0001140361-23-028795 | 10-Q | XBRL Viewer | Ollies Bargain Outlet Holdings INC

Transactions with Affiliated and Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Hillman Solutions, Inc. [Member] \| Purchase of Inventory [Member]
Transactions with Related Parties [Abstract]
Payments to related parties	$ 0.5	$ 0.0

Equity Incentive Plans

3 Months Ended

Apr. 29, 2023

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 April 29, 2023, there were 1,891,024 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 April 29, 2023 follows:

						Weighted
				Weighted		average
				average		remaining
	Number			exercise		contractual
	of options			price		term (years)
	(in thousands, except share and per share amounts)
Outstanding at January 28, 2023		1,209,251		$	53.92
Granted		143,668			57.98
Forfeited		(5,791	)		60.21
Exercised		(42,366	)		37.58
Outstanding at April 29, 2023		1,304,762			54.87		7.2
Exercisable at April 29, 2023		706,292			53.93		6.0

The weighted average grant date fair value per option for options granted during the thirteen weeks ended April 29, 2023 and April 30, 2022 was $29.13 and $20.17, 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
	April 29,			April 30,
	2023			2022
Risk-free interest rate		3.36	%		2.54	%
Expected dividend yield		—			—
Expected life (years)	6.25 years			6.25 years
Expected volatility		47.18	%		44.32	%

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 April 29, 2023 is as follows:

				Weighted
				average
	Number			grant date
	of shares			fair value
Non-vested balance at January 28, 2023		276,278		$	50.32
Granted		199,430			57.98
Forfeited		(2,357	)		51.87
Vested		(85,981	)		51.72
Non-vested balance at April 29, 2023		387,370			53.94

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 $2.9 million and $2.4 million for the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively.

As of April 29, 2023, there was $33.2 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 years. Compensation costs related to awards are recognized using the straight-line method.

Earnings per Common Share

3 Months Ended

Apr. 29, 2023

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
	April 29,		April 30,
	2023		2022
	(in thousands, except per share amounts)
Net income	$	30,980	$	12,523
Weighted average number of common shares outstanding – Basic		61,970		62,869
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		237		142
Weighted average number of common shares outstanding - Diluted		62,207		63,011
Earnings per common share – Basic	$	0.50	$	0.20
Earnings per common share - Diluted	$	0.50	$	0.20

The effect of the weighted average assumed exercise of stock options outstanding totaling 841,519 and 1,012,070 for the thirteen weeks ended April 29, 2023 and April 30, 2022, 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 26,241 and 57,079 for the thirteen weeks ended April 29, 2023 and April 30, 2022, respectively, were excluded from the calculation of diluted weighted average common shares outstanding because the effect would have been antidilutive.

Net Sales (Tables)

3 Months Ended

Apr. 29, 2023

Net Sales [Abstract]

Reconciliation of Liabilities for Ollie's Army Loyalty Program and Gift Cards

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
	April 29,				April 30,
	2023				2022
	(in thousands)
Beginning balance		$	8,130		$	7,782
Revenue deferred			3,326			3,248
Revenue recognized			(2,687	)		(3,037	)
Ending balance		$	8,769		$	7,993

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
	April 29,				April 30,
	2023				2022
	(in thousands)
Beginning balance		$	2,527		$	2,291
Gift card issuances			900			1,064
Gift card redemption and breakage			(1,098	)		(1,232	)
Ending balance		$	2,329		$	2,123

Equity Incentive Plans, Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Stock-Based Compensation Expense [Abstract]
Total unrecognized compensation cost related to non-vested stock-based compensation arrangements	$ 33.2
Weighted average period to recognize stock-based compensation expense	3 years
Selling, General and Administrative Expenses [Member]
Stock-Based Compensation Expense [Abstract]
Compensation expense	$ 2.9	$ 2.4

