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OLLIE'S " GOOD STUFF CHEAP " Ollie's Bargain Outlet Holdings , Inc. Reports Third Quarter Fiscal 2021 Financial Results December 2 , 2021 Company Announces Additional $ 200M Share Repurchase Authorization HARRISBURG , Pa . , Dec. 02 , 2021 ( GLOBE NEWSWIRE ) Ollie's Bargain Outlet Holdings , Inc. ( NASDAQ : OLLI ) ( the " Company " ) today reported financial results for the third quarter ended October 30 , 2021 . Third Quarter Summary : • Total net sales decreased 7.5 % to $ 383.5 million . • Comparable store sales decreased 15.5 % from the prior year increase of 15.3 % . Comparable store sales decreased 1.3 % compared with the third quarter of fiscal 2019 . • The Company opened 18 new stores , ending the quarter with 426 stores in 29 states , a year - over - year increase in store count of 10.6 % . • Operating income decreased 47.7 % to $ 30.2 million and operating margin decreased 600 basis points to 7.9 % . Adjusted operating income ( 1 ) decreased 48.3 % to $ 29.9 million and adjusted operating margin ( 1 ) decreased 610 basis points to 7.8 % . • Net income was $ 23.2 million , or $ 0.36 per diluted share , as compared with net income of $ 45.2 million , or $ 0.68 per diluted share , in the prior year . • Adjusted net income ( 1 ) was $ 22.0 million , or $ 0.34 per diluted share , as compared with prior year adjusted net income of $ 43.2 million , or $ 0.65 per diluted share . • Adjusted EBITDA ( 1 ) decreased 41.9 % to $ 37.9 million and adjusted EBITDA margin ( 1 ) decreased 590 basis points to 9.9 % . " Our third quarter performance was impacted by greater than anticipated supply chain related headwinds , leading to lower than expected results . While we believe that many of the factors impacting us are transitory in nature and we are taking proactive steps to navigate these challenges , these pressures have continued to impact our business in the fourth quarter , " said John Swygert , President and Chief Executive Officer . " Despite the near - term challenges , longer term , we remain bullish on the growth opportunities that lie ahead for several reasons . First , we are seeing incredible deals being presented to us each and every day and we expect to continue to capitalize on market disruptions , including order cancellations and abandoned goods associated with import shipping delays . Second , we have made meaningful progress in driving improved efficiencies and increased throughput across our distribution centers . Third , we continue to deliver extreme value to our customers , which is particularly important in inflationary times . " " As we look past 2021 , we are confident that we will continue to grow well into the future with the significant white space in front of us and deliver strong growth in both our top and bottom lines as we have for almost 40 years , " Mr. Swygert continued . " Reflecting confidence in our business , we are pleased to announce that our Board of Directors has authorized an additional $ 200 million share repurchase program . " ( 1 ) As used throughout this release , adjusted operating income , adjusted operating margin , adjusted net income , adjusted net income per diluted share , EBITDA , adjusted EBITDA and adjusted EBITDA margin are not measures recognized under U.S. generally accepted accounting principles ( " GAAP " ) . Please see the accompanying financial tables which reconcile GAAP to these non - GAAP measures . Additional Share Repurchase Authorization During the third quarter of fiscal 2021 , the Company invested $ 164.7 million of cash to repurchase 2,249,329 shares of its common stock , resulting in approximately $ 200.0 million invested year - to - date and $ 33,000 of remaining capacity under its current share repurchase program which expires on January 13 , 2023 . On November 30 , 2021 , the Company's Board of Directors authorized an additional $ 200.0 million to repurchase stock pursuant to the Company's share buyback program , expiring on December 15 , 2023 , subject to extension or earlier termination by the Board of Directors at any time . The authorization provides for shares that may be purchased from time to time in open market transactions ( 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