Ollies Bargain Stock Price, News & Analysis

Ollie's Bargain Outlet has successfully raised over $625,000 for Children's Miracle Network Hospitals through an in-store fundraising drive held from May 19th to June 15th, 2024. The campaign involved 517 Ollie's locations across 30 states and will benefit 94 local hospitals. CEO John Swygert highlighted the company's commitment to supporting children's health, noting that Ollie's has raised more than $4.6 million over 14 years. Frances Fu, CFO of Children's Miracle Network Hospitals, expressed gratitude for the ongoing support from Ollie's employees and customers, emphasizing the impact on children's care and well-being.

Children's Miracle Network Hospitals funds are directed toward 170 children's hospitals in the U.S. and Canada, focusing on research, training, and providing families with peace of mind.

Ollie's Bargain Outlet, America's largest retailer of closeout merchandise, has opened a new store in Kenosha, Wisconsin, marking its expansion into the 31st state. The grand opening occurred on June 19, 2024. Ollie's offers up to 70% off on a wide range of products, including books, flooring, food, housewares, toys, electronics, bedroom and bathroom items, health and beauty products, and pet supplies. The new store will create approximately 50-60 jobs in the local community, from cashiers to assistant managers. Ollie's employs over 10,000 associates nationwide. CEO John Swygert expressed excitement about this milestone and the opportunity to serve the Kenosha community.

On June 5, 2024, Ollie's Bargain Outlet (NASDAQ: OLLI) announced its Q1 fiscal 2024 results. Total net sales rose 10.8% to $508.8 million, and comparable store sales increased by 3.0%. The company opened 4 new stores, bringing the total to 516. Operating income grew by 46.6% to $56.5 million, with an operating margin of 11.1%. Net income surged 49.6% to $46.3 million ($0.75 per share). Adjusted net income increased by 47.0% to $45.2 million ($0.73 per share). Adjusted EBITDA rose 40.3% to $69.4 million. The company's financial outlook for fiscal 2024 has been raised, forecasting net sales between $2.257 and $2.277 billion and adjusted net income per share between $3.18 and $3.28. Ollie's also announced several executive promotions, including the transition of John Swygert to Executive Chairman in early 2025 and the promotion of Eric van der Valk to CEO.

Ollie’s Bargain Outlet announced key executive promotions and appointments as part of its leadership succession plan. John Swygert will transition to Executive Chairman in early 2025. Eric van der Valk, currently Executive VP and COO, has been promoted to President and will become CEO in early 2025. Robert Helm is promoted to Executive VP, and Chris Zender joins as Executive VP and COO effective June 17, 2024. These changes come after a rigorous succession planning process, aiming for a seamless leadership transition and continued company success. Ollie’s reported financial results for Q1 fiscal 2024 in a separate release.

Ollie's Bargain Outlet (NASDAQ: OLLI) announced its successful bid to acquire eleven former 99 Cents Only Stores locations for $14.6 million in cash through a bankruptcy auction approved by the United States Bankruptcy Court for the District of Delaware. The acquisition includes three owned properties and eight leased properties with favorable terms, all located in key Texas markets. The transaction is expected to close in early June. The company aims to quickly operationalize the new stores, maintaining their target of 50 new store openings for fiscal 2024, minus two planned closures.

Ollie's Bargain Outlet Holdings, known by its stock symbol OLLI, has announced that it will release its first quarter fiscal 2024 financial results on June 5, 2024, before the market opens. Following the release, the company's management will hold a conference call at 8:30 a.m. Eastern Time to discuss the results. Interested individuals can access the live call by pre-registering online, where they will receive dial-in instructions. A live webcast and replay of the conference call will also be available on the company's Investor Relations website.

Ollie's Bargain Outlet Holdings, Inc. raised over $791,000 for Feeding America through an in-store fundraising campaign, benefiting 132 partner food banks in 30 states. The campaign ran from March 10th to April 14th, with donations collected by 513 Ollie's stores. The company's CEO highlighted the importance of the partnership with Feeding America in addressing food insecurity across the country.