Welcome to our dedicated page for Ollie's Bargain Outlet Holdings news (Ticker: OLLI), a resource for investors and traders seeking the latest updates and insights on Ollie's Bargain Outlet Holdings stock.
Ollie’s Bargain Outlet Holdings, Inc. reports recurring developments from an off-price retail model built around closeout merchandise and excess inventory. The company sells brand-name household products under the Good Stuff Cheap® value proposition, with assortments that include housewares, bed and bath, food, floor coverings, health and beauty aids, books, stationery, toys and electronics.
Company news commonly covers quarterly and annual results, comparable-store sales, new-store openings, margin and expense trends, fiscal outlook updates and the growth of the Ollie’s Army loyalty program. Other updates address opportunistic merchandise sourcing, customer value messaging and community campaigns tied to store operations.
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.
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