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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。