Net Sales

3 Months Ended

Apr. 29, 2023

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

	Thirteen weeks ended
	April 29,				April 30,
	2023				2022
	(in thousands)
Beginning balance		$	8,130		$	7,782
Revenue deferred			3,326			3,248
Revenue recognized			(2,687	)		(3,037	)
Ending balance		$	8,769		$	7,993

	Thirteen weeks ended
	April 29,				April 30,
	2023				2022
	(in thousands)
Beginning balance		$	2,527		$	2,291
Gift card issuances			900			1,064
Gift card redemption and breakage			(1,098	)		(1,232	)
Ending balance		$	2,329		$	2,123

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Accrued Expenses and Other Current Liabilities

3 Months Ended

Apr. 29, 2023

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:

	April 29,		January 28,		April 30,
	2023		2023		2022
	(in thousands)
Compensation and benefits	$	11,307	$	14,751	$	14,262
Deferred revenue		11,098		10,657		10,116
Insurance		9,517		9,141		9,680
Sales and use taxes		8,694		6,567		7,492
Advertising		7,004		6,582		2,944
Real estate		6,223		6,283		7,167
Freight		2,035		2,641		3,554
Other		20,258		20,337		16,284
	$	76,136	$	76,959	$	71,499

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 30,980	$ 12,523
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	8,025	6,660
Amortization of debt issuance costs	69	64
Loss (gain) on sale of assets	5	(30)
Deferred income tax provision	500	211
Stock-based compensation expense	2,863	2,388
Changes in operating assets and liabilities:
Inventories	(27,454)	(49,727)
Accounts receivable	1,389	318
Prepaid expenses and other assets	1,692	3,308
Accounts payable	12,655	(5,310)
Income taxes payable	9,420	4,213
Accrued expenses and other liabilities	(4,272)	(6,134)
Net cash provided by (used in) operating activities	35,872	(31,516)
Cash Flows from Investing Activities:
Purchases of property and equipment	(19,010)	(9,668)
Proceeds from sale of property and equipment	64	51
Purchases of short-term investments	(85,365)	0
Maturities of short-term investments	5,000	0
Net cash used in investing activities	(99,311)	(9,617)
Cash Flows from Financing Activities:
Repayments on finance leases	(242)	(195)
Proceeds from stock option exercises	1,592	298
Common shares withheld for taxes	(1,268)	(484)
Payment for shares repurchased	(12,280)	0
Net cash used in financing activities	(12,198)	(381)
Net decrease in cash and cash equivalents	(75,637)	(41,514)
Cash and cash equivalents, beginning of the period	210,596	246,977
Cash and cash equivalents, end of the period	134,959	205,463
Cash paid during the period for:
Interest	116	100
Income taxes	333	89
Non-cash investing activities:
Accrued purchases of property and equipment	$ 7,666	$ 2,548

Equity Incentive Plans, Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Equity Incentive Plans [Abstract]
Weighted average grant date fair value per option granted (in dollars per share)	$ 29.13	$ 20.17
Risk-free interest rate	3.36%	2.54%
Expected dividend yield	0.00%	0.00%
Expected life	6 years 3 months	6 years 3 months
Expected volatility	47.18%	44.32%

Basis of Presentation and Summary of Significant Accounting Policies, Description of Business and Basis of Presentation (Details)	3 Months Ended
	Apr. 29, 2023 Location State Segment
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of retail locations \| Location	476
Number of states in which retail locations are located \| State	29
Number of operating segments \| Segment	1

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Apr. 29, 2023

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consists of the following:

	April 29,		January 28,		April 30,
	2023		2023		2022
	(in thousands)
Compensation and benefits	$	11,307	$	14,751	$	14,262
Deferred revenue		11,098		10,657		10,116
Insurance		9,517		9,141		9,680
Sales and use taxes		8,694		6,567		7,492
Advertising		7,004		6,582		2,944
Real estate		6,223		6,283		7,167
Freight		2,035		2,641		3,554
Other		20,258		20,337		16,284
	$	76,136	$	76,959	$	71,499

