Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 4, 2024

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Ollie’s Bargain Outlet Holdings, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

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)

[phone]

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☒   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☒   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer  ☐

Non-accelerated filer  ☐

Smaller reporting company  ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   ☐   No  ☒

The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of May 31, 2024 was 61,206,696.

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INDEX

PART I - FINANCIAL INFORMATION		Page
Item 1.	Financial Statements	1
	Condensed Consolidated Statements of Income for the thirteen weeks ended May 4, 2024 and April 29, 2023	1
	Condensed Consolidated Balance Sheets as of May 4, 2024, February 3, 2024, and April 29, 2023	2
	Condensed Consolidated Statements of Stockholders’ Equity for the thirteen weeks ended May 4, 2024 and April 29, 2023	3
	Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended May 4, 2024 and April 29, 2023	4
	Notes to Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 5.	Other Information	27
Item 6.	Exhibits	28

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Index

ITEM 1 – CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
Net sales		$	508,818			$	459,154
Cost of sales			299,460				280,583
Gross profit			209,358				178,571
Selling, general, and administrative expenses			142,419				130,268
Depreciation and amortization expenses			7,716				6,483
Pre-opening expenses			2,726				3,281
Operating income			56,497				38,539
Interest (income), net			(4,301	)			(2,675	)
Income before income taxes			60,798				41,214
Income tax expense			14,456				10,234
Net income		$	46,342			$	30,980
Earnings per common share:
Basic		$	0.76			$	0.50
Diluted		$	0.75			$	0.50
Weighted average common shares outstanding:
Basic			61,380				61,970
Diluted			61,739				62,207

See accompanying notes to the condensed consolidated financial statements.

1

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

(Unaudited)

		May 4,				February 3,				April 29,
Assets		2024				2024				2023
Current assets:
Cash and cash equivalents		$	212,250			$	266,262			$	134,959
Short-term investments			129,250				86,980				140,530
Accounts receivable			916				2,223				985
Inventories			527,469				505,790				497,988
Prepaid expenses and other current assets			8,897				10,173				8,806
Total current assets			878,782				871,428				783,268
Property and equipment, net of accumulated depreciation of $193,557, $184,201 and $157,959, respectively			282,669				270,063				187,030
Operating lease right-of-use assets			472,525				475,526				443,153
Goodwill			444,850				444,850				444,850
Trade name			230,559				230,559				230,559
Other assets			2,083				2,168				2,178
Total assets		$	2,311,468			$	2,294,594			$	2,091,038
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt		$	599			$	639			$	519
Accounts payable			103,495				128,097				99,554
Income taxes payable			29,227				14,744				12,476
Current portion of operating lease liabilities			89,607				89,176				89,528
Accrued expenses and other current liabilities			87,864				82,895				76,136
Total current liabilities			310,792				315,551				278,213
Revolving credit facility			-				-				-
Long-term debt			1,077				1,022				946
Deferred income taxes			71,628				71,877				71,132
Long-term portion of operating lease liabilities			395,547				397,912				356,791
Total liabilities			779,044				786,362				707,082
Stockholders’ equity:
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued			-				-				-
Common stock - 500,000 shares authorized at $0.001 par value; 67,069, 66,927, and 66,778 shares issued, respectively			67				67				67
Additional paid-in capital			697,816				694,959				680,881
Retained earnings			1,214,293				1,167,951				1,017,492
Treasury - common stock, at cost; 5,810, 5,473, and 4,880 shares, respectively			(379,752	)			(354,745	)			(314,484	)
Total stockholders’ equity			1,532,424				1,508,232				1,383,956
Total liabilities and stockholders’ equity		$	2,311,468			$	2,294,594			$	2,091,038

See accompanying notes to the condensed consolidated financial statements.

2

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

																		Additional								Total
		Common stock								Treasury stock								paid-in				Retained				stockholders’
		Shares				Amount				Shares				Amount				capital				earnings				equity
Balance as of  January 28, 2023			66,672			$	67				(4,664	)		$	(302,204	)		$	677,694			$	986,512			$	1,362,069
Stock-based compensation expense			-				-				-				-				2,863				-				2,863
Proceeds from stock options exercised			42				-				-				-				1,592				-				1,592
Vesting of restricted stock			86				-				-				-				-				-				-
Common shares withheld for taxes			(22	)			-				-				-				(1,268	)			-				(1,268	)
Shares repurchased			-				-				(216	)			(12,280	)			-				-				(12,280	)
Net income			-				-				-				-				-				30,980				30,980
Balance as of April 29, 2023			66,778			$	67				(4,880	)		$	(314,484	)		$	680,881			$	1,017,492			$	1,383,956
Balance as of  February 3, 2024			66,927			$	67				(5,473	)		$	(354,745	)		$	694,959			$	1,167,951			$	1,508,232
Stock-based compensation expense			-				-				-				-				3,149				-				3,149
Proceeds from stock options exercised			66				-				-				-				2,548				-				2,548
Vesting of restricted stock			112				-				-				-				-				-				-
Common shares withheld for taxes			(36	)			-				-				-				(2,840	)			-				(2,840	)
Shares repurchased			-				-				(337	)			(25,007	)			-				-				(25,007	)
Net income			-				-				-				-				-				46,342				46,342
Balance as of May 4, 2024			67,069			$	67				(5,810	)		$	(379,752	)		$	697,816			$	1,214,293			$	1,532,424

See accompanying notes to the condensed consolidated financial statements.

3

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
Cash Flows from Operating Activities:
Net income		$	46,342			$	30,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment			9,742				8,025
Amortization of debt issuance costs			13				69
(Gain) loss on sale of assets			(118	)			5
Deferred income tax provision			(249	)			500
Stock-based compensation expense			3,149				2,863
Other			(480	)			-
Changes in operating assets and liabilities:
Inventories			(21,679	)			(27,454	)
Accounts receivable			1,307				1,389
Prepaid expenses and other assets			1,348				1,692
Accounts payable			(21,163	)			12,655
Income taxes payable			14,483				9,420
Accrued expenses and other liabilities			7,489				(4,272	)
Net cash provided by operating activities			40,184				35,872
Cash Flows from Investing Activities:
Purchases of property and equipment			(26,865	)			(19,010	)
Proceeds from sale of property and equipment			140				64
Purchases of short-term investments			(96,042	)			(85,365	)
Maturities of short-term investments			54,252				5,000
Net cash used in investing activities			(68,515	)			(99,311	)
Cash Flows from Financing Activities:
Repayments on finance leases			(382	)			(242	)
Proceeds from stock option exercises			2,548				1,592
Common shares withheld for taxes			(2,840	)			(1,268	)
Payment for shares repurchased			(25,007	)			(12,280	)
Net cash used in financing activities			(25,681	)			(12,198	)
Net decrease in cash and cash equivalents			(54,012	)			(75,637	)
Cash and cash equivalents, beginning of the period			266,262				210,596
Cash and cash equivalents, end of the period		$	212,250			$	134,959
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest		$	110			$	116
Income taxes		$	222			$	333
Non-cash investing activities:
Accrued purchases of property and equipment		$	6,379			$	7,666

See accompanying notes to the condensed consolidated financial statements.

4

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

 

(1)	Basis of Presentation and Summary of Significant Accounting Policies

(a)

Description of Business

Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers, and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories.

Since its first store opened in 1982, the Company has grown to 516 retail locations in 30 states as of May 4, 2024. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.

(b)

Fiscal Year

Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31^st of the following calendar year.  References to the thirteen weeks ended May 4, 2024 and April 29, 2023 refer to the thirteen weeks from February 4, 2024 to May 4, 2024 and from January 29, 2023 to April 29, 2023, respectively.  References to “2023” refer to the fiscal year ended February 3, 2024 and references to “2024” refer to the fiscal year ending February 1, 2025.  Fiscal year 2023 consists of 53 weeks, and fiscal year 2024 consists of 52 weeks.

(c)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 4, 2024 and April 29, 2023, and the condensed consolidated statements of income and stockholders’ equity for the thirteen weeks ended May 4, 2024 and April 29, 2023, and the condensed consolidated statements of cash flows for the thirteen weeks ended May 4, 2024 and April 29, 2023 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2024 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation.

The Company’s balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2023 and footnotes thereto included in the Annual Report.

For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.

(d)

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

(e)

Fair Value Disclosures

Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows:

•

Level 1 inputs are quoted prices available for identical assets and liabilities in active markets.

•

Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 inputs are unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use.

The Company’s financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair value because of their short-term nature. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in treasury bonds are Level 1 while the investments in municipal bonds are Level 2. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.
 

As of May 4, 2024, February 3, 2024, and April 29, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:

		As of May 4, 2024
		Amortized Cost			Gross Unrealized Gains				Gross Unrealized Losses				Fair Market Value
		(in thousands)
Short-term:
Treasury Bonds		$	88,234			$	24			$	-			$	88,258
Municipal bonds			12,198				-				(72	)			12,126
Corporate bonds			28,818				9				-				28,827
Total		$	129,250			$	33			$	(72	)		$	129,211

		As of February 3, 2024
		Amortized Cost			Gross Unrealized Gains				Gross Unrealized Losses				Fair Market Value
		(in thousands)
Short-term:
Treasury Bonds		$	49,765			$	16			$	-			$	49,781
Municipal bonds			10,136				-				(139	)			9,997
Corporate bonds			27,079				22				-				27,101
Total		$	86,980			$	38			$	(139	)		$	86,879

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

		As of April 29, 2023
		Amortized Cost			Gross Unrealized Gains				Gross Unrealized Losses				Fair Market Value
		(in thousands)
Short-term:
Treasury Bonds		$	101,072			$	-			$	(935	)		$	100,137
Municipal bonds			39,458				-				(164	)			39,294
Total		$	140,530			$	-			$	(1,099	)		$	139,431

(2)

Net Sales

Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise.  Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage.  Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience.

Revenue Recognition

Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. Unless temporarily extended, the maximum redemption period is 45 days. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability.  Discount awards are combined in one homogeneous pool and are not separately identifiable.  Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period.  The following table is a reconciliation of the liability related to this program:

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		(in thousands)
Beginning balance		$	10,159			$	8,130
Revenue deferred			4,436				3,326
Revenue recognized			(3,442	)			(2,687	)
Ending balance		$	11,153			$	8,769

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability:

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		(in thousands)
Beginning balance		$	2,650			$	2,527
Gift card issuances			962				900
Gift card redemption and breakage			(1,143	)			(1,098	)
Ending balance		$	2,469			$	2,329

(3)	Earnings per Common Share

Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units.

The following table summarizes those effects for the diluted earnings per common share calculation:

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		(in thousands, except per share amounts)
Net income		$	46,342			$	30,980
Weighted average number of common shares outstanding – Basic			61,380				61,970
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units			359				237
Weighted average number of common shares outstanding - Diluted			61,739				62,207
Earnings per common share – Basic		$	0.76			$	0.50
Earnings per common share - Diluted		$	0.75			$	0.50

The effect of the weighted average assumed exercise of stock options outstanding totaling 519,736 and 841,519 for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

The effect of weighted average non-vested restricted stock units outstanding totaling 46 and 26,241 for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

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Index

OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

(4)

Leases

The Company accounts for its leases under ASC 842, Leases (Topic 842). Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if available. The Company’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the portfolio approach, which applies one rate to leases within a given period. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred.

In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company does not act as a lessor.

Ollie’s generally leases its stores, offices, and distribution facilities under operating leases that expire at various dates through 2038.  These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales.  A majority of the Company’s leases also require a payment for all or a portion of common-area maintenance, insurance, real estate taxes, water and sewer costs, and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASC 842, is charged to the related expense category rather than being accounted for as rent expense.  For leases entered into after the adoption of ASC 842, the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets.  Most of the leases contain options to renew for three to five successive five-year periods.  The Company is generally not reasonably certain to exercise renewal options; therefore, the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments.  Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants.

Store and office lease costs are classified in selling, general, and administrative expenses and distribution center lease costs are classified in cost of sales on the condensed consolidated statements of income.

The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of May 4 , 2024:

		May 4,
		2024
		(in thousands)
Remainder of 2024		$	79,819
2025			96,603
2026			92,465
2027			80,248
2028			63,788
Thereafter			142,158
Total undiscounted lease payments (1)			555,081
Less:  Imputed interest			(69,927	)
Total lease obligations			485,154
Less:  Current obligations under leases			(89,607	)
Long-term lease obligations		$	395,547

(1)	Lease obligations exclude $40.7 million of minimum lease payments for leases signed, but not commenced.

