Ollie’s Bargain Outlet isn’t letting up on expansion.
The retailer of closeouts and excess inventory has opened its 450th store, in Overland Park, Kan. Ollie’s has been opening 50 to 55 locations annually, with an ultimate goal of at least 1,050 stores.
“As we celebrate Ollie’s 40th anniversary this year, we are proud to hit another major milestone in our growth story with the opening of our 450th store,” said John Swygert, president and CEO of Ollie’s. “Now, more than ever, we want to provide more communities with great brand name deals every day as we expand our footprint.”
Swygert will assume the additional role as interim CFO until Jay Stasz’s successor is named.
In June, Ollie’s reported that its first-quarter sales fell 10.1% to $406.7 million and same-store sales dropped 17%. Due to record-high gasoline prices, and the swelling inventories of big-box competitors, Ollie’s predicted that this would soon change.
“We were pleased with our first quarter results given that we were up against headwinds including strong stimulus-induced sales a year ago, cooler weather which impacted sales of our seasonal products, and a consumer faced with significantly higher inflation, particularly on gas and food,” Swygert. “Our current sales trends have significantly improved in the second quarter, fueled by an increased demand for warm weather products and our amazing deals and strong inventory position.
Ollie’s Bargain Outlet was founded in 1982. It offers a wide range of brand name merchandise at a heavily discounted price. This includes food, books and housewares as well as electronics, household goods, clothing, furniture and health and beauty products, flooring, and seasonal items.
Ollie’s operates 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.