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Income Taxes [Abstract]
Effective income tax rate	24.80%	26.50%
Income tax expense	$ 10,234	$ 4,513

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Transactions with Affiliated and Related Parties

3 Months Ended

Apr. 29, 2023

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 April 29, 2023, the Company purchased inventory of $0.5 million from a subsidiary of Hillman Solutions, Inc. where John Swygert, President and Chief Executive Officer of Ollie’s, is a member of its Board of Directors. There were no purchases made from Hillman Solutions, Inc. or any of its subsidiaries during the thirteen weeks ended April 30, 2022.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Apr. 29, 2023	Jun. 02, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 29, 2023
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
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		61,798,483

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Consolidated Statements of Income [Abstract]
Net sales	$ 459,154	$ 406,666
Cost of sales	280,583	265,341
Gross profit	178,571	141,325
Selling, general, and administrative expenses	130,268	116,273
Depreciation and amortization expenses	6,483	5,247
Pre-opening expenses	3,281	2,660
Operating income	38,539	17,145
Interest (income) expense, net	(2,675)	109
Income before income taxes	41,214	17,036
Income tax expense	10,234	4,513
Net income	$ 30,980	$ 12,523
Earnings per common share:
Basic (in dollars per share)	$ 0.5	$ 0.2
Diluted (in dollars per share)	$ 0.5	$ 0.2
Weighted average common shares outstanding:
Basic (in shares)	61,970	62,869
Diluted (in shares)	62,207	63,011

Income Taxes

3 Months Ended

Apr. 29, 2023

Income Taxes [Abstract]

Income Taxes

(8)	Income Taxes

The effective income tax rate for the thirteen weeks ended April 29, 2023 was a provision of 24.8%, or $10.2 million, compared to a provision of 26.5%, or $4.5 million, during the thirteen weeks ended April 30, 2022. The decrease in the effective income tax rate for the thirteen weeks ended April 29, 2023 compared to April 30, 2022 was primarily driven by the impact of discrete items recognized, primarily stock-based compensation, in the thirteen weeks ended April 29, 2023.

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 2017 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Net Sales (Policies)	3 Months Ended
Net Sales (Policies)	Apr. 29, 2023
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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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-Name Accounting Standards Codification
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+ Details

Debt Obligations and Financing Arrangements (Details) $ in Millions	3 Months Ended
	Apr. 29, 2023 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
Maturity date	May 22, 2024
Outstanding borrowings	$ 0.0
Borrowing availability	91.6
Outstanding letters of credit commitments	8.1
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%
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

Common Stock, Common Stock (Details)	3 Months Ended
Common Stock, Common Stock (Details)	Apr. 29, 2023 Vote / shares $ / shares shares	Jan. 28, 2023 $ / shares shares	Apr. 30, 2022 $ / 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

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Apr. 29, 2023

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 476 retail locations in 29 states as of April 29, 2023. Ollie’s Bargain Outlet retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, 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 April 29, 2023 and April 30, 2022 refer to the thirteen weeks from January 29, 2023 to April 29, 2023 and from January 30, 2022 to April 30, 2022, respectively. References to “2022” refer to the fiscal year ended January 28, 2023, references to “2023” refer to the fiscal year ending February 3, 2024, and references to “2024” refer to the fiscal year ending February 1, 2025. Fiscal year 2022 consists of 52 weeks, 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 April 29, 2023 and April 30, 2022, and the condensed consolidated statements of income and stockholders’ equity for the thirteen weeks ended April 29, 2023 and April 30, 2022, and the condensed consolidated statements of cash flows for the thirteen weeks ended April 29, 2023 and April 30, 2022 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 2023 or any other period. All intercompany accounts, transactions, and balances have been eliminated in consolidation.

