Ollie's Bargain Outlet (OLLI) - 2024 Q4 - Annual Report

Financial Performance - Net sales for the fiscal year ended February 3, 2024, reached $2,102.7 million, a 15.0% increase from $1,827.0 million in the previous year[301] - Gross profit for the same period was $832.4 million, representing a gross margin of approximately 39.6%[301] - Operating income increased to $227.8 million, up 74.0% from $130.9 million in the prior year[301] - Net income for the fiscal year was $181.4 million, a significant increase of 76.3% compared to $102.8 million in 2023[301] - Basic earnings per share rose to $2.94, reflecting a 79.3% increase from $1.64 in the previous year[301] Inventory and Assets - As of February 3, 2024, inventories were valued at $505.8 million, with shrinkage estimation being a critical audit matter[295] - Total assets increased to $2,294,594, up from $2,044,096, representing a growth of approximately 12.2% year-over-year[304] - Cash and cash equivalents rose to $266,262, compared to $210,596, marking an increase of about 26.5%[310] - Total current assets increased to $871,428, up from $754,296, indicating a growth of around 15.5%[304] - Stockholders' equity increased to $1,508,232 from $1,362,069, reflecting a growth of approximately 10.7%[304] Expenses and Liabilities - The company reported a significant increase in selling, general and administrative expenses, totaling $562.7 million, up from $490.6 million in the previous year[301] - Total liabilities rose to $786,362, compared to $682,027, which is an increase of approximately 15.3%[304] - The Company’s total accrued expenses rose to $82,895,000 in 2024 from $76,959,000 in 2023, marking an increase of 7.5%[365] Cash Flow and Investments - The company reported net cash provided by operating activities of $254,497, significantly higher than $114,346 from the previous year[310] - The company invested $124,404 in property and equipment during the fiscal year, compared to $51,667 in the previous year, indicating a significant increase in capital expenditures[310] - The company holds Treasury Bonds valued at $49,765,000, Municipal Bonds at $10,136,000, and Corporate Bonds at $27,079,000 as of February 3, 2024[320] Tax and Compliance - The income tax expense for the fiscal year ended February 3, 2024, was $61.046 million, compared to $31.093 million in 2023 and $46.928 million in 2022[373] - The effective income tax rate for the fiscal year ended February 3, 2024, was 25.2%, an increase from 23.2% in 2023 and 23.0% in 2022[373] - Total deferred tax assets as of February 3, 2024, were $134.173 million, up from $120.684 million in 2023[375] Shareholder Activities - In 2023, the company repurchased 808,669 shares of its common stock for $52.5 million, while in 2022, it repurchased 848,133 shares for $41.8 million, and in 2021, it repurchased 3,113,981 shares for $220.0 million[394] - As of February 3, 2024, the company had $85.7 million remaining under its share repurchase authorization[394] Market Expansion - The company expanded to 512 retail locations across 30 states as of February 3, 2024, indicating continued market expansion[313] Miscellaneous - The impact of inflation on the company's financial condition has been deemed immaterial, although future impacts cannot be ruled out[285] - The company has no outstanding variable rate debt under its Revolving Credit Facility as of February 3, 2024[284] - The company has not recorded any impairment of goodwill or intangible assets for the fiscal years 2023, 2022, and 2021[333][335]