Welcome to our dedicated page for Ollies Bargain news (Ticker: OLLI), a resource for investors and traders seeking the latest updates and insights on Ollies Bargain stock.
Ollie’s Bargain Outlet (OLLI) operates a unique treasure hunt retail model, offering brand-name closeout merchandise at significant discounts across the Eastern U.S. This page serves as the definitive source for verified company news, providing investors and industry observers with timely updates directly from official channels.
Access real-time press releases, financial disclosures, and strategic announcements covering earnings results, store expansions, leadership updates, and supply chain developments. Our curated collection ensures you stay informed about OLLI’s market positioning in the competitive discount retail sector without promotional bias.
Key content includes acquisition announcements, operational milestones, and analyses of consumer trends impacting the closeout merchandise industry. Bookmark this page for efficient tracking of OLLI’s growth initiatives and financial health indicators, all presented in compliance with financial reporting standards.
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.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) has partnered with Sunbit to launch a co-branded Visa® credit card. The card offers rewards and benefits for purchases made at Ollie's and wherever Visa is accepted. Key features include:
- $10 statement credit for signing up
- Automatic enrollment in Ollie's Army Loyalty program
- One additional Ollie's Army point for every $2 spent at Ollie's
- One Ollie's Army point for every $2 spent elsewhere
Sunbit's platform was chosen for its customer-centric approach, brand loyalty enhancement, innovative approval technology, rapid implementation, and comprehensive support. This partnership aims to increase customer loyalty and provide greater flexibility for Ollie's customers.
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.
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