By Dean Seal
Shares of Ollie's Bargain Outlet jumped after the company accelerated the pace its new store openings plan at a time when other retailers are closing locations.
The stock was up 10% at $108.88 in the morning session. Shares were trading at around $75.35 this time a year ago.
The discount retailer said before the bell that it is targeting 75 store openings in fiscal 2025, up from a previous plan for 50 openings. Ollie's recently said it would acquire 40 former locations of the chain Big Lots, which filed for bankruptcy in September.
Chief Executive Eric van der Valk said the closures and bankruptcies of other retailers has left behind "abandoned customers, merchandise, real estate and talent in the marketplace."
"We think there is a unique opportunity to take on some of these assets in a manner that strengthens our competitive positioning, broadens our footprint, and bolsters shareholder returns for years to come," he said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 19, 2025 11:33 ET (15:33 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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