# Ollie's Bargain Outlet Holdings, Inc. (OLLI)

Informational only - not investment advice.

CIK: 0001639300
SIC: 5331 Retail-Variety Stores
SIC breadcrumb: [Retail Trade](/division/G/) > [General Merchandise Stores](/major-group/53/) > [SIC 5331 Retail-Variety Stores](/industry/5331/)
Latest 10-K filed: 2026-03-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=1639300
Filing source: https://www.sec.gov/Archives/edgar/data/1639300/000114036126010409/ef20060524_10k.htm

## At a glance

FY2026 · period end 2026-01-31 · filed 2026-03-19 · accession 0001140361-26-010409 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639300.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,649,198,000 USD | 2026 | verified |
| Net income | 240,596,000 USD | 2026 | verified |
| Assets | 2,954,953,000 USD | 2026 | verified |
| Free cash flow | 194,660,000 USD | 2026 | computed |
| Net margin | 9.08% | 2026 | computed |
| Operating margin | 11.24% | 2026 | computed |
| Revenue YoY | +16.62% | 2026 | computed |
| ROE | 12.74% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Warehouse and discount retail](/compare/discount-retail/) · SIC 5331 Retail-Variety Stores

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including OLLI

- Warehouse and discount retail: [peer review](/compare/discount-retail/) · [market-risk page](/compare/discount-retail/risk/)

### Peer percentile fingerprint

| Ratio | OLLI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 9.1% | 3.5% | 100 | 9 |
| Operating margin | 11.2% | 4.9% | 100 | 9 |
| Revenue growth | 16.6% | 7.2% | 88 | 9 |
| FCF margin | 7.3% | 2.8% | 88 | 9 |
| ROE | 12.7% | 22.0% | 12 | 9 |
| ROA | 8.1% | 7.7% | 75 | 9 |
| Liabilities / equity | 0.57 | 1.86 | 0 | 9 |
| Current ratio | 2.41 | 1.07 | 100 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5331 Retail-Variety Stores, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2649198000 | USD | 2026 | 2026-03-19 |
| Net income | 240596000 | USD | 2026 | 2026-03-19 |
| Assets | 2954953000 | USD | 2026 | 2026-03-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639300.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2014 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 890,315,000 | 1,077,032,000 | 1,241,377,000 | 1,408,199,000 | 1,808,821,000 | 1,752,995,000 | 1,827,009,000 | 2,102,662,000 | 2,271,705,000 | 2,649,198,000 |
| Net income |  | 59,764,000 | 127,594,000 | 135,013,000 | 141,130,000 | 242,696,000 | 157,455,000 | 102,790,000 | 181,439,000 | 199,762,000 | 240,596,000 |
| Operating income |  | 102,194,000 | 135,756,000 | 162,054,000 | 171,855,000 | 277,500,000 | 204,592,000 | 130,918,000 | 227,799,000 | 249,503,000 | 297,665,000 |
| Gross profit |  | 360,411,000 | 431,647,000 | 497,651,000 | 555,589,000 | 723,366,000 | 681,246,000 | 656,094,000 | 832,365,000 | 914,452,000 | 1,072,944,000 |
| Diluted EPS |  | 0.96 | 1.96 | 2.05 | 2.14 | 3.68 | 2.43 | 1.64 | 2.92 | 3.23 | 3.89 |
| Operating cash flow |  | 67,088,000 | 95,936,000 | 126,079,000 | 105,344,000 | 361,254,000 | 45,033,000 | 114,346,000 | 254,497,000 | 227,454,000 | 296,539,000 |
| Capital expenditures |  | 16,438,000 | 19,285,000 | 74,178,000 | 76,979,000 | 30,525,000 | 34,989,000 | 51,667,000 | 124,404,000 | 120,554,000 | 101,879,000 |
| Share buybacks | 46,198,000 |  | 0.00 | 0.00 | 40,014,000 | 301,000 | 219,971,000 | 41,832,000 | 52,541,000 | 53,009,000 | 73,847,000 |
| Assets |  | 1,039,375,000 | 1,038,199,000 | 1,159,003,000 | 1,596,247,000 | 2,005,855,000 | 1,972,172,000 | 2,044,096,000 | 2,294,594,000 | 2,561,145,000 | 2,954,953,000 |
| Liabilities |  | 388,114,000 | 241,737,000 | 216,351,000 | 537,362,000 | 670,974,000 | 684,462,000 | 682,027,000 | 786,362,000 | 865,835,000 | 1,066,877,000 |
| Stockholders' equity |  | 651,261,000 | 796,462,000 | 942,652,000 | 1,058,885,000 | 1,334,881,000 | 1,287,710,000 | 1,362,069,000 | 1,508,232,000 | 1,695,310,000 | 1,888,076,000 |
| Cash and cash equivalents |  | 98,683,000 | 39,234,000 | 51,941,000 | 89,950,000 | 447,126,000 | 246,977,000 | 210,596,000 | 266,262,000 | 205,123,000 | 259,680,000 |
| Free cash flow |  | 50,650,000 | 76,651,000 | 51,901,000 | 28,365,000 | 330,729,000 | 10,044,000 | 62,679,000 | 130,093,000 | 106,900,000 | 194,660,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2014 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 6.71% | 11.85% | 10.88% | 10.02% | 13.42% | 8.98% | 5.63% | 8.63% | 8.79% | 9.08% |
| Operating margin |  | 11.48% | 12.60% | 13.05% | 12.20% | 15.34% | 11.67% | 7.17% | 10.83% | 10.98% | 11.24% |
| Return on equity |  | 9.18% | 16.02% | 14.32% | 13.33% | 18.18% | 12.23% | 7.55% | 12.03% | 11.78% | 12.74% |
| Return on assets |  | 5.75% | 12.29% | 11.65% | 8.84% | 12.10% | 7.98% | 5.03% | 7.91% | 7.80% | 8.14% |
| Liabilities / equity |  | 0.60 | 0.30 | 0.23 | 0.51 | 0.50 | 0.53 | 0.50 | 0.52 | 0.51 | 0.57 |
| Current ratio |  | 2.98 | 2.22 | 2.37 | 2.44 | 2.85 | 2.76 | 2.91 | 2.76 | 3.27 | 2.41 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001639300.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-07-30 |  |  | 0.22 | reported discrete quarter |
| 2022-Q3 | 2022-10-29 |  |  | 0.37 | reported discrete quarter |
| 2022-Q4 | 2023-01-28 | 549,789,000 | 53,088,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q1 | 2023-04-29 | 459,154,000 | 30,980,000 | 0.50 | reported discrete quarter |
| 2023-Q2 | 2023-07-29 | 514,509,000 | 42,181,000 | 0.68 | reported discrete quarter |
| 2023-Q3 | 2023-10-28 | 480,050,000 | 31,803,000 | 0.51 | reported discrete quarter |
| 2024-Q1 | 2024-05-04 | 508,818,000 | 46,342,000 | 0.75 | reported discrete quarter |
| 2024-Q2 | 2024-08-03 | 578,375,000 | 48,982,000 | 0.79 | reported discrete quarter |
| 2024-Q3 | 2024-11-02 | 517,428,000 | 35,884,000 | 0.58 | reported discrete quarter |
| 2025-Q1 | 2025-05-03 | 576,767,000 | 47,560,000 | 0.77 | reported discrete quarter |
| 2025-Q2 | 2025-08-02 | 679,556,000 | 61,310,000 | 0.99 | reported discrete quarter |
| 2025-Q3 | 2025-11-01 | 613,619,000 | 46,172,000 | 0.75 | reported discrete quarter |
| 2025-Q4 | 2026-01-31 | 779,256,000 | 85,554,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-05-02 | 658,928,000 | 56,400,000 | 0.92 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from OLLI's latest 10-K: [/company/OLLI/business/](/company/OLLI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from OLLI's latest 10-K: [/company/OLLI/risk-factors/](/company/OLLI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1639300/000114036126023882/olli-20260502.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-06-03
Report date: 2026-05-02

