Ollie’s Opens 4 New Stores in Wisconsin
Ollie's Bargain Outlet held grand openings for four new stores in Wisconsin on Feb. 12. The new locations, all former Big Lots stores, are in Fond Du Lac, Sheboygan, West Bend and Mt. Pleasant.
"We could not be more excited to expand our presence in the great state of Wisconsin,” commented Eric van der Valk, president and CEO. “The hard-working people of Wisconsin know a great deal when they see one and they deserve Good Stuff Cheap. With the closing of Big Lots stores, we're thrilled to provide shoppers in Fond Du Lac, Sheboygan, West Bend, Mt. Pleasant and its surrounding areas with a treasure hunt experience where they can find a huge selection of brand name merchandise at up to 70% off the fancy stores' prices every day."
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The fast-growing retailer is not slowing down with grand openings. The company continues to expand its store count by taking over formerly occupied retail space. For instance, Ollie's will open new stores in Lockport, Ill., and Thomson, Ga., on Thursday, Feb. 13. Both of these locations are also former Big Lots.
On Feb. 20, Ollie’s will debut its Ironwood, Mich., store in space that was formerly occupied by Kmart. And on Feb. 26, it will open new stores in Natchitoches, La., and Norman, Okla., in spaces formerly occupied by Big Lots and Smart Saver Grocery, respectively.
Ollie’s reported a 7.8% increase in revenue for its third quarter. Net income rose 8% to $35.9 million, or 58 cents per share, for the quarter ended Nov. 2, compared with net income of $31.8 million, or 51 cents per share, in the year-ago quarter. Operating income rose 14.0% to $44.5 million.
The Harrisburg, Pa.-based extreme discounter is America's largest retailer of closeout merchandise and excess inventory. Ollie's offers brand-name products in a variety of departments, including housewares, food, stationery, and health and beauty aids. It currently operates more than 565 stores in 31 states. Ollie's employs over 12,000 associates across the company.
