Second Quarter Summary:
Total net sales increased 13.1% to $288.1 million.
Comparable store sales increased 4.4%.
The Company opened six stores and entered one new state during the quarter, ending the period with a total of 282 stores in 22 states, an increase in store count of 12.8% year over year.
Operating income increased 16.9% to $34.9 million and operating margin increased 40 basis points to 12.1%.
Net income increased 51.4% to $29.8 million and net income per diluted share increased 50.0% to $0.45.
Adjusted net income(1) increased 46.2% to $26.1 million and adjusted net income per diluted share(1) increased 48.1% to $0.40.
Adjusted EBITDA(1) increased 15.4% to $40.3 million.
Mark Butler, Chairman, President and Chief Executive Officer, stated, “We are extremely pleased with our results for the quarter, which were strong across the board. We once again exceeded our sales and earnings expectations, delivering total sales growth of 13% and adjusted net income per diluted share growth of 48%. This was our 17th consecutive quarter of positive comparable store sales, with a 4.4% comparable store sales increase on top of an 8.0% increase on a two-year stack basis. With the continued momentum of our business and a robust closeout environment, we are raising our sales and earnings guidance for fiscal 2018. Our philosophy of buying cheap and selling cheap, coupled with tight expense control and successful new store growth, has driven our business for 36 years and we feel very good about our ability to continue executing against our strategic growth initiatives this year and beyond.”
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