Ollie's Bargain Outlet Q1 Net Income Rises 49.6%; Raises Fiscal 2024 Outlook
Ollie's reported first-quarter fiscal 2024 net sales up 10.8% to $508.8 million and diluted EPS up 50.0% to $0.75, and raised its fiscal 2024 sales and earnings outlook. Headline measures improved, and the company also announced a leadership succession plan and an asset purchase of eleven former 99 Cents Only Stores locations for $14.6 million.
- Net income rose 49.6% to $46.3 million, or $0.75 per diluted share, versus $0.50 a year earlier.
- Fiscal 2024 adjusted EPS outlook raised to $3.18 to $3.28 from $3.10 to $3.20; net sales outlook raised to $2.257 to $2.277 billion.
- Comparable store sales rose 3.0% versus a 4.5% increase in the prior-year quarter.
- John Swygert will become Executive Chairman in early 2025; Eric van der Valk named President now and CEO in early 2025.