Ollie's Bargain Outlet Holdings, Inc. reported a significant increase in financial performance for the fiscal year ending February 1, 2025, with net sales reaching $2.272 billion, up from $2.103 billion in the previous year, marking an 8% increase. The company's gross profit also rose to $914.5 million, reflecting a gross margin of 40.3%, an improvement from 39.6% in the prior year. Net income increased by 10.1% to $199.8 million, driven by both new store openings and a 2.8% increase in comparable store sales.
The company opened 50 new stores during the fiscal year, bringing the total to 559 locations across 31 states. This expansion strategy, which includes acquiring former store locations from bankrupt retailers, has contributed to a compound annual growth rate of 9.5% in store count since 2020. The average net sales per store for the year were approximately $4.3 million, consistent with the company's growth trajectory. Additionally, Ollie's Army, the company's customer loyalty program, grew to 15.1 million members, accounting for over 82% of total sales.
Ollie's has also made strategic investments in its distribution capabilities, completing a new distribution center in Princeton, IL, which began operations in July 2024. This facility is expected to support the company's growth, allowing for an increase in store count to 750 in the future. The company’s operational efficiency is further enhanced by its disciplined approach to inventory management and supplier relationships, which have allowed it to maintain favorable pricing and product availability.
Looking ahead, Ollie's plans to continue its growth strategy by opening an estimated 75 new stores in the upcoming fiscal year. The company aims to leverage its strong supplier relationships to enhance its product offerings and maintain competitive pricing. However, it acknowledges potential risks, including economic fluctuations and competition from both traditional and online retailers, which could impact consumer spending and overall sales performance. The company remains committed to its mission of providing customers with high-quality products at significantly reduced prices, reinforcing its position in the discount retail market.
About Ollie's Bargain Outlet Holdings, Inc.
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