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

The following table summarizes other information related to the Company’s operating leases as of and for the respective periods:

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		(dollars in thousands)
Cash paid for operating leases		$	28,167			$	25,344
Operating lease cost			27,241				24,888
Variable lease cost			3,846				2,835
Non-cash right-of-use assets obtained in exchange for lease obligations			7,022				12,273
Weighted-average remaining lease term		6.4 years				6.3 years
Weighted-average discount rate			4.0	%			3.5	%

(5)	Commitments and Contingencies

Contingencies

From time to time, the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party.  However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources.

 

(6)	Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:

		May 4,				February 3,				April 29,
		2024				2024				2023
		(in thousands)
Compensation and benefits		$	16,907			$	20,535			$	11,307
Deferred revenue			13,622				12,809				11,098
Sales and use taxes			11,321				10,234				8,694
Insurance			10,540				9,671				9,517
Advertising			6,346				1,780				7,004
Freight			5,404				4,359				2,035
Real estate			4,557				4,680				6,223
Other			19,167				18,827				20,258
		$	87,864			$	82,895			$	76,136

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

(7)	Debt Obligations and Financing Arrangements

Long-term debt consists of finance leases.

The Company’s credit facility (the “Credit Facility”) provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”).  In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility. On January 9, 2024, the Company refinanced its credit facility (the “Credit Facility”), pursuant to which the maturity date for any loans under the revolving credit facility was extended for a period of five years from the effective date of January 9, 2024 and a zero percent (0.0%) interest rate floor was added to the option for the SOFR Loan Rate (as defined in the Amendment). Loans under the Revolving Credit Facility mature on January 9, 2029.

As a result of the anticipated discontinuation of LIBOR in 2023, on January 24, 2023, the Company amended its Credit Facility to replace the LIBOR-based interest rates included therein with SOFR-based interest rates and to modify the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks. The interest rates for the Credit Facility are calculated as follows: for ABR Loans, the highest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% and Term SOFR with a term of one-month in effect on such day plus the SOFR Spread Adjustment plus 1.0%, plus the Applicable Margin, or, for SOFR Loans, the SOFR Loan Rate plus the Applicable Margin plus the SOFR Spread Adjustment. The Applicable Margin will vary from 0.00% to 0.50% for an ABR Loan and 1.00% to 1.50% for a SOFR Loan, based on availability under the Credit Facility. The SOFR Loan Rate is subject to a 0% floor.

Under the terms of the Revolving Credit Facility, as of May 4, 2024, the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million.

As of May 4, 2024, the Company had no outstanding borrowings under the Revolving Credit Facility, with $92.0 million of borrowing availability, outstanding letters of credit commitments of $7.8 million and $0.2 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.125% to 0.250% per annum.

The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during the thirteen weeks ended May 4, 2024.

The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of May 4, 2024, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions that are a party to the Credit Facility, subject to material exceptions including proforma compliance with the applicable conditions described in the Credit Facility.

(8)	Income Taxes

The effective income tax rate for the thirteen weeks ended May 4, 2024 was a provision of 23.8%, or $14.5 million, compared to a provision of 24.8%, or $10.2 million, during the thirteen weeks ended April 29, 2023. The decrease in the effective income tax rate for the thirteen weeks ended May 4, 2024 compared to April 29, 2023 was primarily driven by the impact of discrete items recognized, primarily stock-based compensation, in the thirteen weeks ended May 4, 2024.

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

The Company is subject to tax in the United States. The Company files a consolidated U.S. income tax return for federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, or state and local tax authorities for tax years 2018 and prior.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

(9)	Equity Incentive Plans

During fiscal 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering, no additional equity grants will be made under the 2012 Plan.

In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares, or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of May 4, 2024, there were 1,673,281 shares available for grant under the 2015 Plan.

Stock Options

The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death.

A summary of the Company’s stock option activity and related information for the thirteen weeks ended May 4, 2024 follows:

										Weighted
						Weighted				average
						average				remaining
		Number				exercise				contractual
		of options				price				term (years)
		(in thousands, except share and per share amounts)
Outstanding at February 3, 2024			1,119,484			$	56.71
Granted			120,830				74.23
Forfeited			(1,803	)			77.84
Exercised			(66,390	)			38.39
Outstanding at May 4, 2024			1,172,121				59.52				6.8
Exercisable at May 4, 2024			740,952				58.45				5.7

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 4, 2024 and April 29, 2023 was $38.69 and $29.13, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
Risk-free interest rate			4.28	%			3.36	%
Expected dividend yield			—				—
Expected life (years)		6.25 years				6.25 years
Expected volatility			47.63	%			47.18	%

The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants.  The simplified method is based on the average of the vesting tranches and the contractual life of each grant.  For expected volatility, the Company uses its historical information over the expected life of the option granted to calculate the fair value of option grants.  The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option.

Restricted Stock Units

Restricted stock units (“RSUs”) are issued at the closing price of the Company’s common stock on the date of grant. RSUs outstanding vest ratably over four years or cliff vest in one or four years. Awards are subject to employment for vesting and are not transferable other than upon death.

A summary of the Company’s RSU activity and related information for the thirteen weeks ended May 4, 2024 is as follows:

						Weighted
						average
		Number				grant date
		of shares				fair value
Non-vested balance at February 3, 2024			350,804			$	53.94
Granted			168,362				74.23
Forfeited			(3,087	)			54.16
Vested			(112,217	)			54.10
Non-vested balance at May 4, 2024			403,862				62.35

Stock-Based Compensation Expense

The compensation cost for stock options and RSUs which have been recorded within selling, general, and administrative expenses related to the Company’s equity incentive plans was $3.1 million and $2.9 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively.

As of May 4, 2024, there was $35.9 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 3.0 years.  Compensation costs related to awards are recognized using the straight-line method.

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OLLIE’S BARGAIN OUTLET HOLDINGS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

May 4, 2024 and April 29, 2023

(Unaudited)

(10)	Common Stock

Common Stock

The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 per value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method.

Share Repurchase Program

On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program.  Both of these authorizations were authorized to be executed through January 2023. On November 30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Company’s Board of Directors authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026.

The shares to be repurchased may be purchased from time to time in open market conditions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers, or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of the Company’s shares, general market, economic and business conditions, and other corporate considerations. Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.  Repurchases are expected to be funded from cash on hand or through the utilization of the Company’s Revolving Credit Facility.  The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Company’s Board of Directors at any time.

During the thirteen weeks ended May 4, 2024, the Company repurchased 336,934 shares of its common stock for $25.0 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash on hand. As of May 4, 2024, the Company had $60.6 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time.

(11)	Transactions with Affiliated and Related Parties

During the thirteen weeks ended May 4, 2024, there were no purchases made from Hillman Solutions, Inc. or any of its subsidiaries where John Swygert, President and Chief Executive Officer of Ollie’s, is a member of its Board of Directors. During the thirteen weeks ended April 29, 2023, the Company purchased inventory of $0.5 million from a subsidiary of Hillman Solutions, Inc.

(12)	Subsequent Events

The Company has acquired eleven former 99 Cents Only Stores locations for $14.6 million. Of the eleven store locations, three of these are owned properties and eight are leased properties, located in markets across Texas. The purchase price is expected to be funded by cash on hand.

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ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of the financial condition and results of our operations should be read together with the financial statements and related notes of Ollie’s Bargain Outlet Holdings, Inc. included in Item 1 of this Quarterly Report on Form 10-Q and with our audited financial statements and the related notes included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on March 27, 2024 (“Annual Report”). As used in this Quarterly Report on Form 10-Q, except where the context otherwise requires or where otherwise indicated, the terms “Ollie’s,” the “Company,” “we,” “our,” and “us” refer to Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries.

We operate on a fiscal calendar widely used by the retail industry that results in a fiscal year consisting of a 52- or 53-week period ending on the Saturday nearer to January 31^st of the following year. References to “2024” refer to the 52-week period of February 4, 2024 to February 1, 2025. References to “2023” refer to the 53-week period of January 29, 2023 to February 3, 2024.  References to the “first quarter of fiscal 2024” and the “first quarter of fiscal 2023” refer to the thirteen weeks of February 4, 2024 to May 4, 2024 and January 29, 2023 to April 29, 2023, respectively.  Historical results are not necessarily indicative of the results to be expected for any future period and results for any interim period may not necessarily be indicative of the results that may be expected for a full year.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects,” and similar references to future periods, prospects, financial performance, and industry outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, capital market conditions, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including, but not limited to, supply chain challenges, legislation, national trade policy, and the following: our failure to adequately procure and manage our inventory, anticipate consumer demand, or achieve favorable product margins; changes in consumer confidence and spending; risks associated with our status as a “brick and mortar” only retailer; risks associated with intense competition; our failure to open new profitable stores, or successfully enter new markets, on a timely basis or at all; fluctuations in comparable store sales and results of operations, including on a quarterly basis; factors such as inflation, cost increases and energy prices; the risks associated with doing business with international manufacturers and suppliers including, but not limited to, potential increases in tariffs on imported goods; our inability to operate our stores due to civil unrest and related protests or disturbances; our failure to properly hire and to retain key personnel and other qualified personnel; changes in market levels of wages; risks associated with cybersecurity events, and the timely and effective deployment, protection, and defense of computer networks and other electronic systems, including e-mail; our inability to obtain favorable lease terms for our properties; the failure to timely acquire, develop, open and operate, or the loss of, disruption or interruption in the operations of, any of our centralized distribution centers; risks associated with our lack of operations in the growing online retail marketplace; risks associated with litigation, the expense of defense, and potential for adverse outcomes; our inability to successfully develop or implement our marketing, advertising, and promotional efforts; the seasonal nature of our business; risks associated with natural disasters, whether or not caused by climate change; outbreak of viruses, global health epidemics, pandemics, or widespread illness; changes in government regulations, procedures, and requirements; and our ability to service indebtedness and to comply with our financial covenants together with each of the other factors set forth under “Item 1A – Risk Factors” contained herein and in our filings with the SEC, including our Annual Report. Any forward-looking statement made by us in this Quarterly Report on Form 10-Q speaks only as of the date on which such statement is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.  You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.

 

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Overview

 

Ollie’s is a highly differentiated and fast-growing, extreme value retailer of brand name merchandise at drastically reduced prices.  Known for our assortment of products offered as “Good Stuff Cheap,” we offer customers a broad selection of brand name products, including housewares, bed and bath, food, floor coverings, health and beauty aids,

books and stationery, toys, and electronics.  Our differentiated go-to market strategy is characterized by a unique, fun and engaging treasure hunt shopping experience, compelling customer value proposition and witty, humorous in-store signage and advertising campaigns.

Our Growth Strategy

 

Since the founding of Ollie’s in 1982, we have grown organically by backfilling existing markets and leveraging our brand awareness, marketing and infrastructure to expand into new markets in contiguous states.  We have expanded to 516 stores located in 30 states as of May 4, 2024.

 

Our stores are supported by three distribution centers, one each in York, PA, Commerce, GA and Lancaster, TX. During the first quarter of fiscal 2023, the Company acquired land in Princeton, IL, for the construction of its fourth distribution center and broke ground on construction of our 615,000 square feet facility in April 2023. The distribution center is expected to be operational in the second half of fiscal 2024. With the addition of our fourth distribution center, we believe our distribution capabilities will support up to 750 stores.

 

We have invested in our associates, infrastructure, distribution network and information systems to allow us to continue to rapidly grow our store footprint, including:

 

•

growing our merchant buying team to increase our access to brand name/closeout merchandise;

 

•

adding members to our senior management team;

 

•

expanding the capacity of our distribution centers to their current 2.4 million square feet and constructing a fourth distribution center in Princeton, IL; and

 

•

investing in information technology, accounting, and warehouse management systems.

 

Our business model has produced consistent and predictable store growth over the past several years, during both strong and weaker economic cycles.  We plan to continue to enhance our competitive positioning and drive growth in sales and profitability by executing on the following strategies:

 

•

growing our store base;

 

•

increasing our offerings of great bargains; and

 

•

leveraging and expanding Ollie’s Army.