The Company’s balance sheet as of January 28, 2023, 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 24, 2023 (“Annual Report”), but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the financial statements for 2022 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 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 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

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Accrued Expenses and Other Current Liabilities [Abstract]
Compensation and benefits	$ 11,307	$ 14,751	$ 14,262
Deferred revenue	11,098	10,657	10,116
Insurance	9,517	9,141	9,680
Sales and use taxes	8,694	6,567	7,492
Advertising	7,004	6,582	2,944
Real estate	6,223	6,283	7,167
Freight	2,035	2,641	3,554
Other	20,258	20,337	16,284
Total accrued expenses and other current liabilities	$ 76,136	$ 76,959	$ 71,499

Commitments and Contingencies

3 Months Ended

Apr. 29, 2023

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(5)	Commitments and Contingencies

Commitments

In March 2023, the Company acquired land in Princeton, IL, for the construction of its fourth distribution center. The total cost of the land and building is expected to be in the range of $80 to $85 million. The Company expects to occupy the distribution center in the second quarter of fiscal 2024.

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.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Assets
Property and equipment, accumulated depreciation	$ 157,959	$ 150,386	$ 129,244
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)	66,778,000	66,672,000	66,558,000
Treasury - common stock (in shares)	4,880,000	4,664,000	3,816,000

Equity Incentive Plans, Stock Option Activity (Details) - Stock Options [Member]	3 Months Ended
	Apr. 29, 2023 $ / shares shares
Number of Options [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	1,209,251
Granted (in shares) \| shares	143,668
Forfeited (in shares) \| shares	(5,791)
Exercised (in shares) \| shares	(42,366)
Outstanding at end of period (in shares) \| shares	1,304,762
Exercisable at end of period (in shares) \| shares	706,292
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 53.92
Granted (in dollars per share) \| $ / shares	57.98
Forfeited (in dollars per share) \| $ / shares	60.21
Exercised (in dollars per share) \| $ / shares	37.58
Outstanding at end of period (in dollars per share) \| $ / shares	54.87
Exercisable at end of period (in dollars per share) \| $ / shares	$ 53.93
Weighted Average Remaining Contractual Term [Abstract]
Outstanding at end of period	7 years 2 months 12 days
Exercisable at end of period	6 years

Equity Incentive Plans (Tables)

3 Months Ended

Apr. 29, 2023

Equity Incentive Plans [Abstract]

Stock Option Activity

A summary of the Company’s stock option activity and related information for the thirteen weeks ended April 29, 2023 follows:

						Weighted
				Weighted		average
				average		remaining
	Number			exercise		contractual
	of options			price		term (years)
	(in thousands, except share and per share amounts)
Outstanding at January 28, 2023		1,209,251		$	53.92
Granted		143,668			57.98
Forfeited		(5,791	)		60.21
Exercised		(42,366	)		37.58
Outstanding at April 29, 2023		1,304,762			54.87		7.2
Exercisable at April 29, 2023		706,292			53.93		6.0

Weighted Average Assumptions

	Thirteen weeks ended
	April 29,			April 30,
	2023			2022
Risk-free interest rate		3.36	%		2.54	%
Expected dividend yield		—			—
Expected life (years)	6.25 years			6.25 years
Expected volatility		47.18	%		44.32	%

RSU Activity

A summary of the Company’s RSU activity and related information for the thirteen weeks ended April 29, 2023 is as follows:

				Weighted
				average
	Number			grant date
	of shares			fair value
Non-vested balance at January 28, 2023		276,278		$	50.32
Granted		199,430			57.98
Forfeited		(2,357	)		51.87
Vested		(85,981	)		51.72
Non-vested balance at April 29, 2023		387,370			53.94

Commitments and Contingencies (Details) - Construction of Fourth Distribution Center [Member] $ in Millions	1 Months Ended
	Mar. 31, 2023 USD ($)
Minimum [Member]
Commitments [Abstract]
Cost of land and building	$ 80
Maximum [Member]
Commitments [Abstract]
Cost of land and building	$ 85

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

3 Months Ended

Apr. 29, 2023

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Held-to-Maturity Investment Securities

