Ollie’s Bargain Outlet Opens 400th Store
Discount retail chain Ollie’s Bargain Outlet, Inc. has opened its 400th store in Springfield, Vermont on May 12. The new location marks the first Ollie's in the state of Vermont, officially expanding the company's footprint to 26 states.
“We are thrilled to hit this major milestone of our 400th store by introducing Good Stuff Cheap merchandise to Vermont, our 26th state,” said John Swygert, president and CEO of Ollie’s Bargain Outlet. “Since our humble beginnings in Mechanicsburg, Pa., almost 39 years ago, we have experienced explosive growth while staying true to our roots of offering customers brand- name merchandise at up to 70% off the fancy store prices. We are grateful to our loyal associates and the communities we serve for helping us reach this accomplishment today. I am excited for the future as we strive to reach our goal of over 1,050 stores nationwide.”
The Springfield store is located at 32 Springfield Plaza Road.
Ollie’s is one of America’s largest retailers of closeouts and excess inventory. Known for its signature catchphrase, “Good Stuff Cheap,” the retailer offers a variety of famous brand-name merchandise in every department.
American’s love of bargain shopping is fueling Ollie's recent growth. Another new Ollie's Bargain Outlet opened in Barkhamsted, Conn., on May 13. Additional new locations planned to open in May include Coshocton, Ohio; Poplar Bluff and Sikeston, Mo.; Hutchinson, Kan.; and Huntingdon, Pa.
Ollie’s brings roughly 50-60 new jobs to the local community with each new store it opens, ranging from cashiers to store team leaders. It employs more than 10,000 associates across the company.
The company's fourth-quarter total net sales increased 22.1% to $515.8 million. Operating income rose 31.2% to $84.7 million. Adjusted EBITDA increased 32.9% to $92.1 million, and adjusted EBITDA margin increased 150 basis points to 17.9%.
Harrisburg, Pa.-based Ollie’s has stores in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia and West Virginia.