 

We have a proven portable, flexible, and highly profitable store model that has produced consistent financial results and returns.  Our new store model targets a store size between 25,000 to 35,000 square feet and an average initial cash investment of approximately $1.0 million, which includes store fixtures and equipment, store-level and distribution center inventory (net of payables), and pre-opening expenses.  We target new store sales of approximately $4.0 million in their first full year of operations.

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While we are focused on driving comparable store sales and managing our expenses, our revenue and profitability growth will primarily come from opening new stores.  The core elements of our business model are procuring great deals, offering extreme values to our customers and creating consistent, predictable store growth and margins.  In addition, our new stores generally open strong, immediately contributing to the growth in net sales and profitability of our business.  We plan to achieve continued net sales growth, including comparable stores sales, by adding stores to our store base and by continuing to provide quality merchandise at a value for our customers as we scale and gain more access to purchase directly from major manufacturers.  We also plan to leverage and expand our Ollie’s Army database marketing strategies.  In addition, we plan to continue to manage our selling, general, and administrative expenses (“SG&A”) by continuing to make process improvements and by maintaining our strong expense control discipline.

Our ability to grow and our results of operations may be impacted by additional factors and uncertainties, such as consumer spending habits, which are subject to macroeconomic conditions and changes in discretionary income.  Our customers’ discretionary income is primarily impacted by gas prices, wages, rising interest rates, inflation, and consumer trends and preferences, which fluctuate depending on the environment. The potential consolidation of our competitors or other changes in our competitive landscape could also impact our results of operations or our ability to grow, even though we compete with a broad range of retailers.

Our key competitive advantage is our direct buying relationships with many major manufacturers, wholesalers, distributors, brokers, and retailers for our brand name closeout products and unbranded goods.  We also augment our product mix with private label brands.  As we continue to grow, we believe our increased scale will provide us with even greater access to brand name closeout products as major manufacturers seek a single buyer to acquire an entire deal.

 

How We Assess the Performance of Our Business and Key Line Items

 

We consider a variety of financial and operating measures in assessing the performance of our business.  The key measures we use are number of new stores, net sales, comparable store sales, gross profit and gross margin, SG&A, pre-opening expenses, operating income, EBITDA and Adjusted EBITDA.

 

Number of New Stores

 

The number of new stores reflects the number of stores opened during a particular reporting period.  Before we open new stores, we incur pre-opening expenses described below under “Pre-Opening Expenses” and we make an initial investment in inventory.  We also make initial capital investments in fixtures and equipment, which we amortize over time.

We expect new store growth to be the primary driver of our sales growth.  Our initial lease terms are approximately seven years with options to renew for three to five successive five-year periods.  Our portable and predictable real estate model focuses on backfilling existing markets and entering new markets in contiguous states.  Our new stores often open with higher sales levels as a result of greater advertising and promotional spend in connection with grand opening events, but decline shortly thereafter to our new store model levels.

 

Net Sales

 

Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of the merchandise.  Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage.  Net sales are presented net of returns and sales tax.  Net sales consist of sales from comparable stores and non-comparable stores, described below under “Comparable Store Sales.”  Growth of our net sales is primarily driven by expansion of our store base in existing and new markets.  As we continue to grow, we believe we will have greater access to brand name and closeout merchandise and an increased deal selection, resulting in more potential offerings for our customers.  Net sales are impacted by product mix, merchandise mix and availability, as well as promotional activities and the spending habits of our customers. Our broad selection of offerings across diverse product categories supports growth in net sales by attracting new customers, which results in higher spending levels and frequency of shopping visits from our customers, including Ollie’s Army members.

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The spending habits of our customers are subject to macroeconomic conditions and changes in discretionary income.  Our customers’ discretionary income is primarily impacted by gas prices, wages, inflation, and consumer trends and preferences, which fluctuate depending on the environment.  However, because we offer a broad selection of merchandise at extreme values, we believe we are less impacted than other retailers by economic cycles that correspond with declines in general consumer spending habits.  We believe we also benefit from periods of increased consumer spending.

 

Comparable Store Sales

 

Comparable store sales measure performance of a store during the current reporting period against the performance of the same store in the corresponding period of the previous year.  Comparable store sales consist of net sales from our stores beginning on the first day of the sixteenth full fiscal month following the store’s opening, which is when we believe comparability is achieved.  Comparable store sales are impacted by the same factors that impact net sales.

 

We define comparable stores to be stores that:

 

•

have been remodeled while remaining open;

 

•

are closed for five or fewer days in any fiscal month;

 

•

are closed temporarily and relocated within their respective trade areas; and

 

•

have expanded, but are not significantly different in size, within their current locations.

 

Non-comparable store sales consist of new store sales and sales for stores not open for a full 15 months.  Stores which are closed temporarily, but for more than five days in any fiscal month, are included in non-comparable store sales beginning in the fiscal month in which the temporary closure begins until the first full month of operation once the store re-opens, at which time they are included in comparable store sales.

Opening new stores is the primary component of our growth strategy and as we continue to execute on our growth strategy, we expect a significant portion of our sales growth will be attributable to non-comparable store sales.  Accordingly, comparable store sales are only one measure we use to assess the success of our growth strategy.

 

Gross Profit and Gross Margin

 

Gross profit is equal to our net sales less our cost of sales.  Cost of sales includes merchandise costs, inventory markdowns, shrinkage and transportation, distribution and warehousing costs, including depreciation. Gross margin is gross profit as a percentage of our net sales. Gross margin is a measure used by management to indicate whether we are selling merchandise at an appropriate gross profit.

In addition, our gross margin is impacted by product mix, as some products generally provide higher gross margins, by our merchandise mix and availability, and by our merchandise cost, which can vary.

Our gross profit is variable in nature and generally follows changes in net sales.  We regularly analyze the components of gross profit, as well as gross margin.  Specifically, our product margin and merchandise mix is reviewed by our merchant team and senior management, ensuring strict adherence to internal margin goals.  Our disciplined buying approach has produced consistent gross margins and we believe helps to mitigate adverse impacts on gross profit and results of operation.

The components of our cost of sales may not be comparable to the components of cost of sales or similar measures of our competitors and other retailers.  As a result, our gross profit and gross margin may not be comparable to similar data made available by our competitors and other retailers.

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Selling, General, and Administrative Expenses

 

SG&A are comprised of payroll and benefits for store, field support, and support center associates.  SG&A also include marketing and advertising expense, occupancy costs for stores and the store support center, insurance, corporate infrastructure, and other general expenses. The components of our SG&A remain relatively consistent per store and for each new store opening. The components of our SG&A may not be comparable to the components of similar measures of other retailers.  Consolidated SG&A generally increase as we grow our store base and as our net sales increase. A significant portion of our expenses is primarily fixed in nature, and we expect to continue to maintain strict discipline while carefully monitoring SG&A as a percentage of net sales.  We expect that our SG&A will continue to increase in future periods with future growth.

 

Depreciation and Amortization Expenses

 

Property and equipment are stated at original cost less accumulated depreciation and amortization. Depreciation and amortization expenses are calculated over the estimated useful lives of the related assets, or in the case of leasehold improvements, the lesser of the useful lives or the remaining term of the lease. Expenditures for additions, renewals, and betterments are capitalized; expenditures for maintenance and repairs are charged to expense as incurred. Depreciation and amortization are computed on the straight-line method for financial reporting purposes. Depreciation as it relates to our distribution centers is included within cost of sales on the condensed consolidated statements of income.

 

Pre-Opening Expenses

 

Pre-opening expenses consist of expenses of opening new stores and distribution centers, as well as store remodel and closing costs.  For opening new stores, pre-opening expenses include grand opening advertising costs, payroll expenses, travel expenses, employee training costs, rent expenses, and store setup costs.  Pre-opening expenses for new stores are expensed as they are incurred, which is typically within 30 to 45 days of opening a new store. For opening distribution centers, pre-opening expenses primarily include inventory transportation costs, employee travel expenses, and occupancy costs. Store remodel costs primarily consist of payroll expenses, travel expenses, and store setup costs expensed as they are incurred. Store closing costs primarily consist of insurance deductibles, rent, and store payroll.

 

Operating Income

 

Operating income is gross profit less SG&A, depreciation and amortization, and pre-opening expenses.  Operating income excludes net interest income or expense, and income tax expense or benefit.  We use operating income as an indicator of the productivity of our business and our ability to manage expenses.

  EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are key metrics used by management and our Board to assess our financial performance.  EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry.  We use Adjusted EBITDA to supplement U.S. generally accepted accounting principles (“GAAP”) measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, to evaluate our performance in connection with compensation decisions and to compare our performance against that of other peer companies using similar measures.  Management believes it is useful to investors and analysts to evaluate these non-GAAP measures on the same basis as management uses to evaluate the Company’s operating results.  We believe that excluding items from operating income, net income and net income per diluted share that may not be indicative of, or are unrelated to, our core operating results, and that may vary in frequency or magnitude, enhances the comparability of our results and provides a better baseline for analyzing trends in our business.

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We define EBITDA as net income before net interest income or expense, depreciation and amortization expenses and income taxes.  Adjusted EBITDA represents EBITDA as further adjusted for non-cash stock-based compensation expense and gains on insurance settlements.  EBITDA and Adjusted EBITDA are non-GAAP measures and may not be comparable to similar measures reported by other companies.  EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. In the future we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. For further discussion of EBITDA and Adjusted EBITDA and for reconciliations of net income, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA, see “Results of Operations.”

 

Factors Affecting the Comparability of our Results of Operations

 

Our results over the past two years have been affected by the following factors, which must be understood in order to assess the comparability of our period-to-period financial performance and condition.

 

Historical Results

 

Historical results are not necessarily indicative of the results to be expected for any future period.

 

Store Openings and Closings

 

We opened 4 new stores in the first quarter of fiscal 2024 and opened 9 new stores and closed one store in the first quarter of fiscal 2023.  In connection with these store openings and closings, we incurred expenses of $2.7 million and $3.3 million in the respective periods.

 

Seasonality

 

Our business is seasonal in nature and demand is generally the highest in our fourth fiscal quarter due to the holiday sales season.  To prepare for the holiday sales season, we must order and keep in stock more merchandise than we carry during other times of the year and generally engage in additional marketing efforts.  We expect inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in our third and fourth fiscal quarters in anticipation of increased net sales during the holiday sales season.  As a result of this seasonality, and generally because of variation in consumer spending habits, we experience fluctuations in net sales and working capital requirements during the year.  Because we offer a broad selection of merchandise at extreme values, we believe we are less impacted than other retailers by economic cycles which correspond with declines in general consumer spending habits, and we believe we still benefit from periods of increased consumer spending.

 

20

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Index

Results of Operations

 

The following tables summarize key components of our results of operations for the periods indicated, both in dollars and as a percentage of our net sales.

We derived the condensed consolidated statements of income for the first quarter of fiscal 2024 and the first quarter of fiscal 2023 from our unaudited condensed consolidated financial statements and related notes.  Our historical results are not necessarily indicative of the results that may be expected in the future.

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		( dollars in thousands)
Condensed consolidated statements of income data:
Net sales		$	508,818			$	459,154
Cost of sales			299,460				280,583
Gross profit			209,358				178,571
Selling, general and administrative expenses			142,419				130,268
Depreciation and amortization expenses			7,716				6,483
Pre-opening expenses			2,726				3,281
Operating income			56,497				38,539
Interest (income), net			(4,301	)			(2,675	)
Income before income taxes			60,798				41,214
Income tax expense			14,456				10,234
Net income		$	46,342			$	30,980
Percentage of net sales (1):
Net sales			100.0	%			100.0	%
Cost of sales			58.9				61.1
Gross profit			41.1				38.9
Selling, general and administrative expenses			28.0				28.4
Depreciation and amortization expenses			1.5				1.4
Pre-opening expenses			0.5				0.7
Operating income			11.1				8.4
Interest (income), net			(0.8	)			(0.6	)
Income before income taxes			11.9				9.0
Income tax expense			2.8				2.2
Net income			9.1	%			6.7	%
Select operating data:
Number of new stores			4				9
Number of closed stores			—				(1	)
Number of stores open at end of period			516				476
Average net sales per store (2)		$	993			$	970
Comparable stores sales change			3.0	%			4.5	%

(1)

Components may not add to totals due to rounding.

