Ollie's Bargain Outlet Holdings, Inc. reported strong financial performance for the thirteen weeks ended August 3, 2024, with net sales reaching $578.4 million, a 12.4% increase from $514.5 million in the same period of the previous year. Gross profit also rose to $219.0 million, up 11.4% from $196.7 million, while operating income increased to $60.8 million from $52.5 million. Net income for the quarter was $49.0 million, reflecting a 16.1% increase from $42.2 million, resulting in earnings per share of $0.80, compared to $0.68 in the prior year.

For the twenty-six weeks ended August 3, 2024, net sales totaled $1.087 billion, an increase of 11.7% from $973.7 million. Gross profit for this period was $428.4 million, up from $375.3 million, with a gross margin improvement to 39.4% from 38.5%. Operating income for the first half of the fiscal year rose to $117.3 million from $91.1 million, while net income increased by 30.3% to $95.3 million from $73.2 million.

The company opened 13 new stores during the first half of fiscal 2024, compared to 15 in the same period last year, and reported a total of 525 stores in operation as of August 3, 2024. Comparable store sales increased by 4.5% for the twenty-six weeks, down from a 6.3% increase in the previous year.

Ollie's continued to invest in its infrastructure, with capital expenditures of $65.2 million for the first half, up from $45.2 million. This included approximately $14.6 million for the acquisition of ten former 99 Cents Only Store locations. The company also completed a new distribution center in Princeton, IL, enhancing its distribution capacity.

Cash and cash equivalents stood at $170.6 million as of August 3, 2024, with no outstanding borrowings under its $100 million Revolving Credit Facility. The company reported net cash provided by operating activities of $84.1 million, down from $109.8 million in the prior year, primarily due to changes in working capital.

Ollie's management emphasized its growth strategy, focusing on new store openings and leveraging its Ollie’s Army loyalty program to enhance customer engagement. The company remains committed to maintaining strong expense control and improving operational efficiency as it navigates market conditions.