	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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 134,959	$ 210,596	$ 205,463
Short-term investments	140,530	60,165	0
Accounts receivable	985	2,374	1,054
Inventories	497,988	470,534	517,033
Prepaid expenses and other current assets	8,806	10,627	7,806
Total current assets	783,268	754,296	731,356
Property and equipment, net of accumulated depreciation of $157,959, $150,386 and $129,244, respectively	187,030	175,947	149,765
Operating lease right-of-use assets	443,153	436,326	431,102
Goodwill	444,850	444,850	444,850
Trade name	230,559	230,559	230,559
Other assets	2,178	2,118	2,198
Total assets	2,091,038	2,044,096	1,989,830
Current liabilities:
Current portion of long-term debt	519	430	350
Accounts payable	99,554	90,204	101,109
Income taxes payable	12,476	3,056	6,769
Current portion of operating lease liabilities	89,528	88,636	78,427
Accrued expenses and other current liabilities	76,136	76,959	71,499
Total current liabilities	278,213	259,285	258,154
Revolving credit facility	0	0	0
Long-term debt	946	858	761
Deferred income taxes	71,132	70,632	66,390
Long-term portion of operating lease liabilities	356,791	351,251	362,088
Other long-term liabilities	0	1	2
Total liabilities	707,082	682,027	687,395
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; 66,778, 66,672, and 66,558 shares issued, respectively	67	67	67
Additional paid-in capital	680,881	677,694	666,495
Retained earnings	1,017,492	986,512	896,245
Treasury - common stock, at cost; 4,880, 4,664, and 3,816 shares, respectively	(314,484)	(302,204)	(260,372)
Total stockholders' equity	1,383,956	1,362,069	1,302,435
Total liabilities and stockholders' equity	$ 2,091,038	$ 2,044,096	$ 1,989,830

Leases

3 Months Ended

Apr. 29, 2023

Leases [Abstract]

Leases

(4)

Leases

Effective February 3, 2019, 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 2035. 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 April 29, 2023:

	April 29,
	2023
	(in thousands)
Remainder of 2023	$	70,605
2024		94,589
2025		76,743
2026		70,595
2027		58,577
Thereafter		128,047
Total undiscounted lease payments⁽¹⁾		499,156
Less: Imputed interest		(52,837	)
Total lease obligations		446,319
Less: Current obligations under leases		(89,528	)
Long-term lease obligations	$	356,791

⁽¹⁾

Lease obligations exclude $35.3 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
	April 29,			April 30,
	2023			2022
	(dollars in thousands)
Cash paid for operating leases	$	25,344		$	22,919
Operating lease cost		24,888			22,832
Variable lease cost		2,835			2,373
Non-cash right-of-use assets obtained in exchange for lease obligations		12,273			18,489
Weighted-average remaining lease term	6.3 years			6.6 years
Weighted-average discount rate		3.5	%		3.4	%

Common Stock

3 Months Ended

Apr. 29, 2023

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 are authorized to be executed through January 2023. On November 30, 2021, the Board authorized an additional $200.0 million to repurchase stock pursuant to the Company’s share repurchase program, expiring on December 15, 2023. Shares under both authorizations 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. In addition, the authorizations are subject to extension or earlier termination by the Board of Directors at any time.

During the thirteen weeks ended April 29, 2023, the Company repurchased 215,522 shares of its common stock for $12.3 million, inclusive of transaction costs, pursuant to its share repurchase program. These expenditures were funded by cash on hand. As of April 29, 2023, the Company had $125.9 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 14
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Debt Obligations and Financing Arrangements

3 Months Ended

Apr. 29, 2023

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”). Loans under the Revolving Credit Facility mature on May 22, 2024. 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.

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 April 29,2023, 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 April 29, 2023, the Company had no outstanding borrowings under the Revolving Credit Facility, with $91.6 million of borrowing availability, outstanding letters of credit commitments of $8.1 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 April 29, 2023.