(2)

Average net sales per store represents the weighted average of total net weekly sales divided by the number of stores open at the end of each week for the respective periods presented.

 

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The following table provides a reconciliation of our net income to Adjusted EBITDA for the periods presented:

 

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
Net income		$	46,342			$	30,980
Interest (income), net			(4,301	)			(2,675	)
Depreciation and amortization expenses			9,785				8,074
Income tax expense			14,456				10,234
EBITDA			66,282				46,613
Non-cash stock-based compensation expense			3,149				2,863
Adjusted EBITDA		$	69,431			$	49,476

(1)

Includes depreciation and amortization relating to our distribution centers, which is included within cost of sales on our condensed consolidated statements of income.

 

First Quarter of Fiscal 2024 Compared to First Quarter of Fiscal 2023

 

Net Sales

 

Net sales increased to $508.8 million in the first quarter of fiscal 2024 from $459.2 million in the first quarter of fiscal 2023, an increase of $49.6 million, or 10.8%.  The increase in net sales was the result of new store unit growth in addition to a comparable store sales increase of 3.0%.

 

Comparable store sales increased 3.0% in the first quarter of fiscal 2024 compared with a 4.5% increase in the first quarter of fiscal 2023. The increase in comparable store sales consisted of an increase in average transaction size and the number of transactions.  Increases in lawn & garden, housewares, food, sporting goods, and candy departments were offset by declines in certain home-related categories.

 

Gross Profit and Gross Margin

 

Gross profit increased to $209.4 million in the first quarter of fiscal 2024 from $178.6 million in the first quarter of fiscal 2023. Gross margin increased 220 basis points to 41.1% in the first quarter of fiscal 2023 from 38.9% in the first quarter of fiscal 2023.  The increase in gross margin in the first quarter of fiscal 2024 is primarily due to favorable supply chain costs and higher merchandise margin.

 

Selling, General, and Administrative Expenses

 

SG&A increased to $142.4 million in the first quarter of fiscal 2024 from $130.3 million in the first quarter of fiscal 2023, an increase of $12.1 million, or 9.3%, primarily driven by higher selling expenses related to increased store count. As a percentage of net sales, SG&A decreased to 28.0% in the first quarter of fiscal 2024 compared to 28.4% the first quarter of fiscal 2023 primarily the result of leverage of fixed expenses on the increase in comparable store sales.

 

Pre-Opening Expenses

 

Pre-opening expenses decreased to $2.7 million in the first quarter of fiscal 2024 from $3.3 million in the first quarter of fiscal 2023 primarily driven by timing of new stores. We opened 4 new stores in the first quarter of fiscal 2024 and opened 9 new stores and closed one store in the first quarter of fiscal 2023.  As a percentage of net sales, pre-opening expenses decreased to 0.5% in the first quarter of fiscal 2024 compared to 0.7% in the first quarter of fiscal 2023.

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Interest Income, Net

 

Net interest income was $4.3 million in the first quarter of fiscal 2024 compared with net interest income of $2.7 million in the first quarter of fiscal 2023. The increase in interest income in the first quarter of fiscal 2024 is primarily due to favorable interest rates and higher average cash and cash equivalent and short-term investments balances compared to the first quarter of fiscal 2023.

 

Income Tax Expense

 

Income tax expense increased to $14.5 million in the first quarter of fiscal 2024 compared to $10.2 million in the first quarter of fiscal 2023. The effective tax rates for the first quarters of fiscal 2024 and fiscal 2023 were 23.8% and 24.8%, respectively. The decrease in the effective tax rate in the first quarter of fiscal 2024 was primarily due to an increase in excess tax benefits related to stock-based compensation. Discrete tax benefits totaled $1.1 million in the first quarter of fiscal 2024 compared to discrete tax benefits of $0.2 million in the first quarter of fiscal 2023.

 

Net Income

 

As a result of the foregoing, net income increased to $46.3 million in the first quarter of fiscal 2024 from $31.0 million in the first quarter of fiscal 2023, an increase of $15.3 million or 49.6%.

 

Adjusted EBITDA

 

Adjusted EBITDA increased to $69.4 million in the first quarter of fiscal 2024 from $49.5 million in the first quarter of fiscal 2023, an increase of $19.9 million, or 40.3%.

 

Liquidity and Capital Resources

 

Overview

 

Our primary sources of liquidity are net cash flows provided by operating activities and available borrowings under our $100.0 million Revolving Credit Facility.  Our primary cash needs are for capital expenditures and working capital.  As of May 4, 2024, we had $92.0 million available to borrow under our Revolving Credit Facility and $341.5 million of cash and cash equivalents and short-term investments on hand. For further information regarding our Revolving Credit Facility, see Note 7 under “Notes to Unaudited Condensed Consolidated Financial Statements.”

 

Our capital expenditures are primarily related to new store openings, store resets, which consist of improvements to stores as they are needed, expenditures related to our distribution centers, and infrastructure-related investments, including investments related to upgrading and maintaining our information technology systems. We spent $26.9 million and $19.0 million for capital expenditures during the first quarters of fiscal 2024 and fiscal 2023, respectively. We expect to fund capital expenditures from cash on hand generated from operations. We opened 4 new stores during the first quarter of fiscal 2024 and we expect to open approximately 50 stores with 2 closures during fiscal 2024. Included in our plans is the completion of construction of our fourth distribution center, which is anticipated to be operational in the second half of fiscal 2024, as well as store-level initiatives at our existing stores, and general corporate capital expenditures, including information technology. In May 2024, we entered into an asset purchase agreement to acquire eleven former 99 Cents Only Stores locations for $14.6 million in connection with 99 Cents Only Stores’ bankruptcy proceedings. With the acquisition, we expect our total capital expenditures to be approximately $90 million, which excludes the $14.6 million purchase price and includes build out costs for the newly acquired locations. We have experienced, and may continue to experience, delays in construction and permitting of new stores and other projects.

 

Our primary working capital requirements are for the purchase of merchandise inventories, payroll, store rent associated with our operating leases, other store operating costs, distribution costs, and general and administrative costs.  Our working capital requirements fluctuate during the year, rising in our third fiscal quarter as we increase quantities of inventory in anticipation of our peak holiday sales season in our fourth fiscal quarter.  Fluctuations in working capital are also driven by the timing of new store openings.

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Historically, we have funded our capital expenditures and working capital requirements during the fiscal year with cash flows from operations.

 

A financial instrument which potentially subjects the Company to a concentration of credit risk is cash. Ollie’s currently maintains its day-to-day operating cash balances with major financial institutions. The Company’s operating cash balances are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limit. From time to time, Ollie’s invests temporary excess cash in overnight investments with expected minimal volatility, such as money market funds. Although the Company maintains balances which exceed the FDIC insured limit, it has not experienced any losses related to these balances.

 

We believe our cash and cash equivalents and short-term investments position, net cash provided by operating activities and availability under our Revolving Credit Facility will be adequate to finance our planned capital expenditures, working capital requirements, debt service and other financing activities over the next 12 months.  If cash provided by operating activities and borrowings under our Revolving Credit Facility are not sufficient or available to meet our capital requirements, we will then be required to obtain additional equity or debt financing in the future.  There can be no assurance equity or debt financing will be available to us when needed or, if available, the terms will be satisfactory to us and not dilutive to our then-current stockholders.

 

Share Repurchase Program

 

On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program, resulting in $200.0 million approved for share repurchases through January 13, 2023. On November 30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Company’s Board of Directors authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026.  The shares to be repurchased may be purchased from time to time in open market conditions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers or any combination of the foregoing.  The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of our shares, general market, economic and business conditions, and other corporate considerations.  Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow us to purchase our shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.  Repurchases are expected to be funded from cash on hand or through the utilization of our Revolving Credit Facility.  The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by our Board of Directors at any time.

 

During the first quarter of fiscal 2024, we repurchased 336,934 shares of our common stock for $25.0 million, inclusive of transaction costs, pursuant to our share repurchase program. During the first quarter of fiscal 2023, we repurchased 215,522 shares of our common stock for $12.3 million. These expenditures were funded by cash generated from operations. As of May 4, 2024, we had $60.6 million remaining under our share repurchase authorization. There can be no assurances that any additional repurchases will be completed, or as to the timing or amount of any repurchases.

 

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Index

Summary of Cash Flows

 

A summary of our cash flows from operating, investing, and financing activities is presented in the following table:

 

		Thirteen weeks ended
		May 4,				April 29,
		2024				2023
		(in thousands)
Net cash provided by operating activities		$	40,184			$	35,872
Net cash used in investing activities			(68,515	)			(99,311	)
Net cash used in financing activities			(25,681	)			(12,198	)
Net decrease in cash and cash equivalents		$	(54,012	)		$	(75,637	)

 

Cash Provided by Operating Activities

 

Net cash provided by operating activities in the first quarter of fiscal 2024 was $40.2 million as compared to net cash provided by operating activities of $35.8 million in the first quarter of fiscal 2023. The increase in net cash provided by operating activities in the first quarter of fiscal 2024 was primarily due to higher net income year over year offset by increased working capital needs.

 

Cash Used in Investing Activities

 

Net cash used in investing activities in the first quarters of fiscal 2024 and fiscal 2023 was $68.5 million and $99.3 million, respectively. The decrease in cash used in investing activities is primarily due to reduced net investment of short-term investments in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023. In the first quarter of fiscal 2024 purchases of short-term investments were $96.0 million offset with maturities of short-term investments of $54.3 million. In the first quarter of fiscal 2023, purchases of short-term investments were $85.4 million offset with maturities of short-term investments of $5.0 million.

 

Cash Used in Financing Activities

 

Net cash used in financing activities in the first quarters of fiscal 2024 and fiscal 2023 was $25.7 million and $12.2 million, respectively. The increase in cash used in financing activities is primarily due to shares repurchased in the first quarter of fiscal 2024 of $25.0 million compared to $12.3 million in the first quarter of fiscal 2023.

 

Contractual Obligations

 

We enter into long-term contractual obligations and commitments in the normal course of business, primarily operating leases. Except as set forth in Note 4 of the accompanying unaudited condensed consolidated financial statements, there have been no material changes to our contractual obligations as disclosed in our Annual Report, other than those which occur in the ordinary course of business.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Critical Accounting Policies and Estimates

 

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. There have been no significant changes in the significant accounting policies and estimates.

 

Recently Issued Accounting Pronouncements

 

Not applicable.

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Index

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Interest Rate Risk

 

We are subject to interest rate risk in connection with borrowings under our Revolving Credit Facility, which bears interest at variable rates. As of May 4, 2024, we had no outstanding variable rate debt.

 

As of May 4, 2024, there were no material changes in the market risks described in the “Quantitative and Qualitative Disclosure of Market Risks” section of our Annual Report.

 

Impact of Inflation

 

Our results of operations and financial condition are presented based on historical cost. While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we believe the effects of inflation, if any, on our historical results of operations and financial condition have been immaterial. We cannot be assured that our results of operations and financial condition will not be materially impacted by inflation in the future.

ITEM 4.

CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this Quarterly Report on Form 10-Q pursuant to Rule 13a-15(b) of the Exchange Act. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q are effective at a reasonable assurance level in ensuring that information required to be disclosed in our Exchange Act reports is: (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures will prevent or detect all errors and all fraud. While our disclosure controls and procedures are designed to provide reasonable assurance of their effectiveness, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

 

Changes in Internal Control over Financial Reporting

 

There were no changes to our internal control over financial reporting during the first quarter of fiscal 2024 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

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Index

PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

From time to time we may be involved in claims and legal actions that arise in the ordinary course of our business. We cannot predict the outcome of any litigation or suit to which we are a party.  However, we do not believe that an unfavorable decision of any of the current claims or legal actions against us, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, liquidity or capital resources.

 

ITEM 1A.

RISK FACTORS

 

See Item 1A in our Annual Report for a detailed description of risk factors affecting the Company. There have been no material changes from the risk factors previously disclosed in that filing.

