Report: Ollie’s Eyes Expansion To 950 Locations

Ollie’s Bargain Outlet is about one-third of the way to opening 950 locations, CEO Mark Butler told CNBC in a recent report.

The discount and closeout retailer recently opened three stores in Tennessee and is also setting its sights on new locations in Oklahoma and Massachusetts, which would expand the chain to 25 states across the country. Ollie’s store count currently stands at 318, according to its website.

“Brick-and-mortar isn’t dead. Ollie’s is thriving,” Butler said in an interview with Jim Cramer on “Mad Money.” “Our shopping experience, it’s absolutely un-duplicable online. It just ain’t gonna happen.”

In addition, in the report Ollie’s said its loyalty program, Ollie’s Army, has reached more than 9 million members and makes up about 70% of the company’s business. The company has also capitalized on retailer bankruptcies, such as Toys R Us, both with inventory, liquidations and buying or leasing vacated retail spaces as the chain expands.

Comparable store sales rose 5.4% in the fourth quarter.