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 for
the fiscal year ended January 31, 2026, filed with the Securities and Exchange Commission, or SEC, on March 19, 2026 (“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
31st of the following year. References to “fiscal year 2026” or “fiscal 2026” refer to the 52-week period of February 1, 2026 to January 30, 2027. References to “fiscal year 2025” or “fiscal 2025” refer to the 52-week period of
February 2, 2025 to January 31, 2026. References to the “first quarter of fiscal 2026” and the “first quarter of fiscal 2025” refer to the thirteen weeks of February 1, 2026 to May 2, 2026 and February 2, 2025
to May 3, 2025, 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 or changes 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.

18

Index

Overview

Ollie’s Bargain Outlet is a leading off-price retailer of brand name household products.  Since our founding in 1982, the Company’s mission has been to sell Good Stuff Cheap®.
We do this through a flexible buying model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! ® in a treasure hunt shopping environment at
prices up to 70% below traditional retailers.

Our highly experienced merchandise team is constantly scouring the market and leveraging deep,
long-standing relationships across the supply chain to find the best products at the best prices. We focus on buying cheap and selling cheap, and source products as unique buying opportunities present themselves. While the individual products
sold in our stores are constantly changing, our overall merchandise mix is designed to save people money on a wide variety of brand name household products that they need and use in their everyday lives.

Our primary point of differentiation against other retailers is the pricing of our products. Our goal is to be the lowest priced retailer of any product offered by our stores.
We believe our flexible business model, opportunistic buying strategy, low cost structure, experienced merchant team with deep relationships across the vendor community, and long history of experience of buying and selling closeout merchandise
and excess inventory differentiates us from traditional retailers.