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

Information on Share Repurchases

 

Information regarding shares of common stock the Company repurchased during the thirteen weeks ended May 4, 2024 is as follows:

 

Period		Total number of shares repurchased (1)				Average price paid per share (2)				Total number of shares purchased as part of publicly announced plans or programs (3)				Approximate dollar value of shares that may yet be purchased under the plans or programs (3)
February 4, 2024 through March 2, 2024			45,900				78.25				45,900			$	82,056,989
March 3, 2024 through April 6, 2024			216,520				75.43				216,520			$	66,151,051
April 7, 2024 through May 4, 2024			74,514				73.25				74,514			$	60,648,213
Total			336,934								336,934

 

(1)

Consists of shares repurchased under the publicly announced share repurchase program.

 

(2)

Includes commissions for the shares repurchased under the share repurchase program.

 

(3)

On December 15, 2020, the Board of Directors authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program resulting in $200.0 million approved for share repurchases through January 13, 2023. On November 30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Company’s Board of Directors authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026. Shares to be repurchased are subject to the same considerations regarding timing and amount of repurchases as the initial authorization. As of May 4, 2024, the Company had $60.6 million remaining under its share repurchase program. For further discussion on the share repurchase program, see “Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources, Share Repurchase Program.”

 

ITEM 5.

OTHER INFORMATION

 

Trading Arrangements of Directors and Executive Officers

 

During the quarter ended May 4, 2024, no director or officer of the Company entered into, modified, or terminated a “Rule 10b5-1(c) trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in item 408(a) of Regulation S-K.

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Index

ITEM 6.

EXHIBITS

Exhibit No.		Description of Exhibits
10.1†		Second Amendment, dated as of January 9, 2024, to Amended and Restated Credit Agreement, among Bargain Parent, Inc., OBO Ventures, Inc. and certain subsidiaries, as borrowers, Manufacturers and Traders Trust Company, as Administrative Agent, and certain lenders party thereto (incorporated by reference to Exhibit 10.1 to the Current Report filed on Form 8-K by the Company on January 9, 2024 (No. 001-37501)).
*31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
*32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
**101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
**101.SCH		Inline XBRL Taxonomy Extension Schema Document.
**101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
**101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
**101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
**101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
**104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

 

† Previously filed.

 

* Filed herewith.

 

** Submitted electronically with this Report.

 

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Index

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

OLLIE’S BARGAIN OUTLET HOLDINGS, INC.

Date: June 5, 2024	/s/ Robert Helm
	Robert Helm
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

29

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Exhibit 31.1

CERTIFICATIONS

 

I, John Swygert, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Ollie’s Bargain Outlet Holdings, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 5, 2024	/s/ John Swygert
	John Swygert Chief Executive Officer (Principal Executive Officer)

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Exhibit 31.2

 

CERTIFICATIONS

I, Robert Helm, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Ollie’s Bargain Outlet Holdings, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 5, 2024	/s/ Robert Helm
	Robert Helm Executive Vice President and Chief Financial Officer (Principal Financial Officer)

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Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Ollie’s Bargain Outlet Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended May 4, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Swygert, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 5, 2024	/s/ John Swygert
	John Swygert
	Chief Executive Officer

 

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Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Ollie’s Bargain Outlet Holdings, Inc. (the “Company”) on Form 10-Q for the quarter ended May 4, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert Helm, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 5, 2024	/s/ Robert Helm
	Robert Helm
	Executive Vice President and Chief Financial Officer

 

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Document and Entity Information - shares	3 Months Ended
	May 04, 2024	May 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	May 04, 2024
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity Registrant Name	Ollie’s Bargain Outlet Holdings, Inc.
Entity Central Index Key	0001639300
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37501
Entity Tax Identification Number	80-0848819
Entity Address, Address Line One	6295 Allentown Boulevard
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Harrisburg
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17112
City Area Code	717
Local Phone Number	657-2300
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	OLLI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		61,206,696

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Condensed Consolidated Statements of Income [Abstract]
Net sales	$ 508,818	$ 459,154
Cost of sales	299,460	280,583
Gross profit	209,358	178,571
Selling, general, and administrative expenses	142,419	130,268
Depreciation and amortization expenses	7,716	6,483
Pre-opening expenses	2,726	3,281
Operating income	56,497	38,539
Interest (income), net	(4,301)	(2,675)
Income before income taxes	60,798	41,214
Income tax expense	14,456	10,234
Net income	$ 46,342	$ 30,980
Earnings per common share:
Basic (in dollars per share)	$ 0.76	$ 0.5
Diluted (in dollars per share)	$ 0.75	$ 0.5
Weighted average common shares outstanding:
Basic (in shares)	61,380	61,970
Diluted (in shares)	61,739	62,207

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Current assets:
Cash and cash equivalents	$ 212,250	$ 266,262	$ 134,959
Short-term investments	129,250	86,980	140,530
Accounts receivable	916	2,223	985
Inventories	527,469	505,790	497,988
Prepaid expenses and other assets	8,897	10,173	8,806
Total current assets	878,782	871,428	783,268
Property and equipment, net of accumulated depreciation of $193,557, $184,201 and $157,959, respectively	282,669	270,063	187,030
Operating lease right-of-use assets	472,525	475,526	443,153
Goodwill	444,850	444,850	444,850
Trade name	230,559	230,559	230,559
Other assets	2,083	2,168	2,178
Total assets	2,311,468	2,294,594	2,091,038
Current liabilities:
Current portion of long-term debt	599	639	519
Accounts payable	103,495	128,097	99,554
Income taxes payable	29,227	14,744	12,476
Current portion of operating lease liabilities	89,607	89,176	89,528
Accrued expenses and other current liabilities	87,864	82,895	76,136
Total current liabilities	310,792	315,551	278,213
Revolving credit facility	0	0	0
Long-term debt	1,077	1,022	946
Deferred income taxes	71,628	71,877	71,132
Long-term operating lease liabilities	395,547	397,912	356,791
Total liabilities	779,044	786,362	707,082
Stockholders' equity:
Preferred stock - 50,000 shares authorized at $0.001 par value; no shares issued	0	0	0
Common stock - 500,000 shares authorized at $0.001 par value; 67,069, 66,927, and 66,778 shares issued, respectively	67	67	67
Additional paid-in capital	697,816	694,959	680,881
Retained earnings	1,214,293	1,167,951	1,017,492
Treasury - common stock, at cost; 5,810, 5,473, and 4,880 shares, respectively	(379,752)	(354,745)	(314,484)
Total stockholders' equity	1,532,424	1,508,232	1,383,956
Total liabilities and stockholders' equity	$ 2,311,468	$ 2,294,594	$ 2,091,038

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Assets
Property and equipment, accumulated depreciation	$ 193,557	$ 184,201	$ 157,959
Stockholders' equity:
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0	0
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	67,069,000	66,927,000	66,778,000
Treasury - common stock (in shares)	5,810,000	5,473,000	4,880,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance at Jan. 28, 2023	$ 67	$ (302,204)	$ 677,694	$ 986,512	$ 1,362,069
Beginning balance (in shares) at Jan. 28, 2023	66,672
Beginning balance (in shares) at Jan. 28, 2023		(4,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	2,863	0	2,863
Proceeds from stock options exercised	$ 0	$ 0	1,592	0	1,592
Proceeds from stock options exercised (in shares)	42	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	86	0
Common shares withheld for taxes	$ 0	$ 0	(1,268)	0	(1,268)
Common shares withheld for taxes (in shares)	(22)	0
Shares repurchased	$ 0	$ (12,280)	0	0	(12,280)
Shares repurchased (in shares)	0	(216)
Net income	$ 0	$ 0	0	30,980	30,980
Ending balance at Apr. 29, 2023	$ 67	$ (314,484)	680,881	1,017,492	$ 1,383,956
Ending balance (in shares) at Apr. 29, 2023	66,778
Ending balance (in shares) at Apr. 29, 2023		(4,880)			(4,880)
Beginning balance at Feb. 03, 2024	$ 67	$ (354,745)	694,959	1,167,951	$ 1,508,232
Beginning balance (in shares) at Feb. 03, 2024	66,927
Beginning balance (in shares) at Feb. 03, 2024		(5,473)			(5,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	3,149	0	$ 3,149
Proceeds from stock options exercised	$ 0	$ 0	2,548	0	2,548
Proceeds from stock options exercised (in shares)	66	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	112	0
Common shares withheld for taxes	$ 0	$ 0	(2,840)	0	(2,840)
Common shares withheld for taxes (in shares)	(36)	0
Shares repurchased	$ 0	$ (25,007)	0	0	(25,007)
Shares repurchased (in shares)	0	(337)
Net income	$ 0	$ 0	0	46,342	46,342
Ending balance at May. 04, 2024	$ 67	$ (379,752)	$ 697,816	$ 1,214,293	$ 1,532,424
Ending balance (in shares) at May. 04, 2024	67,069
Ending balance (in shares) at May. 04, 2024		(5,810)			(5,810)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Cash Flows from Operating Activities:
Net income	$ 46,342	$ 30,980
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	9,742	8,025
Amortization of debt issuance costs	13	69
(Gain) loss on sale of assets	(118)	5
Deferred income tax provision	(249)	500
Stock-based compensation expense	3,149	2,863
Other	(480)	0
Changes in operating assets and liabilities:
Inventories	(21,679)	(27,454)
Accounts receivable	1,307	1,389
Prepaid expenses and other assets	1,348	1,692
Accounts payable	(21,163)	12,655
Income taxes payable	14,483	9,420
Accrued expenses and other liabilities	7,489	(4,272)
Net cash provided by operating activities	40,184	35,872
Cash Flows from Investing Activities:
Purchases of property and equipment	(26,865)	(19,010)
Proceeds from sale of property and equipment	140	64
Purchases of short-term investments	(96,042)	(85,365)
Maturities of short-term investments	54,252	5,000
Net cash used in investing activities	(68,515)	(99,311)
Cash Flows from Financing Activities:
Repayments on finance leases	(382)	(242)
Proceeds from stock option exercises	2,548	1,592
Common shares withheld for taxes	(2,840)	(1,268)
Payment for shares repurchased	(25,007)	(12,280)
Net cash used in financing activities	(25,681)	(12,198)
Net decrease in cash and cash equivalents	(54,012)	(75,637)
Cash and cash equivalents, beginning of the period	266,262	210,596
Cash and cash equivalents, end of the period	212,250	134,959
Cash paid during the period for:
Interest	110	116
Income taxes	222	333
Non-cash investing activities:
Accrued purchases of property and equipment	$ 6,379	$ 7,666

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	May 04, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	(1) Basis of Presentation and Summary of Significant Accounting Policies (a) Description of Business Ollie’s Bargain Outlet Holdings, Inc. and subsidiaries (collectively referred to as the “Company” or “Ollie’s”) principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers, and other retailers. In addition, the Company augments its name-brand closeout deals with directly sourced private label products featuring names exclusive to Ollie’s in order to provide consistently value-priced goods in select key merchandise categories. Since its first store opened in 1982, the Company has grown to 516 retail locations in 30 states as of May 4, 2024. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia. (b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31st of the following calendar year.  References to the thirteen weeks ended May 4, 2024 and April 29, 2023 refer to the thirteen weeks from February 4, 2024 to May 4, 2024 and from January 29, 2023 to April 29, 2023, respectively.  References to “2023” refer to the fiscal year ended February 3, 2024 and references to “2024” refer to the fiscal year ending February 1, 2025.  Fiscal year 2023 consists of 53 weeks, and fiscal year 2024 consists of 52 weeks. (c) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 4, 2024 and April 29, 2023, and the condensed consolidated statements of income and stockholders’ equity for the thirteen weeks ended May 4, 2024 and April 29, 2023, and the condensed consolidated statements of cash flows for the thirteen weeks ended May 4, 2024 and April 29, 2023 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2024 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The Company’s balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2023 and footnotes thereto included in the Annual Report. For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment. (d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows: • Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. • Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 inputs are unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The Company’s financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair value because of their short-term nature. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in treasury bonds are Level 1 while the investments in municipal bonds are Level 2. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.   As of May 4, 2024, February 3, 2024, and April 29, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:     As of May 4, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 88,234     $ 24     $ -     $ 88,258   Municipal bonds     12,198       -       (72 )     12,126   Corporate bonds     28,818       9       -       28,827   Total   $ 129,250     $ 33     $ (72 )   $ 129,211       As of February 3, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 49,765     $ 16     $ -     $ 49,781   Municipal bonds     10,136       -       (139 )     9,997   Corporate bonds     27,079       22       -       27,101   Total   $ 86,980     $ 38     $ (139 )   $ 86,879     As of April 29, 2023       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 101,072     $ -     $ (935 )   $ 100,137   Municipal bonds     39,458       -       (164 )     39,294   Total   $ 140,530     $ -     $ (1,099 )   $ 139,431

