Ollie’s enters its 39th state; Q1 sales rise 14.2%
Ollie’s Bargain Outlet reported a solid start to the year and raised its guidance as it continues its expansion into the West.
The Pennsylvania-based close-out retailer has entered its 30th state with the opening of a store in New Mexico, located in Clovis. Earlier this year, Ollie’s entered its 35th state, Minnesota, with a store in Austin. The company is on track to open 75 new stores in 2026, with many of the locations acquired from the bankruptcy of Big Lots,
“Our first location in New Mexico represents the next big step in our Westward expansion," said Eric van der Valk, president and CEO of Ollie's. "We are beyond excited to enter our 36th state and bring Good Stuff Cheap to the people of Clovis and beyond.”
First Quarter
Ollie’s first-quarter net sales rose 14.2% to $658.9 million for the quarter ended May 2, below analysts estimates, driven by new store unit growth and an increase in comparable store sales. Comp increased 1.7%, driven primarily by an increase in basket.
Adjusted net income increased 21.3% to $55.9 million. Adjusted earnings per share increased 21.3% to $0.91, ahead of analysts expectations of $0.87 per share.
In the earnings statement, van der Valk said the company delivered strong earnings growth for the quarter, driven by solid top line results and unit growth, robust margins and disciplined expense control.
“These results underscore the durability of our business model, the strength of our value proposition, and our ability to execute through a challenging consumer backdrop,” he said. “We opened 27 new stores, grew our Ollie’s Army [loyalty club] membership base by 13%, made progress on our category productivity initiatives, reinvested in our supply chain, and returned $53 million to shareholders through share repurchases in the first quarter."
Based on its “solid” start to the year, the company said it is raising its earnings per share outlook for the 2026 fiscal year. Adjusted earnings per share are now expected in a a range of $4.45 to $4.55, up from the previous range of $4.40 to $4.50.
As of May 2, 2026, Ollie’s operated 672 stores in 35 states.
