Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) Q2 2023 Earnings Conference Call August 31, 2023 8:30 AM ET

Company Participants

John Swygert - President and Chief Executive Officer

Eric van der Valk - Executive Vice President and Chief Operating Officer

Rob Helm - Senior Vice President and Chief Financial Officer

Conference Call Participants

Brad Thomas - KeyBanc

Peter Keith - Piper Sandler

Edward Kelly - Wells Fargo

Randy Konik - Jefferies

Jason Haas - Bank of America

Eric Cohen - Gordon Haskett

Jeremy Hamblin - Craig Hallum

Matthew Boss - JPMorgan

Scot Ciccarelli - Truist

Mark Carden - UBS

Kate McShane - Goldman Sachs

Simeon Gutman - Morgan Stanley

Paul Lejuez - Citi

Operator

Good morning, and welcome to Ollie's Bargain Outlet's conference call to discuss financial results for the second quarter of fiscal 2023. [Operator Instructions] Please be advised that this call is being recorded, and reproduction of this call, in whole or in part, is not permitted without express written authorization of Ollie's.

Joining us on today's call from Ollie's management are John Swygert, President and Chief Executive Officer; Eric van der Valk, Executive Vice President and Chief Operating Officer; and Rob Helm, Senior Vice President and Chief Financial Officer.

Certain comments made today may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in our fiscal 2022 Form 10-K and fiscal 2023 periodic reports filed with the SEC and the earnings press release. Forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update these statements. On today's call, the company will be also referring to certain non-GAAP financial measures. Reconciliation of those most closely comparable GAAP financial measures to the non-GAAP financial measures are included in our earnings press release.

With that, I will turn the call over to Mr. Swygert. Please go ahead, sir.

John Swygert

Thanks, Jonathan. Thank you, and good morning, everyone. We appreciate you joining our call today.

We had a strong quarter and are pleased with the positive trends in our business. Our second quarter results were ahead of our expectations, driven by strong comparable store sales and margin expansion. In the quarter, comparable store sales increased 7.9%, and our adjusted EBITDA margin more than doubled to 12.4%. This marks our fifth consecutive quarter of positive comp store sales.