Ollie's Bargain Outlet Holdings, Inc. - OLLI STOCK NEWS

Ollie's Bargain Outlet (NASDAQ: OLLI) reported strong Q3 fiscal 2024 results with net sales increasing 7.8% to $517.4 million. The company saw a 12.8% increase in net income to $35.9 million, or $0.58 per diluted share. Notable achievements include opening a record 24 new stores while closing three, ending with 546 stores across 31 states.

Key financial metrics showed improvement with operating income up 14.0% to $44.5 million and gross profit increasing 10.5% to $214.5 million. The company's gross margin expanded by 100 basis points to 41.4%. Comparable store sales decreased slightly by 0.5% compared to a 7.0% increase in the prior year. The company maintained a strong balance sheet with $303.9 million in cash and cash equivalents.

Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) has scheduled its third quarter fiscal 2024 financial results release for Tuesday, December 10, 2024, before market opening. The company will host a conference call at 8:30 a.m. Eastern Time to discuss the results. Interested parties can pre-register for the call or access a live webcast through the Investor Relations section of the company's website.

Ollie's Bargain Outlet (NASDAQ: OLLI) has won bids for eight additional former Big Lots store leases in the latest bankruptcy sale process, which involved 170 Big Lots store closures. This brings the total number of acquired Big Lots locations to 15. The new locations align with Ollie's requirements regarding store size, lease terms, and customer demographics within existing trade areas. The company is maintaining its 2024 target of 50 new store openings (less two planned closures) while evaluating how these acquisitions will affect store openings in early fiscal 2025.

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) has successfully bid to acquire seven former Big Lots store leases through a bankruptcy auction. Six of these stores have received final approval from the U.S. Bankruptcy Court, with one pending approval. The acquisition is part of Big Lots' first wave of store closures, which included 143 stores.

CEO John Swygert expressed satisfaction with the acquisition, noting that the stores are well-sized, located in good trade areas, and have a history of serving value-oriented customers. Most of the acquired stores are in the Midwest, an area where Ollie's sees significant growth potential and has a new distribution center.

Ollie's plans to prioritize opening these acquired stores, adjusting their existing pipeline of new store openings to optimize productivity and reduce pre-opening expenses. The company maintains its plan to open 50 new stores, less two planned closures, in fiscal 2024, and is evaluating how these new acquisitions will impact future store openings and timing.

Ollie's, America's largest closeout and excess inventory retailer, has announced the Grand Openings of 10 new stores in Texas. These locations, all former 99₵ Stores, will bring brand name bargains to the Dallas, Houston, McAllen, and San Antonio markets. Shoppers can expect everyday low prices on a wide range of products, including books, flooring, food, housewares, toys, electronics, bedroom and bathroom items, health and beauty products, and pet supplies, with discounts of up to 70% off regular retail prices.

CEO John Swygert expressed excitement about the expansion in Texas, highlighting the company's commitment to providing a treasure hunt experience with great bargains. Each new store is expected to create 50-60 new jobs in local communities, ranging from cashiers to assistant managers. Ollie's currently employs over 10,000 associates across the company.

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) reported strong financial results for Q2 fiscal 2024. Total net sales increased 12.4% to $578.4 million, with comparable store sales up 5.8%. The company opened 9 new stores, ending with 525 locations across 31 states. Operating income rose 15.6% to $60.8 million, with operating margin improving to 10.5%. Net income grew 16.1% to $49.0 million, or $0.79 per diluted share. Adjusted EBITDA increased 16.4% to $74.5 million. Based on these results, Ollie's is raising its fiscal year 2024 sales and earnings outlook, now expecting net sales between $2.276 to $2.291 billion and adjusted net income per diluted share of $3.22 to $3.30.

Ollie's Bargain Outlet Holdings, Inc. (Nasdaq: OLLI) celebrated the grand opening of its new distribution center in Princeton, Illinois. The 615,000 square foot facility represents a $75 million investment and brings over 200 new full-time jobs to the area. This expansion is important for Ollie's growth plan, supporting its goal to open more than 1,300 stores nationwide.

The new center will initially serve 60 stores in nine states, eventually supporting over 150 stores across the Midwest and beyond. Ollie's received an Economic Development for a Growing Economy tax credit for this project. The company currently operates 525 stores across 31 states and continues to grow, with this new facility enhancing its ability to provide Real Brands and Real Bargains to more shoppers in the Midwest market.

Ollie's Bargain Outlet Holdings (Nasdaq: OLLI) has celebrated the grand opening of its fourth distribution center in Princeton, Illinois. This 615,000-square-foot facility represents a $75 million investment and is important for the company's expansion in the Midwest and westward growth.

The new center will initially service about 60 stores in nine states, eventually supporting more than 150 stores. It's expected to create over 200 new full-time jobs over time, contributing significantly to the local economy. Ollie's received an Economic Development for a Growing Economy tax credit for this project.

Currently, Ollie's operates 525 stores across 31 states and employs over 12,000 team members. The company aims to open more than 1,300 stores nationwide, with this new distribution center playing a key role in that expansion.

Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) has announced the release date for its second quarter fiscal 2024 financial results. The company will disclose its performance on Thursday, August 29, 2024, before the market opens. Following the release, Ollie's management team will host a conference call at 8:30 a.m. Eastern Time to discuss the results. Investors and interested parties can access the live conference call by pre-registering online, after which they will receive dial-in instructions. Additionally, a live webcast and replay of the conference call will be available on the Investor Relations section of Ollie's website.