Extreme value retailer continues to expand
Ollie’s Bargain Outlet Holdings Inc. is on track for store growth in 2017.
The retailer, which beat the Street in the fourth quarter, ended the year with a total of 234 stores in 19 states, an increase of 15.3% year over year. It expects to open 33 to 35 stores in 2017, with no planned closures.
Ollie’s reported fiscal fourth-quarter net income increased 52% to $24.4 million, surpassing Wall Street expectations.
Revenue rose 16.4% to $283.4 million in the period, which also beat Street forecasts. Same-store sales edged up 2%.
“Our fourth quarter results were very strong across the board and our business continues to perform at a very high level,” said Mark Butler, chairman and CEO, Ollie’s Bargain’s Outlet Holdings, which is based in Harrisburg, Pa.
For the year, the company reported profit of $59.8 million. Revenue was reported as $890.3 million.
“Looking ahead, we feel very good about the underlying trends in the business,” Butler said. “We work hard every day to further develop our vendor relationships and are confident in our ability to continue executing our long term goals of mid-teen unit growth, 1% to 2% comparable store sales growth and approximately 20% net income growth.”
Ollie's expects full-year earnings to be $1.12 to $1.15 per share, with revenue in the range of $1.02 billion to $1.03 billion.
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