Ollie’s Bargain Outlet Raises Almost $1M for Toys for Tots
In its second-year partnership with the Marine Toys for Tots Foundation, Ollie’s Bargain Outlet, Inc. has raised more than $940,000 nationwide from Oct. 31- Nov. 29 to bring joy to less fortunate children this holiday season. In addition to raising money at its registers, Ollie’s also served as an official toy drop off location where customers contributed thousands of toys.
"We are pleased to once again have Ollie’s as a national corporate sponsor of the Marine Toys for Tots campaign," said retired Marine Colonel Ted Silvester, VP of the Virginia-based Marine Toys for Tots Foundation. "Their community service goals certainly align with those the Marine Corps has promoted for over 74 years through our Toys for Tots program. With their generous support, we will be able to fulfill Christmas holiday dreams of thousands of less fortunate children who otherwise might have been forgotten this holiday season."
Since 1947, the Marine Toys for Tots Program has distributed 604 million toys to over 272 million less fortunate children. Today, Toys for Tots is the nation’s flagship Christmas charitable cause with local Toys for Tots campaigns conducted from October through December each year in over 800 communities throughout the nation.
“After what has proven to be another challenging year, we are grateful that our associates and customers have remained dedicated to helping people in their local communities,” said John Swygert, president and CEO of Ollie’s. “With this being our second year partnering with the foundation on a national level, we are proud to have filled hundreds more toy boxes, exceeding last year’s donations. We’re excited we’re able to contribute to positively impact more children and their families this holiday season.”
The discount retailer recently reported its earnings for third quarter ending Oct. 30. The company reported total net sales decreased 7.5% to $383.5 million. Comparable store sales decreased 15.5% from the prior year increase of 15.3%. Comparable store sales decreased 1.3% compared with the third quarter of fiscal 2019. Adjusted net income was $22.0 million, or $0.34 per diluted share, as compared with prior year adjusted net income of $43.2 million, or $0.65 per diluted share. Adjusted EBITDA decreased 41.9% to $37.9 million and adjusted EBITDA margin decreased 590 basis points to 9.9%.
“Our third quarter performance was impacted by greater than anticipated supply chain related headwinds, leading to lower than expected results. While we believe that many of the factors impacting us are transitory in nature and we are taking proactive steps to navigate these challenges, these pressures have continued to impact our business in the fourth quarter,” said Swygert.
Despite the near-term challenges, longer term, Swygert says, the company remain bullish on growth opportunities that lie ahead. The fast-growing discount retailer chain opened its 400th store in Springfield, Vt., in May, it’s first location for the state. In total, the company opened 18 new stores, ending the third quarter with 426 stores in 29 states, a year-over-year increase in store count of 10.6%.
Harrisburg, Pa.-based Ollie’s, founded in 1982, has 430 stores in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia and West Virginia.
