Ollie's is a fast-growing, highly differentiated retailer of brand-name merchandise at significantly reduced prices. Known for its assortment of “Good Stuff Cheap,” it offers customers a broad selection of brand-name products, including housewares, food, books and stationery, bed and bath, floor coverings, toys, and hardware. Its differentiated go-to-market strategy is characterized by a unique, fun, and engaging treasure hunt shopping experience, compelling customer value proposition, and witty, humorous in-store signage and advertising campaigns. It has grown to 431 stores in 29 states as of FY2021.
In FY2021, Ollie's opened 46 stores and closed 3 stores adding a net of 43 stores. The company grew to 431 retail locations in 29 states as of FY2021 with its Bargain Outlets located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.
Its strong unit growth is supported by a predictable and compelling new store model. Ollie’s target is a store size between 25,000 to 35,000 square feet and an average initial cash investment of approximately $1.0 million, which includes store fixtures and equipment, store-level and distribution center inventory (net of payables), and pre-opening expenses.
Net sales in FY2021 decreased to $1.753 billion from $1.809 billion in FY2020, a decrease of $55.8 million, or 3.1%. Comparable store sales decreased by $189.3 million to 11.1%, partially offset by an increase in non-comparable store sales of $133.5 million. New stores that have not been open for a full 15 months drove the increase in non-comparable store sales during FY2021. The decrease in comparable store sales was due to a decrease in the number of transactions partially offset by an increase in average transaction size. Sales in its health and beauty aids, housewares, and bed and bath departments significantly decreased in FY2021 due to a prior-year surge of COVID-related personal protective equipment, cleaning supplies, and home-related sales
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