Ollie's Bargain Outlet (OLLI) Q1 2026 earnings summary

Executive summary

• Net sales rose 13.4% year-over-year to $576.8 million in Q1 2025, driven by 25 new store openings, including 18 acquired from Big Lots, and a 2.6% increase in comparable store sales.

• Ollie's Army loyalty program membership grew over 9% to 15.5 million, now accounting for more than 80% of sales.

• Adjusted net income was $46.1 million, with adjusted EPS of $0.75, exceeding expectations.

• The company reaffirmed its financial outlook for fiscal 2025, citing confidence in its accelerated growth plan.

• 25 new stores opened in Q1 2025, bringing the total to 584 locations across 32 states.

Financial highlights

• Comparable store sales increased 2.6% year-over-year, led by higher transactions.

• Gross margin remained flat at 41.1%, slightly ahead of plan, as lower supply chain costs offset lower merchandise margins.

• Adjusted EBITDA reached $72.2 million, with a margin of 12.5%.

• Net income was $47.6 million, up from $46.3 million a year ago.

• Cash and investments totaled $415 million, up 21.5% year-over-year, with no meaningful long-term debt.

Outlook and guidance

• Fiscal 2025 guidance includes 75 new store openings, net sales of $2.579–$2.599 billion, and comparable store sales growth of 1.4%–2.2%.

• Gross margin target reaffirmed at 40%, with operating income projected at $283–$292 million.

• Adjusted net income expected at $225–$232 million, and adjusted EPS of $3.65–$3.75.

• Guidance assumes current tariffs remain, with capital expenditures of $83–$88 million.

• Outlook includes ~$5 million in dark rent expenses and $17 million in interest income.