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Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) is a prominent American retailer known for offering brand-name merchandise at significantly reduced prices. Headquartered in Harrisburg, PA, Ollie's specializes in closeouts, excess inventory, and salvage merchandise. Since its inception in 1982 in Mechanicsburg, PA, the company has grown to operate 500 stores across 30 states, making it the largest deep-discount retailer in the Mid-Atlantic region.
Ollie's offers a diverse range of products, including housewares, food, books, stationery, bed and bath items, toys, and hardware. The company adopts a unique treasure hunt shopping experience, coupled with witty in-store signage and humorous advertising campaigns, which makes shopping both fun and engaging for customers. This distinctive approach has driven rapid growth and robust store performance.
Ollie's values its associates, boasting a 75% internal promotion rate. The Ollie's Leadership Institute (OLI) program ensures that associates receive the necessary training and development for their growth and the company's continued success. The company encourages an entrepreneurial spirit among its employees, allowing creativity within its non-planogram store environment.
Beyond retail, Ollie's is deeply committed to community engagement. The company has a long-standing partnership with Children's Miracle Network (CMN), raising over $4 million to support 90 children's hospitals nationwide. In September 2023, the company celebrated the grand opening of its 500th store in Iowa City, Iowa, with a $10,000 donation to Children's Miracle Network and the University of Iowa Stead Family Children's Hospital.
Recent Achievements:
- Opened its 500th store, entering its 30th state
- Announced a record third-quarter performance with a 7.0% increase in comparable store sales and a 14.8% increase in net sales
- Completed the acquisition of eleven former 99 Cents Only Stores locations for $14.6 million in cash
Financially, Ollie's continues to perform strongly, with third-quarter results showing a 14.8% increase in net sales to $480 million, and a 29.5% increase in adjusted EBITDA to $51 million. The company plans to open 50-55 new locations annually, aiming for a total of 1,050 stores as it continues its national expansion.
For more information, visit www.ollies.us.
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