Since the founding of Ollie’s in 1982, our principal growth strategy has been the opening of new stores. Historically, we have expanded our store base by opening new stores
organically. More recently, we have expanded our store base through acquiring former store locations of bankrupt retailers through the bankruptcy auction process. Our growth strategy continuously evaluates the best opportunities in the
marketplace and combines organic new store openings with the acquisition of store locations. We follow a contiguous unit growth strategy that combines backfilling existing markets and states with entering new markets and states in a contiguous
manner. As of May 2, 2026 we have grown to 672 stores in 35 states.

While we are focused on driving comparable store sales and managing our expenses, the biggest driver of our net sales and profitability growth has historically been the
opening of new stores.  As we continue to grow, we believe we will have greater access to brand name closeout merchandise and an increased deal selection, resulting in more potential offerings for our customers.

Our ability to grow and our results of operations may be impacted by additional factors and uncertainties, such as consumer spending levels,
which are subject to macroeconomic conditions and changes in discretionary income.  Our customers’ discretionary income is impacted by changes in wages, gasoline and energy prices, interest rates, inflation, housing prices, rental rates, and
consumer trends and preferences. 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.  However, because we offer a broad selection of
merchandise at extreme values, we believe we are generally 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.

Management looks at a number of financial and operating measures in assessing the performance of the business, including new store openings, net sales, comparable store sales,
gross profit and gross margin, operating expenses, operating income, earnings per share, EBITDA, and Adjusted EBITDA.

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.  Sales of new stores are typically strong in the first few months of
operation because of the advertising and marketing spending associated with a new store grand opening and the word of mouth in the local community.

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.  Stores that remain open during a
remodel or refresh process, stores that are relocated within the same trade area, and stores that changed in size are generally classified in the same way as the original store, and we believe that the impact to our change in consolidated
comparable store sales percentage is immaterial. Comparable store sales are also referred to as “same-store” sales by other retail companies.

Gross profit is equal to our net sales less our cost of sales.  Included in cost of sales are: merchandise costs, inventory markdowns, inventory shrinkage and transportation,
distribution, and warehousing costs, including wages, benefits, and depreciation and amortization.

19

Index

SG&A expenses are comprised of wages and benefits for store, field support, and support center associates.  SG&A expenses also include marketing and advertising
expense, occupancy and operating costs for stores and the store support center, insurance, corporate infrastructure, and other general expenses.

Pre-opening expenses consist of all expenses associated with the opening of new stores and distribution centers, as well as all expenses associated with the remodel and/or
closing of an existing store.

The method of calculating comparable store sales, gross profit, SG&A and pre-opening expenses varies across the retail industry. As a result, our calculation of these
items may not necessarily be compatible with sim

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1639300/000114036126010409/ef20060524_10k.htm
Complete FY 2026 MD&A: /company/OLLI/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-19
Report date: 2026-01-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion together with the financial statements and related notes included elsewhere in this Annual Report on Form 10-K. The statements in this discussion regarding
expectations of our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited
to, the risks and uncertainties described in “Item 1A, Risk Factors” and “Cautionary note regarding forward-looking statements.” Our actual results may differ materially from those contained in or implied by any forward-looking statements.

We operate on a fiscal calendar widely used by the retail industry that results in a given fiscal year consisting of a 52- or 53-week period ending on the Saturday nearer January 31 of the
following year. References to “2025” refer to the 52-week fiscal year ended January 31, 2026 and references to “2024” refer to the 52-week fiscal year ended February 1, 2025.  References to “2026” refer to the 52-week fiscal year ending January 30,
2027.

Overview

Ollie’s Bargain Outlet is a leading off-price retailer of brand name household products.  Since our founding in 1982, the Company’s mission has been to sell Good Stuff Cheap®. We do this through a flexible buying
model that focuses on closeout merchandise and excess inventory from suppliers and manufacturers around the world. Our stores offer Real Brands! Real Bargains! ® in a treasure hunt shopping environment at prices up to 70% below traditional
retailers.

Our highly experienced merchandise team is constantly scouring the market and leveraging deep, long-standing relationships across the supply chain to find the best products at the best prices. We focus on buying
cheap and selling cheap, and source products as unique buying opportunities present themselves. While the individual products sold in our stores are constantly changing, our overall merchandise mix is designed to save people money on a wide variety
of brand name household products that they need and use in their everyday lives.

Our primary point of differentiation against other retailers is the pricing of our products. Our goal is to be the lowest priced retailer of any product offered by our stores. We believe our flexible business model,
opportunistic buying strategy, low cost structure, experienced merchant team with deep relationships across the vendor community, and long history of experience of buying and selling closeout merchandise and excess inventory differentiates us from
traditional retailers.