Net Sales	3 Months Ended
	May 04, 2024
Net Sales [Abstract]
Net Sales	(2) Net Sales Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise.  Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage.  Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. Revenue Recognition Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. Unless temporarily extended, the maximum redemption period is 45 days. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability.  Discount awards are combined in one homogeneous pool and are not separately identifiable.  Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period.  The following table is a reconciliation of the liability related to this program:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (in thousands)   Beginning balance   $ 10,159     $ 8,130   Revenue deferred     4,436       3,326   Revenue recognized     (3,442 )     (2,687 ) Ending balance   $ 11,153     $ 8,769   Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period. The following table is a reconciliation of the gift card liability:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (in thousands)   Beginning balance   $ 2,650     $ 2,527   Gift card issuances     962       900   Gift card redemption and breakage     (1,143 )     (1,098 ) Ending balance   $ 2,469     $ 2,329

Earnings per Common Share	3 Months Ended
	May 04, 2024
Earnings per Common Share [Abstract]
Earnings per Common Share	(3) Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding after giving effect to the potential dilution, if applicable, from the assumed exercise of stock options into shares of common stock as if those stock options were exercised and the assumed lapse of restrictions on restricted stock units. The following table summarizes those effects for the diluted earnings per common share calculation:   Thirteen weeks ended        May 4,      April 29,       2024     2023       (in thousands, except per share amounts)   Net income   $ 46,342     $ 30,980   Weighted average number of common shares outstanding – Basic     61,380       61,970   Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units     359       237   Weighted average number of common shares outstanding - Diluted     61,739       62,207   Earnings per common share – Basic   $ 0.76     $ 0.50   Earnings per common share - Diluted   $ 0.75     $ 0.50   The effect of the weighted average assumed exercise of stock options outstanding totaling 519,736 and 841,519 for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive. The effect of weighted average non-vested restricted stock units outstanding totaling 46 and 26,241 for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

Leases	3 Months Ended
	May 04, 2024
Leases [Abstract]
Leases	(4) Leases The Company accounts for its leases under ASC 842, Leases (Topic 842). Under this guidance, arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease, if available. The Company’s lessors do not provide an implicit rate, nor is one readily available, therefore the Company uses its incremental borrowing rate based on the portfolio approach, which applies one rate to leases within a given period. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. Variable lease expenses, if any, are recorded when incurred. In calculating the right-of-use asset and lease liability, the Company elects to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 months or less from the guidance as an accounting policy election and recognizes rent expense on a straight-line basis over the lease term. The Company does not act as a lessor. Ollie’s generally leases its stores, offices, and distribution facilities under operating leases that expire at various dates through 2038.  These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals based on a percentage of annual sales.  A majority of the Company’s leases also require a payment for all or a portion of common-area maintenance, insurance, real estate taxes, water and sewer costs, and repairs, on a fixed or variable payment basis, the cost of which, for leases existing as of the adoption of ASC 842, is charged to the related expense category rather than being accounted for as rent expense.  For leases entered into after the adoption of ASC 842, the Company accounts for lease components together with non-lease components as a single component for all classes of underlying assets.  Most of the leases contain options to renew for three to five successive five-year periods.  The Company is generally not reasonably certain to exercise renewal options; therefore, the options are not considered in determining the lease term, and associated potential option payments are excluded from the lease payments.  Ollie’s lease agreements generally do not contain any material residual value guarantees or material restrictive covenants. Store and office lease costs are classified in selling, general, and administrative expenses and distribution center lease costs are classified in cost of sales on the condensed consolidated statements of income. The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of May 4 , 2024:     May 4,       2024       (in thousands)   Remainder of 2024   $ 79,819   2025     96,603   2026     92,465   2027     80,248   2028     63,788   Thereafter     142,158   Total undiscounted lease payments (1)     555,081   Less:  Imputed interest     (69,927 ) Total lease obligations     485,154   Less:  Current obligations under leases     (89,607 ) Long-term lease obligations   $ 395,547   (1) Lease obligations exclude $40.7 million of minimum lease payments for leases signed, but not commenced. The following table summarizes other information related to the Company’s operating leases as of and for the respective periods:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (dollars in thousands)   Cash paid for operating leases   $ 28,167     $ 25,344   Operating lease cost     27,241       24,888   Variable lease cost     3,846       2,835   Non-cash right-of-use assets obtained in exchange for lease obligations     7,022       12,273   Weighted-average remaining lease term   6.4 years     6.3 years   Weighted-average discount rate     4.0 %     3.5 %

Commitments and Contingencies	3 Months Ended
	May 04, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	(5) Commitments and Contingencies Contingencies From time to time, the Company may be involved in claims and legal actions that arise in the ordinary course of its business. The Company cannot predict the outcome of any litigation or suit to which it is a party.  However, the Company does not believe that an unfavorable decision of any of the current claims or legal actions against it, individually or in the aggregate, will have a material adverse effect on its financial position, results of operations, liquidity or capital resources.

Accrued Expenses and Other Current Liabilities	3 Months Ended
	May 04, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	(6) Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consists of the following:     May 4,     February 3,     April 29,     2024     2024     2023       (in thousands)   Compensation and benefits   $ 16,907     $ 20,535     $ 11,307   Deferred revenue     13,622       12,809       11,098   Sales and use taxes     11,321       10,234       8,694   Insurance     10,540       9,671       9,517   Advertising     6,346       1,780       7,004   Freight     5,404       4,359       2,035   Real estate     4,557       4,680       6,223   Other     19,167       18,827       20,258       $ 87,864     $ 82,895     $ 76,136

Debt Obligations and Financing Arrangements	3 Months Ended
	May 04, 2024
Debt Obligations and Financing Arrangements [Abstract]
Debt Obligations and Financing Arrangements	(7) Debt Obligations and Financing Arrangements Long-term debt consists of finance leases. The Company’s credit facility (the “Credit Facility”) provides for a five-year $100.0 million revolving credit facility, which includes a $45.0 million sub-facility for letters of credit and a $25.0 million sub-facility for swingline loans (the “Revolving Credit Facility”).  In addition, the Company may at any time add term loan facilities or additional revolving commitments up to $150.0 million pursuant to terms and conditions set out in the Credit Facility. On January 9, 2024, the Company refinanced its credit facility (the “Credit Facility”), pursuant to which the maturity date for any loans under the revolving credit facility was extended for a period of five years from the effective date of January 9, 2024 and a zero percent (0.0%) interest rate floor was added to the option for the SOFR Loan Rate (as defined in the Amendment). Loans under the Revolving Credit Facility mature on January 9, 2029. As a result of the anticipated discontinuation of LIBOR in 2023, on January 24, 2023, the Company amended its Credit Facility to replace the LIBOR-based interest rates included therein with SOFR-based interest rates and to modify the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks. The interest rates for the Credit Facility are calculated as follows: for ABR Loans, the highest of the Prime Rate, the Federal Funds Effective Rate plus 0.50% and Term SOFR with a term of one-month in effect on such day plus the SOFR Spread Adjustment plus 1.0%, plus the Applicable Margin, or, for SOFR Loans, the SOFR Loan Rate plus the Applicable Margin plus the SOFR Spread Adjustment. The Applicable Margin will vary from 0.00% to 0.50% for an ABR Loan and 1.00% to 1.50% for a SOFR Loan, based on availability under the Credit Facility. The SOFR Loan Rate is subject to a 0% floor. Under the terms of the Revolving Credit Facility, as of May 4, 2024, the Company could borrow up to 90.0% of the most recent appraised value (valued at cost, discounted for the current net orderly liquidation value) of its eligible inventory, as defined, up to $100.0 million. As of May 4, 2024, the Company had no outstanding borrowings under the Revolving Credit Facility, with $92.0 million of borrowing availability, outstanding letters of credit commitments of $7.8 million and $0.2 million of rent reserves. The Revolving Credit Facility also contains a variable unused line fee ranging from 0.125% to 0.250% per annum. The Credit Facility is collateralized by the Company’s assets and equity and contains a financial covenant, as well as certain business covenants, including restrictions on dividend payments, which the Company must comply with during the term of the agreement. The financial covenant is a consolidated fixed charge coverage ratio test of at least 1.0 to 1.0 applicable during a covenant period, based on reference to availability. The Company was in compliance with all terms of the Credit Facility during the thirteen weeks ended May 4, 2024. The provisions of the Credit Facility restrict all of the net assets of the Company’s consolidated subsidiaries, which constitutes all of the net assets on the Company’s consolidated balance sheet as of May 4, 2024, from being used to pay any dividends or make other restricted payments to the Company without prior written consent from the financial institutions that are a party to the Credit Facility, subject to material exceptions including proforma compliance with the applicable conditions described in the Credit Facility.

Income Taxes	3 Months Ended
	May 04, 2024
Income Taxes [Abstract]
Income Taxes	(8) Income Taxes The effective income tax rate for the thirteen weeks ended May 4, 2024 was a provision of 23.8%, or $14.5 million, compared to a provision of 24.8%, or $10.2 million, during the thirteen weeks ended April 29, 2023. The decrease in the effective income tax rate for the thirteen weeks ended May 4, 2024 compared to April 29, 2023 was primarily driven by the impact of discrete items recognized, primarily stock-based compensation, in the thirteen weeks ended May 4, 2024. The Company is subject to tax in the United States. The Company files a consolidated U.S. income tax return for federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, or state and local tax authorities for tax years 2018 and prior. Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

Equity Incentive Plans	3 Months Ended
	May 04, 2024
Equity Incentive Plans [Abstract]
Equity Incentive Plans	(9) Equity Incentive Plans During fiscal 2012, Ollie’s established an equity incentive plan (the “2012 Plan”), under which stock options were granted to executive officers and key employees as deemed appropriate under the provisions of the 2012 Plan, with an exercise price at the fair value of the underlying stock on the date of grant. The vesting period for options granted under the 2012 Plan is five years (20% ratably per year). Options granted under the 2012 Plan are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. As of July 15, 2015, the date of the pricing of the Company’s initial public offering, no additional equity grants will be made under the 2012 Plan. In connection with its initial public offering, the Company adopted the 2015 equity incentive plan (the “2015 Plan”) pursuant to which the Company’s Board of Directors may grant stock options, restricted shares, or other awards to employees, directors and consultants. The 2015 Plan allows for the issuance of up to 5,250,000 shares. Awards will be made pursuant to agreements and may be subject to vesting and other restrictions as determined by the Board of Directors or the Compensation Committee of the Board. The Company uses authorized and unissued shares to satisfy share award exercises. As of May 4, 2024, there were 1,673,281 shares available for grant under the 2015 Plan. Stock Options The exercise price for stock options is determined at the fair value of the underlying stock on the date of grant. The vesting period for awards granted under the 2015 Plan is generally set at four years (25% ratably per year). Awards are subject to employment for vesting, expire 10 years from the date of grant, and are not transferable other than upon death. A summary of the Company’s stock option activity and related information for the thirteen weeks ended May 4, 2024 follows:                  Weighted              Weighted      average              average      remaining        Number      exercise      contractual     of options     price     term (years)        (in thousands, except share and per share amounts)   Outstanding at February 3, 2024     1,119,484     $ 56.71         Granted     120,830       74.23         Forfeited     (1,803 )     77.84         Exercised     (66,390 )     38.39         Outstanding at May 4, 2024     1,172,121       59.52       6.8   Exercisable at May 4, 2024     740,952       58.45       5.7   The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 4, 2024 and April 29, 2023 was $38.69 and $29.13, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:   Thirteen weeks ended       May 4,      April 29,       2024     2023   Risk-free interest rate     4.28 %     3.36 % Expected dividend yield     —       —   Expected life (years)   6.25 years     6.25 years   Expected volatility     47.63 %     47.18 % The expected life of stock options is estimated using the “simplified method,” as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock option grants.  The simplified method is based on the average of the vesting tranches and the contractual life of each grant.  For expected volatility, the Company uses its historical information over the expected life of the option granted to calculate the fair value of option grants.  The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. Restricted Stock Units Restricted stock units (“RSUs”) are issued at the closing price of the Company’s common stock on the date of grant. RSUs outstanding vest ratably over four years or cliff vest in one or four years. Awards are subject to employment for vesting and are not transferable other than upon death. A summary of the Company’s RSU activity and related information for the thirteen weeks ended May 4, 2024 is as follows:            Weighted              average        Number     grant date     of shares     fair value   Non-vested balance at February 3, 2024     350,804     $ 53.94   Granted     168,362       74.23   Forfeited     (3,087 )     54.16   Vested     (112,217 )     54.10   Non-vested balance at May 4, 2024     403,862       62.35   Stock-Based Compensation Expense The compensation cost for stock options and RSUs which have been recorded within selling, general, and administrative expenses related to the Company’s equity incentive plans was $3.1 million and $2.9 million for the thirteen weeks ended May 4, 2024 and April 29, 2023, respectively. As of May 4, 2024, there was $35.9 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 3.0 years.  Compensation costs related to awards are recognized using the straight-line method.

