Ollie's Bargain Outlet Holdings, Inc 8-K, filed May 28, 2020

Ollie's Bargain Outlet Holdings, Inc. (OLLI)

8-K 2020-05-28 For: 2020-05-28

Added on April 09, 2026

About this 8-K

Ollie's Bargain Outlet Holdings, Inc filed this 8-K on May 28, 2020.

001-37501		80-0848819
(Commission File Number)		(IRS Employer Identification No.)

6295 Allentown Boulevard Suite 1
Harrisburg, Pennsylvania		17112
(Address of principal executive offices)		(Zip Code)

Title of Each Class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.001 par value	OLLI	The NASDAQ Stock Market LLC

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

	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	%

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 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

	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