Ollie’s Bargain Outlet Stock Surges on Buyback, Store Expansion | Global News Avenue

Ollie bargaining stock shares (Olli) Discount retailer announced 10% on Wednesday Stock buyback and expanded its footprint.

The company said its board of directors approved a $300 million share buyback program that will continue until 2029. CEO Eric van der Valk explained that Ollie’s “cash generation is strong” and that there is no borrowing under the revolving credit line at the end of the fiscal year 2024, “we have the ability to fund the growth that joins, return shares, and return shareholders to shareholders and their unique opportunity.

Ollie also noted that the recent acquisition of 40 large stores “ensures the pathway to accelerate our growth targets in fiscal 2025, which are 50 stores last year.” Van der Valk noted that with many retailers closing locations or going bankrupt, “there are a lot of abandoned customers, merchandise, real estate and talent in the market.”

Ollie’s Q4 comparable store sales estimate

Ollie reported a 2.8% year-on-year increase in comparable store sales in the fourth quarter, with a visible α estimate of 2.58%. Adjustment Earnings per share (EPS) $1.19 expectations. Revenue rose 2.8% to $667.1 million, missing forecasts.

Ollie’s bargaining stocks have increased nearly 45% from last year.