Ollie’s has announced that it will open ten of its off-price stores in Texas, all of which are former 99 Cents Only locations the company acquired.
In April, 99 Cents Only declared bankruptcy and declared that it would liquidate. Ollie’s and Dollar Tree acquired 99 Cents Only stores in the bankruptcy process.
“We are incredibly excited to open ten more stores in the great state of Texas where the folks have been so good to us,” said John Swygert, Ollie’s CEO, in announcing the store openings. “With the closing of 99₵ Stores throughout the state, we’re thrilled to provide shoppers in the Houston, Dallas, San Antonio, and McAllen areas with a treasure hunt experience where they can find a huge selection of brand name bargains at prices that won’t break the bank.”
Ollie’s continued to add stores, including nine in the second quarter, which ended on August 3, finishing the period with 525 stores in 31 states. In the second quarter, Ollie’s net sales advanced 12.4% to $578.4 million while comparable sales increased 5.8% from the prior-year period, the company noted. Operating income gained 15.6% to $60.8 million in the period year over year. Net income increased 16.1% to $49 million, or 79 cents per diluted share, while adjusted net income increased 15.6% to $48.2 million, or 78 cents per diluted share, from the year-earlier quarter.
