Christmas shoppers flock to Ollie's Bargain Outlet

Ollie’s Bargain Outlet is raising its full year outlook after the discount retailer holiday strategy delievered strong sales growth.

The company annouced that net sales over the holidays increased 23%, while same store sales increased 5.6%.

“We are thrilled with our holiday sales results and the trends in the business over the past few months," said Mark Butler, chairman, president and CEO. "Everyone across the Ollie’s team, from buying, distribution, store operations and the field personnel, did a phenomenal job executing the business and delivering popular branded products at exceptional closeout prices. Our customers know a bargain when they see it, and they responded very favorably to our product offering over the nine week period. We saw strong sales momentum throughout the holiday season, including the week of Black Friday, Ollie’s Army Night, and the weeks before and after Christmas. We are excited by the strong results and momentum of the business heading into a new fiscal year.”

Based on the trends to date, the company now estimates the following results for the fiscal year ending Jan. 30:

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  Total net sales to increase approximately 19% to $760 million;


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  Same-store sales growth of approximately 5.5%;


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  Net income to increase approximately 37% to $37 million, or 4.9% of net sales;


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  Net income per diluted share (GAAP) of approximately $0.66 based on an estimated weighted diluted average shares outstanding of approximately 56.3 million; and


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  Adjusted net income to increase approximately 42% to $39 million and adjusted diluted earnings per share of approximately $0.69. Adjusted net income and adjusted diluted earnings per share exclude the loss on the extinguishment of debt and transaction related expenses.

Ollie's currently operate 202 store locations in 17 states across the Eastern half of the United States.