Ollie’s to open about 10 more stores through end of year

The first public earnings report for Ollie’s Bargain Outlet Holdings Inc.revealed the company plans to open 10 to 15 new stores by the end of its fiscal year Jan. 30.

The discount retailer already has opened 15 new stores in its footprint this year, and it closed one. The Lower Paxton Township-based company, which undertook an initial public offering in June, has 187 stores in 16 states.

Ollie’s reported it raised $153.1 million with its IPO, near its maximum estimate of $154 million. The proceeds went to paying down company debt, including $108.4 million to paying down its term loan debt, according to the company’s earnings report.

The company reported net income of $6.4million, or 12 cents per diluted share. That’s up from $5.7 million, or 12 cents per diluted share, in the second quarter of 2014 .

However, when adjusted for transaction expenses and the paying down of debt, adjusted net income was $8million — up 40.3 percent from the second quarter of 2014 .

Net sales jumped 19 percent from $152.9 million in last year’s second quarter to $181.9 million for the same period this year.

Ollie’s trades on the NASDAQ exchange under the ticker symbol OLLI.

Michael Sadowski

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