Common Stock	3 Months Ended
	May 04, 2024
Common Stock [Abstract]
Common Stock	(10) Common Stock Common Stock The Company’s capital structure consists of a single class of common stock with one vote per share. The Company has authorized 500,000,000 shares at $0.001 par value per share. Additionally, the Company has authorized 50,000,000 shares of preferred stock at $0.001 per value per share; to date, however, no preferred shares have been issued. Treasury stock, which consists of the Company’s common stock, is accounted for using the cost method. Share Repurchase Program On December 15, 2020, the Board of Directors of the Company authorized the repurchase of up to $100.0 million of shares of the Company’s common stock. On March 16, 2021, the Board of Directors of the Company authorized an increase of $100.0 million in the Company’s share repurchase program.  Both of these authorizations were authorized to be executed through January 2023. On November 30, 2021, the Board of Directors of the Company authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. On November 30, 2023, the Company’s Board of Directors authorized an extension to the existing share repurchase program set to expire on December 15, 2023, until March 31, 2026. The shares to be repurchased may be purchased from time to time in open market conditions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers, or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors, including the market price of the Company’s shares, general market, economic and business conditions, and other corporate considerations. Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.  Repurchases are expected to be funded from cash on hand or through the utilization of the Company’s Revolving Credit Facility.  The repurchase authorization does not require the purchase of a specific number of shares and is subject to suspension or termination by the Company’s Board of Directors at any time. During the thirteen weeks ended May 4, 2024, the Company repurchased 336,934 shares of its common stock for $25.0 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash on hand. As of May 4, 2024, the Company had $60.6 million remaining under its share repurchase authorization. There can be no assurance that any additional repurchases will be completed, or as to the timing or amount of any repurchases. The share repurchase program may be discontinued at any time.

Transactions with Affiliated and Related Parties	3 Months Ended
	May 04, 2024
Transactions with Affiliated and Related Parties [Abstract]
Transactions with Affiliated and Related Parties	(11) Transactions with Affiliated and Related Parties During the thirteen weeks ended May 4, 2024, there were no purchases made from Hillman Solutions, Inc. or any of its subsidiaries where John Swygert, President and Chief Executive Officer of Ollie’s, is a member of its Board of Directors. During the thirteen weeks ended April 29, 2023, the Company purchased inventory of $0.5 million from a subsidiary of Hillman Solutions, Inc.

Subsequent Events	3 Months Ended
	May 04, 2024
Subsequent Events [Abstract]
Subsequent Events	(12) Subsequent Events The Company has acquired eleven former 99 Cents Only Stores locations for $14.6 million. Of the eleven store locations, three of these are owned properties and eight are leased properties, located in markets across Texas. The purchase price is expected to be funded by cash on hand.

Insider Trading Arrangements	3 Months Ended
	May 04, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 04, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Fiscal Year	(b) Fiscal Year Ollie’s follows a 52/53-week fiscal year, which ends on the Saturday nearer to January 31st of the following calendar year.  References to the thirteen weeks ended May 4, 2024 and April 29, 2023 refer to the thirteen weeks from February 4, 2024 to May 4, 2024 and from January 29, 2023 to April 29, 2023, respectively.  References to “2023” refer to the fiscal year ended February 3, 2024 and references to “2024” refer to the fiscal year ending February 1, 2025.  Fiscal year 2023 consists of 53 weeks, and fiscal year 2024 consists of 52 weeks.
Basis of Presentation	(c) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The condensed consolidated financial statements reflect all normal recurring adjustments which management believes are necessary to present fairly the Company’s results of operations, financial condition, and cash flows for all periods presented. The condensed consolidated balance sheets as of May 4, 2024 and April 29, 2023, and the condensed consolidated statements of income and stockholders’ equity for the thirteen weeks ended May 4, 2024 and April 29, 2023, and the condensed consolidated statements of cash flows for the thirteen weeks ended May 4, 2024 and April 29, 2023 have been prepared by the Company and are unaudited. The Company’s business is seasonal in nature and results of operations for the interim periods presented are not necessarily indicative of operating results for 2024 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The Company’s balance sheet as of February 3, 2024, presented herein, has been derived from the audited balance sheet included in the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2023 and footnotes thereto included in the Annual Report.
Segment Reporting	For purposes of the disclosure requirements for segments of a business enterprise, it has been determined that the Company is comprised of one operating segment.
Use of Estimates	(d) Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Disclosures	(e) Fair Value Disclosures Fair value is defined as the price which the Company would receive to sell an asset or pay to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. In determining fair value, GAAP establishes a three‑level hierarchy used in measuring fair value, as follows: • Level 1 inputs are quoted prices available for identical assets and liabilities in active markets. • Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data. • Level 3 inputs are unobservable, developed using the Company’s estimates and assumptions, which reflect those that market participants would use. The Company’s financial instruments consist of cash and cash equivalents, investment securities, accounts receivable, accounts payable and the Company’s credit facilities. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair value because of their short-term nature. The carrying amount of the Company’s credit facilities approximates its fair value because the interest rates are adjusted regularly based on current market conditions. Under the fair value hierarchy, the fair market values of cash equivalents and the investments in treasury bonds are Level 1 while the investments in municipal bonds are Level 2. Since quoted prices in active markets for identical assets are not available, these prices are determined by the third-party pricing service using observable market information such as quotes from less active markets and quoted prices of similar securities.   As of May 4, 2024, February 3, 2024, and April 29, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:     As of May 4, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 88,234     $ 24     $ -     $ 88,258   Municipal bonds     12,198       -       (72 )     12,126   Corporate bonds     28,818       9       -       28,827   Total   $ 129,250     $ 33     $ (72 )   $ 129,211       As of February 3, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 49,765     $ 16     $ -     $ 49,781   Municipal bonds     10,136       -       (139 )     9,997   Corporate bonds     27,079       22       -       27,101   Total   $ 86,980     $ 38     $ (139 )   $ 86,879     As of April 29, 2023       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 101,072     $ -     $ (935 )   $ 100,137   Municipal bonds     39,458       -       (164 )     39,294   Total   $ 140,530     $ -     $ (1,099 )   $ 139,431

Net Sales (Policies)	3 Months Ended
	May 04, 2024
Net Sales [Abstract]
Net Sales	Ollie’s recognizes retail sales in its stores when merchandise is sold and the customer takes possession of merchandise.  Also included in net sales is revenue allocated to certain redeemed discounts earned via the Ollie’s Army loyalty program and gift card breakage.  Net sales are presented net of returns and sales tax. The Company provides an allowance for estimated retail merchandise returns based on prior experience. Revenue is deferred for the Ollie’s Army loyalty program where members accumulate points that can be redeemed for discounts on future purchases. The Company has determined it has an additional performance obligation to Ollie’s Army members at the time of the initial transaction. The Company allocates the transaction price to the initial transaction and the discount awards based upon its relative standalone selling price, which considers historical redemption patterns for the award. Revenue is recognized as those discount awards are redeemed. Discount awards issued upon the achievement of specified point levels are subject to expiration. Unless temporarily extended, the maximum redemption period is 45 days. At the end of each fiscal period, unredeemed discount awards and accumulated points to earn a future discount award are reflected as a liability.  Discount awards are combined in one homogeneous pool and are not separately identifiable.  Therefore, the revenue recognized consists of discount awards redeemed that were included in the deferred revenue balance at the beginning of the period as well as discount awards issued during the current period. Gift card breakage for gift card liabilities not subject to escheatment is recognized as revenue in proportion to the redemption of gift cards. Gift cards do not expire. The rate applied to redemptions is based upon a historical breakage rate. Gift cards are combined in one homogenous pool and are not separately identifiable. Therefore, the revenue recognized consists of gift cards that were included in the liability at the beginning of the period as well as gift cards that were issued during the period.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	May 04, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Held-to-Maturity Investment Securities	As of May 4, 2024, February 3, 2024, and April 29, 2023, the Company’s investment securities are classified as held-to-maturity since the Company has the intent and ability to hold the investments to maturity. Such securities are carried at amortized cost plus accrued interest and consist of the following:     As of May 4, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 88,234     $ 24     $ -     $ 88,258   Municipal bonds     12,198       -       (72 )     12,126   Corporate bonds     28,818       9       -       28,827   Total   $ 129,250     $ 33     $ (72 )   $ 129,211       As of February 3, 2024       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 49,765     $ 16     $ -     $ 49,781   Municipal bonds     10,136       -       (139 )     9,997   Corporate bonds     27,079       22       -       27,101   Total   $ 86,980     $ 38     $ (139 )   $ 86,879     As of April 29, 2023       Amortized Cost   Gross Unrealized Gains   Gross Unrealized Losses   Fair Market Value       (in thousands)   Short-term:                   Treasury Bonds   $ 101,072     $ -     $ (935 )   $ 100,137   Municipal bonds     39,458       -       (164 )     39,294   Total   $ 140,530     $ -     $ (1,099 )   $ 139,431

Net Sales (Tables)	3 Months Ended
	May 04, 2024
Net Sales [Abstract]
Reconciliation of Liabilities for Ollie's Army Loyalty Program and Gift Cards	The following table is a reconciliation of the liability related to this program:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (in thousands)   Beginning balance   $ 10,159     $ 8,130   Revenue deferred     4,436       3,326   Revenue recognized     (3,442 )     (2,687 ) Ending balance   $ 11,153     $ 8,769   The following table is a reconciliation of the gift card liability:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (in thousands)   Beginning balance   $ 2,650     $ 2,527   Gift card issuances     962       900   Gift card redemption and breakage     (1,143 )     (1,098 ) Ending balance   $ 2,469     $ 2,329

Earnings per Common Share (Tables)	3 Months Ended
	May 04, 2024
Earnings per Common Share [Abstract]
Earnings per Common Share	The following table summarizes those effects for the diluted earnings per common share calculation:   Thirteen weeks ended        May 4,      April 29,       2024     2023       (in thousands, except per share amounts)   Net income   $ 46,342     $ 30,980   Weighted average number of common shares outstanding – Basic     61,380       61,970   Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units     359       237   Weighted average number of common shares outstanding - Diluted     61,739       62,207   Earnings per common share – Basic   $ 0.76     $ 0.50   Earnings per common share - Diluted   $ 0.75     $ 0.50

Leases (Tables)	3 Months Ended
	May 04, 2024
Leases [Abstract]
Maturity of Operating Lease Liabilities	The following table summarizes the maturity of the Company’s operating lease liabilities by fiscal year as of May 4 , 2024:     May 4,       2024       (in thousands)   Remainder of 2024   $ 79,819   2025     96,603   2026     92,465   2027     80,248   2028     63,788   Thereafter     142,158   Total undiscounted lease payments (1)     555,081   Less:  Imputed interest     (69,927 ) Total lease obligations     485,154   Less:  Current obligations under leases     (89,607 ) Long-term lease obligations   $ 395,547   (1) Lease obligations exclude $40.7 million of minimum lease payments for leases signed, but not commenced.
Other Information Related to Operating Leases	The following table summarizes other information related to the Company’s operating leases as of and for the respective periods:   Thirteen weeks ended       May 4,     April 29,       2024     2023       (dollars in thousands)   Cash paid for operating leases   $ 28,167     $ 25,344   Operating lease cost     27,241       24,888   Variable lease cost     3,846       2,835   Non-cash right-of-use assets obtained in exchange for lease obligations     7,022       12,273   Weighted-average remaining lease term   6.4 years     6.3 years   Weighted-average discount rate     4.0 %     3.5 %

