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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.
Ollie’s Bargain Outlet Holdings reported a 9.7% increase in Q4 net sales, totaling $549.8 million, with a 3.0% rise in comparable store sales. Q4 earnings per share (EPS) rose 19.7% to $0.85. The company opened 5 new stores, ending the quarter with 468 stores across 29 states. Although annual net sales increased by 4.2% to $1.827 billion, comparable store sales decreased by 3.0%. The company expects fiscal 2023 net sales between $2.036 billion and $2.058 billion, with a comparable sales increase of 1.0% to 2.0%.
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) will announce its fourth-quarter and full-year fiscal year 2022 financial results on March 22, 2023, before market opening. A conference call with the management team will follow at 8:30 a.m. Eastern Time, allowing investors to discuss the results directly. Currently, Ollie's operates 474 stores across 29 states, delivering value on brand-name products in various departments such as housewares and health aids. For further details, interested parties can pre-register for the call or access it via the company's Investor Relations webpage.
Ollie’s Bargain Outlet raised over $1 million for the Marine Toys for Tots Foundation from October 30 to December 3. This marks the third consecutive year of partnership, exceeding previous donations despite challenges posed by record-high inflation. The campaign included customer donations and toy drop-offs at all Ollie’s locations, showcasing community support for less fortunate children during the holiday season. The funds will help distribute toys to thousands of kids in need, as noted by Marine Toys for Tots officials.
Ollie’s Bargain Outlet Holdings reported a 9.0% increase in total net sales to $418.1 million for Q3 FY2022. Comparable store sales rose 1.9%, with an increase in store count to 463 locations. However, operating income declined 2.3% to $29.5 million, and net income decreased 0.4% to $23.1 million or $0.37 per diluted share. The outlook for FY2022 estimates net sales between $1.817 billion and $1.827 billion, with expected comparable store sales between -3.8% and -3.3%.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) has appointed Abid Rizvi to its Board of Directors, expanding the board from seven to eight members. Rizvi, currently the CEO of AriZona Beverages, has over 20 years of experience in consumer investment banking, including leadership roles at RBC Capital Markets and Jefferies. His appointment is anticipated to enhance the company's growth strategies. Rizvi will also serve on the Audit Committee and stand for election at the 2023 annual stockholders' meeting.
Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) will release its Q3 fiscal year 2022 financial results on December 7, 2022, ahead of market opening. Following the announcement, a conference call is scheduled for 8:30 a.m. ET to discuss the financial outcomes. The Company operates 467 stores across 29 states, specializing in discounted brand name merchandise. More information is available on their website.
Ollie’s Bargain Outlet Holdings (Nasdaq: OLLI) announced the appointment of Rob Helm as Senior Vice President and Chief Financial Officer, effective immediately. Helm, who previously served as CFO at The Children’s Place, brings significant financial leadership experience in the consumer retail sector. CEO John Swygert expressed confidence that Helm’s expertise will support Ollie’s growth plans, aiming to expand to 1,050 locations. Helm is enthusiastic about joining Ollie’s, citing its robust business model and potential for increased shareholder value.
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