Since the founding of Ollie’s in 1982, our principal growth strategy has been the opening of new stores. Historically, we have expanded our store base by opening new stores organically. More recently, we have
expanded our store base through acquiring former store locations of bankrupt retailers through the bankruptcy auction process. Our growth strategy continuously evaluates the best opportunities in the marketplace and combines organic new store
openings with the acquisition of store locations. We follow a contiguous unit growth strategy that combines backfilling existing markets and states with entering new markets and states in a contiguous manner. As of January 31, 2026 we have grown to
645 stores in 34 states.

While we are focused on driving comparable store sales and managing our expenses, the biggest driver of our net sales and profitability growth has historically been the opening of new stores.  As we continue to grow,
we believe we will have greater access to brand name closeout merchandise and an increased deal selection, resulting in more potential offerings for our customers.

Our ability to grow and our results of operations may be impacted by additional factors and uncertainties, such as consumer spending levels, which are subject to macroeconomic conditions and changes in discretionary
income.  Our customers’ discretionary income is impacted by changes in wages, gasoline and energy prices, interest rates, inflation, housing prices, rental rates, and consumer trends and preferences. 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.  However, because we offer a broad selection of merchandise at extreme values, we believe we are generally 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.

32

Index

Management looks at a number of financial and operating measures in assessing the performance of the business, including new store openings, net sales, comparable store sales, gross profit and gross margin, operating
expenses, operating income, earnings per share, EBITDA, and Adjusted EBITDA.

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.  Sales of new stores are typically strong in the first few months of operation because of the advertising and
marketing spending associated with a new store grand opening and the word of mouth in the local community.

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.  Stores that remain open during a remodel or refresh process, stores that are
relocated within the same trade area, and stores that changed in size are generally classified in the same way as the original store, and we believe that the impact to our change in consolidated comparable store sales percentage is immaterial.
Comparable store sales are also referred to as “same-store” sales by other retail companies.

Gross profit is equal to our net sales less our cost of sales.  Included in cost of sales are: merchandise costs, inventory markdowns, inventory shrinkage and transportation, distribution, and warehousing costs,
including wages, benefits, and depreciation and amortization.

Selling, general, and administrative (SG&A) expenses are comprised of wages and benefits for store, field support, and support center associates.  SG&A expenses also include marketing and advertising expense,
occupancy and operating costs for stores and the store support center, insurance, corporate infrastructure, and other general expenses.

Pre-opening expenses consist of all expenses associated with the opening of new stores and distribution centers, as well as all expenses associated with the remodel and/or closing of an existing store.

The method of calculating comparable store sales, gross profit, SG&A and pre-opening expenses varies across the retail industry. As a result, our calculation of these items may not necessarily be compatible with
similarly titled measures reported by other retail companies.

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 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.

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.”

33

Index

Results of Operations

This section includes comparisons of certain 2025 financial information to the same information for 2024.  Year-to-year comparisons of the 2024 financial information to the same information
for fiscal 2023, the 53-week period ended February 3, 2024 (“2023”), are contained in Item 7 of our Form 10-K for 2024 filed with the SEC on March 26, 2025, as amended on April 11, 2025, and available through the SEC’s website at 
https://www.sec.gov/edgar/searchedgar/companysearch.html.

The following tables summarize key components of our results of operations for 2025 and 2024, both in dollars and as a percentage of our net sales.

We derived the consolidated statements of income for 2025 and 2024 from our consolidated financial statements and related notes. Our historical results are not necessarily indicative of the results that may be
expected in the future.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/OLLI/mda/fy2026/
All MD&A years: /company/OLLI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/OLLI/mda/fy2025/): filed 2025-03-26; accession 0001140361-25-010442 (https://www.sec.gov/Archives/edgar/data/1639300/000114036125010442/ef20040177_10k.htm)
- [FY 2024 MD&A](/company/OLLI/mda/fy2024/): filed 2024-03-27; accession 0001140361-24-015681 (https://www.sec.gov/Archives/edgar/data/1639300/000114036124015681/ef20015294_10k.htm)
- [FY 2023 MD&A](/company/OLLI/mda/fy2023/): filed 2023-03-24; accession 0001140361-23-013669 (https://www.sec.gov/Archives/edgar/data/1639300/000114036123013669/brhc10050136_10k.htm)
- [FY 2022 MD&A](/company/OLLI/mda/fy2022/): filed 2022-03-25; accession 0001140361-22-011225 (https://www.sec.gov/Archives/edgar/data/1639300/000114036122011225/brhc10035363_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5331 Retail-Variety Stores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/OLLI.md · JSON record: /company/OLLI.json · verified financials: /company/OLLI/financials.json / /company/OLLI/financials.csv · machine TOC for the whole site: /llms.txt