|
||||||
Pre-opening expenses
|
1.1
|
1.6
|
||||||
Operating income
|
12.3
|
12.6
|
||||||
Interest income, net
|
-
|
|
-
|
|
||||
Income before income taxes
|
12.3
|
12.6
|
||||||
Income tax expense
|
2.7
|
0.7
|
||||||
Net income
|
9.6
|
%
|
11.9
|
%
|
(1)
|
Components may not add to totals due to rounding.
|
Assets
|
May 2,
2020
|
May 4,
2019
|
||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
119,351
|
$
|
58,511
|
||||
Inventories
|
343,755
|
329,065
|
||||||
Accounts receivable
|
4,146
|
961
|
||||||
Prepaid expenses and other assets
|
5,184
|
5,723
|
||||||
Total current assets
|
472,436
|
394,260
|
||||||
Property and equipment, net
|
135,214
|
134,498
|
||||||
Operating lease right-of-use assets
|
357,553
|
273,099
|
||||||
Goodwill
|
444,850
|
444,850
|
||||||
Trade name
|
230,559
|
230,559
|
||||||
Other assets
|
2,499
|
2,022
|
||||||
Total assets
|
$
|
1,643,111
|
$
|
1,479,288
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Current portion of long-term debt
|
$
|
300
|
$
|
197
|
||||
Accounts payable
|
56,642
|
92,738
|
||||||
Income taxes payable
|
13,811
|
9,429
|
||||||
Current portion of operating lease liabilities
|
61,002
|
50,955
|
||||||
Accrued expenses and other
|
58,666
|
58,773
|
||||||
Total current liabilities
|
190,421
|
212,092
|
||||||
Revolving credit facility
|
-
|
-
|
||||||
Long-term debt
|
576
|
413
|
||||||
Deferred income taxes
|
59,194
|
55,424
|
||||||
Long-term operating lease liabilities
|
298,736
|
222,976
|
||||||
Other long-term liabilities
|
5
|
7
|
||||||
Total liabilities
|
548,932
|
490,912
|
||||||
Stockholders’ equity:
|
||||||||
Common stock
|
64
|
63
|
||||||
Additional paid-in capital
|
617,188
|
607,241
|
||||||
Retained earnings
|
517,027
|
381,158
|
||||||
Treasury - common stock
|
(40,100
|
)
|
(86
|
)
|
||||
Total stockholders’ equity
|
1,094,179
|
988,376
|
||||||
Total liabilities and stockholders’ equity
|
$
|
1,643,111
|
$
|
1,479,288
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Net cash provided by operating activities
|
$
|
41,370
|
$
|
21,976
|
||||
Net cash used in investing activities
|
(12,374
|
)
|
(20,107
|
)
|
||||
Net cash provided by financing activities
|
405
|
4,701
|
||||||
Net increase in cash and cash equivalents
|
29,401
|
6,570
|
||||||
Cash and cash equivalents at the beginning of the period
|
89,950
|
51,941
|
||||||
Cash and cash equivalents at the end of the period
|
$
|
119,351
|
$
|
58,511
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Operating income
|
$
|
42,980
|
$
|
40,784
|
||||
Gain from insurance settlement
|
-
|
(565
|
)
|
|||||
Adjusted operating income
|
$
|
42,980
|
$
|
40,219
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Net income
|
$
|
33,456
|
$
|
38,717
|
||||
Gain from insurance settlement
|
-
|
(565
|
)
|
|||||
Adjustment to provision for income taxes(1)
|
-
|
144
|
||||||
Excess tax benefits related to stock-based compensation(2)
|
(1,247
|
)
|
(8,113
|
)
|
||||
Adjusted net income
|
$
|
32,209
|
$
|
30,183
|
(1) |
The effective tax rate used for the adjustment to the provision for income taxes was the normalized effective tax rate in the quarter in which the related costs (gain from an
insurance settlement) were incurred.
|
(2) |
Amount represents the impact from the recognition of excess tax benefits pursuant to Accounting Standards Update 2016-09, Stock Compensation.
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Net income per diluted share
|
$
|
0.51
|
$
|
0.59
|
||||
Adjustments as noted above, per diluted share:
|
||||||||
Gain from insurance settlement, net of taxes
|
-
|
(0.01
|
)
|
|||||
Excess tax benefits related to stock-based compensation
|
(0.02
|
)
|
(0.12
|
)
|
||||
Adjusted net income per diluted share(1)
|
$
|
0.49
|
$
|
0.46
|
||||
Diluted weighted-average common shares outstanding
|
65,242
|
66,176
|
(1)
|
Totals may not foot due to rounding.
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Net income
|
$
|
33,456
|
$
|
38,717
|
||||
Interest income, net
|
(83
|
)
|
(145
|
)
|
||||
Depreciation and amortization expenses
|
5,410
|
4,199
|
||||||
Income tax expense
|
9,607
|
2,212
|
||||||
EBITDA
|
48,390
|
44,983
|
||||||
Gain from insurance settlement
|
-
|
(565
|
)
|
|||||
Non-cash stock-based compensation expense
|
1,319
|
2,193
|
||||||
Adjusted EBITDA
|
$
|
49,709
|
$
|
46,611
|
Thirteen weeks ended
|
||||||||
May 2,
2020
|
May 4,
2019
|
|||||||
Number of stores open at beginning of period
|
345
|
303
|
||||||
Number of new stores
|
17
|
21
|
||||||
Number of closed stores
|
(2
|
)
|
-
|
|||||
Number of stores open at end of period
|
360
|
324
|
||||||
Average net sales per store (1)
|
$
|
986
|
$
|
1,032
|
||||
Comparable stores sales change
|
(3.3
|
)%
|
0.8
|
%
|
||||
Comparable store count – end of period
|
301
|
268
|
(1) |
Average net sales per store represents the weighted average of total net weekly sales divided by the number of stores open at the end of each week for the respective periods
presented.
|