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 April 29, 2023, 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Common Stock, Share Repurchase Program (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Nov. 30, 2021	Mar. 16, 2021	Dec. 15, 2020
Share Repurchase Program [Abstract]
Shares repurchased	$ 12,280	$ 0
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)	215,522
Shares repurchased	$ 12,300
Remaining authorized repurchase of common stock	$ 125,900

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Earnings per Common Share [Abstract]
Net income	$ 30,980	$ 12,523
Weighted average number of common shares outstanding - Basic (in shares)	61,970,000	62,869,000
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units (in shares)	237,000	142,000
Weighted average number of common shares outstanding - Diluted (in shares)	62,207,000	63,011,000
Earnings per common share - Basic (in dollars per share)	$ 0.5	$ 0.2
Earnings per common share - Diluted (in dollars per share)	$ 0.5	$ 0.2
Stock Options [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	841,519	1,012,070
Non-vested Restricted Stock Units [Member]
Earnings per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	26,241	57,079

Earnings per Common Share (Tables)

3 Months Ended

Apr. 29, 2023

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
	April 29,		April 30,
	2023		2022
	(in thousands, except per share amounts)
Net income	$	30,980	$	12,523
Weighted average number of common shares outstanding – Basic		61,970		62,869
Incremental shares from the assumed exercise of outstanding stock options and vesting of restricted stock units		237		142
Weighted average number of common shares outstanding - Diluted		62,207		63,011
Earnings per common share – Basic	$	0.50	$	0.20
Earnings per common share - Diluted	$	0.50	$	0.20

Leases (Tables)

3 Months Ended

Apr. 29, 2023

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 April 29, 2023:

	April 29,
	2023
	(in thousands)
Remainder of 2023	$	70,605
2024		94,589
2025		76,743
2026		70,595
2027		58,577
Thereafter		128,047
Total undiscounted lease payments⁽¹⁾		499,156
Less: Imputed interest		(52,837	)
Total lease obligations		446,319
Less: Current obligations under leases		(89,528	)
Long-term lease obligations	$	356,791

⁽¹⁾

Lease obligations exclude $35.3 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
	April 29,			April 30,
	2023			2022
	(dollars in thousands)
Cash paid for operating leases	$	25,344		$	22,919
Operating lease cost		24,888			22,832
Variable lease cost		2,835			2,373
Non-cash right-of-use assets obtained in exchange for lease obligations		12,273			18,489
Weighted-average remaining lease term	6.3 years			6.6 years
Weighted-average discount rate		3.5	%		3.4	%

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

3 Months Ended

Apr. 29, 2023

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Fiscal Year

(b)

Fiscal Year

Basis of Presentation

(c)

Basis of Presentation

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

Fair Value Disclosures

(e)

Fair Value Disclosures

●

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

●

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

	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

Leases (Details)
$ in Thousands

3 Months Ended

Apr. 29, 2023

USD ($)

Option

Apr. 30, 2022

USD ($)

Jan. 28, 2023

USD ($)

Leases [Abstract]

Renewal term of leases

5 years

Maturity of Operating Lease Liabilities [Abstract]

$ 70,605

94,589

76,743

70,595

58,577

128,047

Total undiscounted lease payments

^[1]

499,156

Less: Imputed interest

(52,837)

Total lease obligations

446,319

Less: Current obligations under leases

(89,528)

$ (78,427)

$ (88,636)

Long-term lease obligations

356,791

362,088

$ 351,251

Minimum lease payments for leases signed, but not commenced

35,300

Other Information Related to Operating Leases [Abstract]

Cash paid for operating leases

25,344

22,919

Operating lease cost

24,888

22,832

Variable lease cost

2,835

2,373

Non-cash right-of-use assets obtained in exchange for lease obligations

$ 12,273

$ 18,489

Weighted-average remaining lease term

6 years 3 months 18 days

6 years 7 months 6 days

Weighted-average discount rate

3.50%

3.40%

Minimum [Member]

Leases [Abstract]

Number of options to renew operating leases | Option

Maximum [Member]

Leases [Abstract]

Number of options to renew operating leases | Option

[1]	Lease obligations exclude $35.3 million of minimum lease payments for leases signed, but not commenced.

