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For fiscal 2022, management projected capital expenditures in the band of $53-$58 million, principally for new outlets, the expansion of the company’s York, PA distribution center, store-level initiatives, and IT projects. Inventories, as of the end of the first quarter, increased 45.6% to $517.0 million.ĭuring the quarter, the company incurred capital expenditures of $9.7 million, primarily for new and existing stores. The company had no borrowings outstanding under its $100 million revolving credit facility and $90.9 million of availability under the facility as of the first quarter.Īs of Apr 30, 2022, its total borrowings (consisting solely of finance lease obligations) were $1.1 million. Ollie’s Bargain ended the quarter with cash and cash equivalents of $205.5 million. It plans to remodel 30 stores to the newest merchandising format in the fiscal year. The company intends to open 46-48 new stores, including two relocations, in fiscal 2022. This reflected an increase of 10.6% in-store count on a year-over-year basis. Adjusted EBITDA margin contracted 1,100 basis points to 6.5%.ĭuring the quarter, Ollie’s Bargain opened nine new stores and shuttered one store in connection with relocation, thereby bringing the total count to 439 stores in 29 states at the end of the period. Operating income plunged 75.9% to $17.1 million, while adjusted operating margin shrunk 1,150 basis points to 4.2%, primarily due to contraction in gross margin and the deleveraging of SG&A expenses stemming from lower sales.Īdjusted EBITDA declined 66.9% to $26.2 million during the quarter under review. As a percentage of net sales, SG&A expenses increased 550 basis points to 28.6% due to deleveraging as a result of lower sales. SG&A expenses shot up 11.4% to $116.3 million from the prior-year quarter’s level, owing to an increased number of stores and higher wage rates in select markets. This was partly offset by an increase in merchandise margin.
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Gross margin shrunk 560 basis points to 34.8% due to an increase in supply chain costs stemming from higher import and labor costs. Gross profit declined 22.6% to $141.3 million during the quarter.
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price-consensus-eps-surprise-chart | Ollie's Bargain Outlet Holdings, Inc. We note that comparable store sales slid 17.3% in the quarter under discussion against an increase of 18.8% in the prior-year period. However, this was partly offset by new store unit growth. Impacts of soft comparable store sales performance in the reported quarter and higher consumer spending in the prior year due to stimulus checks were visible in the metric. Net sales of $406.7 million fell 10.1% year over year and lagged the consensus mark of $416 million, thus marking the fourth straight miss. This year-over-year decrease was due to lower net sales and higher SG&A expenses. Ollie's Bargain posted adjusted earnings of 20 cents a share that missed the Zacks Consensus Estimate of 30 cents and declined significantly from 80 cents reported in the year-ago quarter. Here’s How the Top & the Bottom Lines Fared However, management highlighted that sales trends have improved substantially in the second quarter, driven by higher demand for warm weather seasonal products coupled with great deals and a healthy inventory position. Soaring inflation, unseasonably cold weather and the strong stimulus-induced sales last year were the headwinds encountered by the company in the reported quarter. The Harrisburg, PA-based company continued with its dismal comparable store sales run. OLLI reported first-quarter fiscal 2022 results, wherein both the top and the bottom lines missed the Zacks Consensus Estimate and declined year over year.