Ollie’s Bargain Outlet to open 45 new stores n 2023; deal pipeline ‘strong’

Ollie’s Bargain Outlet Holdings reported a 9.7% rise in fourth-quarter sales and said its long-term expansion plans remain on track. The closeout retailer, which ended the year with 468 stores, will open 45 new locations in 2023. With a goal of more than 1,000 stores, Ollie’s had previously committed to opening 50 to 55 locations annually.

On the company earnings call, executives cited said that lead times for permitting and construction were slowing openings. “However, we remain confident in our ability to open at least 1,050 stores and plan on returning to our normal store opening cadence for fiscal 2024,” COO Eric van der Valkvan der Valk told analysts. In 2023, Ollie’s will also start construction of its fourth distribution center and expand its existing center in York, Penn.  Located in Princeton, Ill., the new distribution center is expected to open in the center quarter of fiscal 2024.

For its fourth quarter, ended Jan.

28, Ollie’s total net sales increased 9.7% to £549.8 million.  Comparable store sales increased 3.0% from the prior year decrease of 10.5%. Net income totaled £53.1 million, or £0.85 per diluted share, up from £44.7 million, or £0.71 per diluted share, in the prior year. For the full year, Ollie’s total net sales increased 4.2% to £1.827 billion. Comparable store sales decreased 3.0% from the prior year decrease of 11.1%.

“Our team executed well in a highly promotional environment and delivered a 110-basis point increase in gross margin compared to last year,” said John Swygert, president and CEO. “For 2023, we are focused on offering great deals, expanding operating margins, and growing our store base, all of which will position us to deliver consistent, long-term growth for our shareholders. Our deal pipeline is strong, and we are excited about the opportunities ahead of us.” Ollie’s cash and cash equivalents and short-term investments were £270.8 million as of the end of fiscal 2022 compared with cash and cash equivalents of £247.0 million as of the end of fiscal 2021. The company had no borrowings outstanding under its £100 million revolving credit facility and £87.0 million of availability under the facility as of the end of fiscal 2022.

Ollie’s Bargain Outlet was founded in 1982.

It offers an extensive variety of heavily discounted brand-name merchandise across departments that include food, books, housewares, toys, electronics, domestics, clothing, furniture, health and beauty, flooring and seasonal items.

Tags:

beauty-scent listed on couponmatrix.ukbullguard listed on couponmatrix.ukgant listed on couponmatrix.ukh-samuel listed on couponmatrix.ukhabitat listed on couponmatrix.ukwynsors-world-of-shoes listed on couponmatrix.uk
beauty-scent listed on couponmatrix.ukBeauty Scent is all about those feel-good vibes – be it from stunning fragrances, calming skincare or haircare goodies. With free delivery in the UK for orders over £40, Beauty Scent has your back and stocks all your favourite brands, from Calvin Klein to Yves Saint Laurent. Whether you’re pampering yourself or treating someone special, using a Beauty Scent discount code can snag you a great deal on everything from cleansing balms to home fragrances.
bullguard listed on couponmatrix.ukFeel safe online and in the digitised world with BullGuard, the only protection software guaranteed to keep you secure whilst you surf. When you use a BullGuard discount code on your purchase, you can save money on security and with so many different packages available, you’re sure to find one that fits your requirements. Visit the website today to have a look at the different options and find your very own BullGuard.
gant listed on couponmatrix.ukClassic American style can find its way into your wardrobe, with designer apparel available from GANT. From stylish swimwear to swanky socks, cool cords to silky scarves, there’s something for everyone, so grab a GANT discount code and start saving today. Kit yourself out with a great range of designer American sportswear and cutting-edge fashion, courtesy of GANT, so start shopping today and get yourself a stylish new wardrobe.
h-samuel listed on couponmatrix.ukDoes someone you know have a special birthday coming up? Are you planning to propose? Maybe you are just on the lookout for a nice new watch? Whatever your needs, grab an H Samuel discount code and save yourself a pretty penny on the cost of your new jewellery. Finding discounts on jewellery can help to save you money on your purchases, so start saving with Groupon today.
habitat listed on couponmatrix.ukIf you want to furnish your home there's no better destination than Habitat. For luxurious, fashionable and above all, comfortable furniture, look no further than Habitat. Providing everything from shelving, to tables, bed, lighting and sofas, Habitat is the complete store for your home. With the Habitat discount code you can enjoy the perfect home for less.
wynsors-world-of-shoes listed on couponmatrix.ukWynsors is your go-to for the latest footwear at the lowest prices. Stocking big name brands like adidas, Birkenstocks and Timberland, Wyndsors isn’t afraid to drop a sale—you’ll find loads of great trainers, boots, sandals and heels at a fraction of the original price! We’ve tracked down all of the best deals and exclusives to help you save even more. Make the most of a Wyndsors discount code to cut the cost of your next footwear haul—you can thank us later!