Record Store Openings
Opened 32 new stores in Q3 and 86 for the year, marking an 18% growth year-over-year. This is a record for Ollie's and demonstrates the company's ability to exceed its growth algorithm opportunistically.
Membership Growth
Ollie's Army loyalty program saw a 30% increase in new memberships year-over-year, with the customer file increasing by 12%.
Revenue and Earnings Growth
Net sales increased 19% to $614 million with comparable store sales growth of 3.3%. Adjusted net income and adjusted earnings per share increased 29% to $46 million and $0.75, respectively.
Increased Sales and Earnings Outlook
Raised full-year sales and earnings outlook, with net sales projected to be between $2.648 to $2.655 billion.
Strong Cash Position
Total cash and investments increased by 42% to $432 million with no meaningful long-term debt.
Digital Marketing Success
Shift from traditional print to digital marketing is proving successful, with October being the strongest month.
Supply Chain and Infrastructure Investment
Plans to expand the Texas distribution center by 150,000 square feet and increase service capacity by approximately 50 stores.