Ollie’s Bargain Outlet Expanding Toys, Sees Room for 950 U.S. Stores
Discount retailer Ollie’s Bargain Outlets, which purchased (12) or leased (6) 18 former Toys R Us locations across nine states, is expanding its toy assortment and sees room for more than 950 U.S. stores.
The 300-store chain is opening 37 stores in the current year ending in February. It paid $42 million earlier this year for the 12 former Toys R Us stores as part of a bankruptcy auction.
Toys were among Ollie’s top-selling categories in Q3 ended Nov. 3.“We were locked, we were loaded and did very, very well” in toys in Q3, CEO Mark Butler said in releasing Q3 earnings. “I’m extremely excited about the prospects coming into the fourth quarter and we are aggressively pursuing toys now and in the future for the next year.”
To support its expansion, the company will open a third warehouse in Lancaster, TX in 2020 with capacity to serve 150-200 stores.
Ollie’s net income rose 47% to $20.9 million as revenue increased 19.1% to $283.6 million. Same-store sales jumped 4.8%.
Ollie’ Bargain Outlet, John Swygert, COO, 717-657-2300