After a strong holiday season, Ollie’s Bargain Outlet is currently capitalizing on Toys “R” Us’ liquidation as the closeout retailer looks to expand, according to a recent media report.
The off-price and closeout retailer has bought 12 former Toys “R” Us sites and is leasing another six. In November, Ollie’s opened its 300th store at an old Toys “R” Us location in Maryland, according to the CNN business report.
Stepping into Toys “R” Us spots is one part of Ollie’s plan to enter states like Texas, Louisiana, and Oklahoma. It plans to open up to 650 new stores around the country, the report said. The company could also gain market share from Sears’ store closures.
Ollie’s Bargain Outlet enjoyed strong holiday sales, and noted that housewares helped in the closeout retailer’s overall performance. For the nine-week period ended January 5, 2019, total sales increased 16.6%, with a comparable store sales increase of 7.1%.
Mark Butler, chairman, president and CEO, Ollie’s, stated, “We had an exceptional holiday period driven by strong deal flow with particular strength in our toy and housewares categories. In keeping with our 36-year tradition of offering Good Stuff Cheap, we provided incredible bargains to our customers and delivered record performance on our annual Ollie’s Army night. Based on our strong holiday results, we are raising our full year sales and earnings guidance. We believe that we are positioned better than ever to execute our growth strategies and drive long term shareholder value.”