- Ollie's Bargain Outlet Holdings Inc (NASDAQ:OLLI) reported a second-quarter FY21 sales decline of 21.4% year-on-year, to $415.88 million, missing the analyst consensus of $435.75 million.
- Comparable store sales decreased 28.0% in Q2 versus 43.3% increase last year, resulting in a two-year stack of positive 15.3%.
- Gross profit fell 21.2% Y/Y to $163.0 million, with the margin expanding 10 basis points to 39.2%.
- The operating margin decreased 640 basis points to 11%, and operating income for the quarter fell 50.3% to $45.7 million.
- Ollie's held $444.3 million in cash and equivalents as of July 31, 2021.
- Inventories at the end of Q2 increased 14.2% to $373.5 million.
- Cash provided by operating activities totaled $1.7 million.
- Adjusted EBITDA of $54.1 million declined 45.6% Y/Y. Adjusted EBITDA margin decreased 580 basis points to 13.0%.
- EPS of $0.52 missed the analyst consensus of $0.55.
- Outlook: Ollie's sees Q3 comparable stores sales growth of 5% to 7% on a two-year stack basis.
- Price Action: OLLI shares are trading lower by 13.83% at $66.99 in premarket on the last check Friday.
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