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	May 04, 2024
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consists of the following:     May 4,     February 3,     April 29,     2024     2024     2023       (in thousands)   Compensation and benefits   $ 16,907     $ 20,535     $ 11,307   Deferred revenue     13,622       12,809       11,098   Sales and use taxes     11,321       10,234       8,694   Insurance     10,540       9,671       9,517   Advertising     6,346       1,780       7,004   Freight     5,404       4,359       2,035   Real estate     4,557       4,680       6,223   Other     19,167       18,827       20,258       $ 87,864     $ 82,895     $ 76,136

Equity Incentive Plans (Tables)	3 Months Ended
	May 04, 2024
Equity Incentive Plans [Abstract]
Stock Option Activity	A summary of the Company’s stock option activity and related information for the thirteen weeks ended May 4, 2024 follows:                  Weighted              Weighted      average              average      remaining        Number      exercise      contractual     of options     price     term (years)        (in thousands, except share and per share amounts)   Outstanding at February 3, 2024     1,119,484     $ 56.71         Granted     120,830       74.23         Forfeited     (1,803 )     77.84         Exercised     (66,390 )     38.39         Outstanding at May 4, 2024     1,172,121       59.52       6.8   Exercisable at May 4, 2024     740,952       58.45       5.7
Weighted Average Assumptions	The weighted average grant date fair value per option for options granted during the thirteen weeks ended May 4, 2024 and April 29, 2023 was $38.69 and $29.13, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that used the weighted average assumptions in the following table:   Thirteen weeks ended       May 4,      April 29,       2024     2023   Risk-free interest rate     4.28 %     3.36 % Expected dividend yield     —       —   Expected life (years)   6.25 years     6.25 years   Expected volatility     47.63 %     47.18 %
RSU Activity	A summary of the Company’s RSU activity and related information for the thirteen weeks ended May 4, 2024 is as follows:            Weighted              average        Number     grant date     of shares     fair value   Non-vested balance at February 3, 2024     350,804     $ 53.94   Granted     168,362       74.23   Forfeited     (3,087 )     54.16   Vested     (112,217 )     54.10   Non-vested balance at May 4, 2024     403,862       62.35

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	May 04, 2024 USD ($) Location State Segment	Feb. 03, 2024 USD ($)	Apr. 29, 2023 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of retail locations | Location	516
Number of states in which retail locations are located | State	30
Number of operating segments | Segment	1
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	$ 129,250	$ 86,980	$ 140,530
Gross unrealized gains	33	38	0
Gross unrealized losses	(72)	(139)	(1,099)
Fair market value	129,211	86,879	139,431
Treasury Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	88,234	49,765	101,072
Gross unrealized gains	24	16	0
Gross unrealized losses	0	0	(935)
Fair market value	88,258	49,781	100,137
Municipal Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	12,198	10,136	39,458
Gross unrealized gains	0	0	0
Gross unrealized losses	(72)	(139)	(164)
Fair market value	12,126	9,997	$ 39,294
Corporate Bonds [Member]
Held-to-Maturity Investment Securities [Abstract]
Amortized cost	28,818	27,079
Gross unrealized gains	9	22
Gross unrealized losses	0	0
Fair market value	$ 28,827	$ 27,101

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Net Sales [Abstract]
Maximum redemption period for discount awards	45 days
Ollie's Army Loyalty Program Liability [Abstract]
Beginning balance	$ 10,159	$ 8,130
Revenue deferred	4,436	3,326
Revenue recognized	(3,442)	(2,687)
Ending balance	11,153	8,769
Gift Card Liability [Abstract]
Beginning balance	2,650	2,527
Gift card issuances	962	900
Gift card redemption and breakage	(1,143)	(1,098)
Ending balance	$ 2,469	$ 2,329

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Earnings per Common Share [Abstract]
Net income	$ 46,342	$ 30,980
Weighted average number of common shares outstanding - Basic (in shares)	61,380,000	61,970,000
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares)	359,000	237,000
Weighted average number of common shares outstanding - Diluted (in shares)	61,739,000	62,207,000
Earnings per common share - Basic (in dollars per share)	$ 0.76	$ 0.5
Earnings per common share - Diluted (in dollars per share)	$ 0.75	$ 0.5
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	519,736	841,519
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	46	26,241

Leases (Details) $ in Thousands		3 Months Ended
		May 04, 2024 USD ($) Option	Apr. 29, 2023 USD ($)	Feb. 03, 2024 USD ($)
Leases [Abstract]
Renewal term of leases		5 years
Maturity of Operating Lease Liabilities [Abstract]
Remainder of 2024		$ 79,819
2025		96,603
2026		92,465
2027		80,248
2028		63,788
Thereafter		142,158
Total undiscounted lease payments	[1]	555,081
Less: Imputed interest		(69,927)
Total lease obligations		485,154
Less: Current obligations under leases		(89,607)	$ (89,528)	$ (89,176)
Long-term lease obligations		395,547	356,791	$ 397,912
Minimum lease payments for leases signed, but not commenced		40,700
Other Information Related to Operating Leases [Abstract]
Cash paid for operating leases		28,167	25,344
Operating lease cost		27,241	24,888
Variable lease cost		3,846	2,835
Non-cash right-of-use assets obtained in exchange for lease obligations		$ 7,022	$ 12,273
Weighted-average remaining lease term		6 years 4 months 24 days	6 years 3 months 18 days
Weighted-average discount rate		4.00%	3.50%
Minimum [Member]
Leases [Abstract]
Number of options to renew operating leases | Option		3
Maximum [Member]
Leases [Abstract]
Number of options to renew operating leases | Option		5
[1] Lease obligations exclude $40.7 million of minimum lease payments for leases signed, but not commenced.

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Accrued Expenses and Other Current Liabilities [Abstract]
Compensation and benefits	$ 16,907	$ 20,535	$ 11,307
Deferred revenue	13,622	12,809	11,098
Sales and use taxes	11,321	10,234	8,694
Insurance	10,540	9,671	9,517
Advertising	6,346	1,780	7,004
Freight	5,404	4,359	2,035
Real estate	4,557	4,680	6,223
Other	19,167	18,827	20,258
Total accrued expenses and other current liabilities	$ 87,864	$ 82,895	$ 76,136

Debt Obligations and Financing Arrangements (Details) $ in Millions	3 Months Ended
	May 04, 2024 USD ($)
Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 150.0
Credit Facility [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Consolidated fixed charge coverage ratio	1
Credit Facility [Member] | Federal Funds Effective Rate [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Credit Facility [Member] | SOFR [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Term of variable rate	1 month
Interest rate floor	0.00%
Credit Facility [Member] | SOFR [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.00%
Credit Facility [Member] | SOFR [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	1.50%
Credit Facility [Member] | ABR Rate [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.00%
Credit Facility [Member] | ABR Rate [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Basis spread	0.50%
Revolving Credit Facility [Member]
Debt Obligations and Financing Arrangements [Abstract]
Term of facility	5 years
Maximum borrowing capacity	$ 100.0
Term of extension	5 years
Maturity date	Jan. 09, 2029
Outstanding borrowings	$ 0.0
Borrowing availability	92.0
Outstanding letters of credit commitments	7.8
Rent reserves	$ 0.2
Revolving Credit Facility [Member] | Minimum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Variable unused line fee percentage	0.125%
Revolving Credit Facility [Member] | Maximum [Member]
Debt Obligations and Financing Arrangements [Abstract]
Percentage of most recent appraised value of eligible inventory	90.00%
Variable unused line fee percentage	0.25%
Revolving Credit Facility [Member] | SOFR [Member]
Debt Obligations and Financing Arrangements [Abstract]
Interest rate floor	0.00%
Sub-Facility for Letters of Credit [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 45.0
Sub-Facility for Swingline Loans [Member]
Debt Obligations and Financing Arrangements [Abstract]
Maximum borrowing capacity	$ 25.0

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Income Taxes [Abstract]
Effective income tax rate	23.80%	24.80%
Income tax expense	$ 14,456	$ 10,234

Equity Incentive Plans, Equity Incentive Plans (Details)	3 Months Ended
	May 04, 2024 shares
2012 Plan [Member] | Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	5 years
Expiration period	10 years
2012 Plan [Member] | Stock Options [Member] | Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2012 Plan [Member] | Stock Options [Member] | Year 5 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	20.00%
2015 Plan [Member]
Equity Incentive Plans [Abstract]
Number of shares authorized for issuance (in shares)	5,250,000
Number of shares available for grant (in shares)	1,673,281
2015 Plan [Member] | Stock Options [Member]
Equity Incentive Plans [Abstract]
Vesting period	4 years
Expiration period	10 years
2015 Plan [Member] | Stock Options [Member] | Year 1 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 2 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 3 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%
2015 Plan [Member] | Stock Options [Member] | Year 4 [Member]
Equity Incentive Plans [Abstract]
Vesting percentage	25.00%

Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member]	3 Months Ended
	May 04, 2024 $ / shares shares
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares) | shares	1,119,484
Granted (in shares) | shares	120,830
Forfeited (in shares) | shares	(1,803)
Exercised (in shares) | shares	(66,390)
Outstanding at end of period (in shares) | shares	1,172,121
Exercisable at end of period (in shares) | shares	740,952
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 56.71
Granted (in dollars per share) | $ / shares	74.23
Forfeited (in dollars per share) | $ / shares	77.84
Exercised (in dollars per share) | $ / shares	38.39
Outstanding at end of period (in dollars per share) | $ / shares	59.52
Exercisable at end of period (in dollars per share) | $ / shares	$ 58.45
Weighted Average Remaining Contractual Term [Abstract]
Outstanding at end of period	6 years 9 months 18 days
Exercisable at end of period	5 years 8 months 12 days

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 38.69	$ 29.13
Risk-free interest rate	4.28%	3.36%
Expected dividend yield	0.00%	0.00%
Expected life	6 years 3 months	6 years 3 months
Expected volatility	47.63%	47.18%

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	May 04, 2024 $ / shares shares
Equity Incentive Plans [Abstract]
Vesting period	4 years
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) | shares	350,804
Granted (in shares) | shares	168,362
Forfeited (in shares) | shares	(3,087)
Vested (in shares) | shares	(112,217)
Non-vested at end of period (in shares) | shares	403,862
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share) | $ / shares	$ 53.94
Granted (in dollars per share) | $ / shares	74.23
Forfeited (in dollars per share) | $ / shares	54.16
Vested (in dollars per share) | $ / shares	54.1
Non-vested at end of period (in dollars per share) | $ / shares	$ 62.35
Minimum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	4 years

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 35.9
Weighted average period to recognize stock-based compensation expense	3 years
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 3.1	$ 2.9

Common Stock, Common Stock (Details)	3 Months Ended
	May 04, 2024 Vote / shares $ / shares shares	Feb. 03, 2024 $ / shares shares	Apr. 29, 2023 $ / shares shares
Common Stock [Abstract]
Common stock, number of votes per share | Vote / shares	1
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0	0

Common Stock, Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023	Nov. 30, 2021	Mar. 16, 2021	Dec. 15, 2020
Share Repurchase Program [Abstract]
Shares repurchased	$ 25,007	$ 12,280
Share Repurchase Program [Member]
Share Repurchase Program [Abstract]
Authorized repurchase of common stock					$ 100,000
Increase in authorized repurchase of common stock			$ 200,000	$ 100,000
Shares repurchased (in shares)	336,934
Shares repurchased	$ 25,000
Remaining authorized repurchase of common stock	$ 60,600

Transactions with Affiliated and Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Related Party [Member] | Subsidiary of Hillman Solutions, Inc. [Member] | Purchase of Inventory [Member]
Transactions with Related Parties [Abstract]
Payments to related parties	$ 0.0	$ 0.5

Subsequent Events (Details) - Subsequent Event [Member] - 99 Cents Only Stores [Member] $ in Millions	1 Months Ended
	Jun. 06, 2024 USD ($) Property
Subsequent Events [Abstract]
Number of store locations acquired	11
Purchase price | $	$ 14.6
Number of owned properties acquired	3
Number of leased properties acquired	8

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