Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) Q3 2018 Earnings Conference Call Transcript
Dec 04, 2018 • 04:30 pm ET
Good afternoon and welcome to the Ollie's Bargain Outlet conference call to discuss financial results for the Third Quarter of Fiscal 2018. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. Please be advised that reproduction of this call in the whole or in part is not permitted without written authorization from Ollie. And as a remainder, this call is being recorded.
On the call today from management are Mark Butler, Chairman, President and Chief Executive Officer; John Swygert, Executive Vice President and Chief Operating Officer; and Jay Stasz, Senior Vice President and Chief Financial Officer. I will now turn the call over to Jean Fontana, Investor Relations, to get started. Please go ahead, ma'am.
Thank you and hello, everyone. A press release covering the Company's third quarter fiscal 2018 financial results was issued this afternoon and a copy of that press release can be found in Investor Relations section of the Company's website.
(Forward-Looking Cautionary Statements)
We will be referring to certain non-GAAP financial measures on today's call such as EBITDA, adjusted EBITDA, adjusted net income, and adjusted net income per diluted share that we believe may be important to investors to assess our operating performance. Reconciliation of these non-GAAP financial measures to the most closely comparable GAAP financial measures are included in our earnings release.
With that, I will turn the call over to Mark.
Thanks, Jean, and hello to everyone, thanks for joining us on the call today. We delivered another strong quarter and we're very excited about our results and the continued momentum in our business as we once again exceeded our top and bottom line expectations. Our overall performance was driven by robust sales growth, great deal flow, productive new stores and strong comparable store sales drove a 19% increase in our top line.
This was our 18th consecutive quarter of positive comps with a 4.6% comp store sales increase. Nearly half of our department's comp positive and our best performing categories included toys, housewares, electronics, floor coverings and automotive. These strong sales and our tight expense control contributed to a 47% increase in adjusted net income, all said, another great quarter.
Many times you've heard me say that we pride ourselves on consistent execution, which is the hallmark of our success. Key to these consistent results is our focus on the execution of three strategic drivers: offering terrific deals, growing our store base, and leveraging and expanding Ollie's Army.
For over 36 years Ollie's has brought great deals to our customers. Ours is a simple business. We buy cheap and we sell cheap. This is just what we do. We have an incredible deal that are on throughout the entire store and we continue to see growing availability of deals from our new and existing vendors.
Our pipeline is definitely full with no slowing in sight. Our toy buyouts have performed remarkably well to-date and I'm thrilled with how these