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Study: Gift card spending hits $46 billion
Despite being criticized as being impersonal gift options, gift cards continue to rise in popularity. In fact, gifts care are increasingly expected and eagerly used, especially among "older" millennial adults, according to “Prepaid and Gift Cards in the U.S., 5th Edition,” a report from market research firm Packaged Facts.
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Discounter has better-than-expected holiday sales
Ollie's Bargain Outlet Holdings raised its full-year outlook after shoppers flocked to its stores in search of its signature “good stuff cheap” during the holiday season. For the nine-week period ended December 31, 2016, Ollie’s total sales increased 16.3%, with a same-store sales increase of 1.9%. The discounter said it now expects full-year net sales to total about $888 million, ahead of the FactSet consensus of $874 million. It expects same-store sales growth of about 3% and per-share earnings of about 93 cents.