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Apr. 30, 2022
Net Sales [Abstract]
Maximum redemption period for discount awards	45 days
Ollie's Army Loyalty Program Liability [Abstract]
Beginning balance	$ 8,130	$ 7,782
Revenue deferred	3,326	3,248
Revenue recognized	(2,687)	(3,037)
Ending balance	8,769	7,993
Gift Card Liability [Abstract]
Beginning balance	2,527	2,291
Gift card issuances	900	1,064
Gift card redemption and breakage	(1,098)	(1,232)
Ending balance	$ 2,329	$ 2,123

Equity Incentive Plans, RSU Activity (Details) - Restricted Stock Units [Member]	3 Months Ended
	Apr. 29, 2023 $ / shares shares
Equity Incentive Plans [Abstract]
Vesting period	4 years
Number of Shares [Roll Forward]
Non-vested at beginning of period (in shares) \| shares	276,278
Granted (in shares) \| shares	199,430
Forfeited (in shares) \| shares	(2,357)
Vested (in shares) \| shares	(85,981)
Non-vested at end of period (in shares) \| shares	387,370
Weighted Average Grant Date Fair Value [Abstract]
Non-vested at beginning of period (in dollars per share) \| $ / shares	$ 50.32
Granted (in dollars per share) \| $ / shares	57.98
Forfeited (in dollars per share) \| $ / shares	51.87
Vested (in dollars per share) \| $ / shares	51.72
Non-vested at end of period (in dollars per share) \| $ / shares	$ 53.94
Minimum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	1 year
Maximum [Member]
Equity Incentive Plans [Abstract]
Cliff vesting period	4 years

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. 29, 2022	$ 67	$ (260,372)	$ 664,293	$ 883,722	$ 1,287,710
Beginning balance (in shares) at Jan. 29, 2022	66,516
Beginning balance (in shares) at Jan. 29, 2022		(3,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	$ 0	2,388	0	2,388
Proceeds from stock options exercised	$ 0	$ 0	298	0	298
Proceeds from stock options exercised (in shares)	10	0
Vesting of restricted stock	$ 0	$ 0	0	0	0
Vesting of restricted stock (in shares)	43	0
Common shares withheld for taxes	$ 0	$ 0	(484)	0	(484)
Common shares withheld for taxes (in shares)	(11)	0
Shares repurchased	$ 0	$ 0	0	0	0
Shares repurchased (in shares)	0	0
Net income	$ 0	$ 0	0	12,523	12,523
Ending balance at Apr. 30, 2022	$ 67	$ (260,372)	666,495	896,245	$ 1,302,435
Ending balance (in shares) at Apr. 30, 2022	66,558
Ending balance (in shares) at Apr. 30, 2022		(3,816)			(3,816)
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)			(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)

Basis of Presentation and Summary of Significant Accounting Policies, Fair Value Disclosures (Details) $ in Thousands	Apr. 29, 2023 USD ($)
Investment Securities Classified as Held-to-Maturity [Abstract]
Amortized cost	$ 140,530
Gross unrealized gains	0
Gross unrealized losses	(1,099)
Fair market value	139,431
Treasury Bonds [Member]
Investment Securities Classified as Held-to-Maturity [Abstract]
Amortized cost	101,072
Gross unrealized gains	0
Gross unrealized losses	(935)
Fair market value	100,137
Municipal Bonds [Member]
Investment Securities Classified as Held-to-Maturity [Abstract]
Amortized cost	39,458
Gross unrealized gains	0
Gross unrealized losses	(164)
Fair market value	$ 39,294

Equity Incentive Plans, Equity Incentive Plans (Details)	3 Months Ended
	Apr. 29, 2023 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)	1,891,024
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%