Ollie's Opens 1st Location in Wisconsin
Meanwhile, the retailer recently reported better-than-expected financial results its first quarter ended May 4. Ollie's total net sales grew 10.8% to $508.8 million. Comparable-store sales increased 3.0% from the prior year's increase of 4.5%.
Operating income at Ollie's jumped 46.6% to $56.5 million, and operating margin increased 270 basis points to 11.1%. Net income soared 49.6% to $46.3 million, or 75 cents per diluted share. Adjusted net income increased 47.0% to $45.2 million, or 73 cents per diluted share, while adjusted EBITDA grew 40.3% to $69.4 million and adjusted EBITDA margin improved 280 basis points to 13.6%.
“Our unique business model is delivering exceptional values on the branded merchandise that our customers want and need, at prices 20% to 70% below the fancy stores,” noted Swygert. “Everyone loves a bargain, and bargain is our middle name.”
The company ended Q1 with a year-over-year increase in store count of 8.4%. Ollie's anticipates opening 48 new stores during FY2024.
In other company news, Swygert will step down from his president and CEO position and transition to the role of executive chairman in early 2025. Ollie's has already promoted Eric van der Valk, EVP and COO, to the role of president, and he will become CEO when Swygert takes on the executive chairman role next year.
Harrisburg, Pa.-based Ollie's is America's largest retailer of closeout merchandise and excess inventory. Departments include housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more.