On this page of StockholderLetter.com we present the latest annual shareholder letter from Ollie's Bargain Outlet Holdings, Inc. — ticker symbol OLLI. Reading current and past OLLI letters to shareholders can bring important insights into the investment thesis.
FISCAL YEAR 2025 ANNUAL REPORT

April 30, 2026 Dear Fellow Shareholders, We came into last year with ambitious goals and our team delivered. We opened a record number of stores, expanded our customer base to new levels, and improved our competitive positioning through increased scale. Our accelerated growth amid continued retail consolidation reinforces the flexibility and durability of our model. Ollie s was built around a simple and enduring purpose: to save customers money on high-quality, brand-name merchandise. We sell Good Stuff Cheap real household brands at prices typically up to 70% below the fancy stores. Our value proposition is supported by a flexible, opportunistic business model that thrives across cycles while creating value for customers, vendors, and shareholders. A Flexible Model, Strengthened by Scale Our opportunistic buying model is inherently adaptable. Supported by deep, long-standing relationships with manufacturers, wholesalers, and retailers, we source the most compelling deals across a wide range of categories and build our assortment based on opportunity, not obligation. In fiscal 2025, our accelerated growth meaningfully amplified the benefits of our size and scale. We opened 86 new stores more than in any year in our history and ended the year with 645 locations across 34 states. This pace of expansion enhanced our buying power, expanded merchandise access, and strengthened our position as a trusted partner to vendors managing excess inventory. As other retailers exited the market, Ollie s expanding footprint improved our ability to access larger and better deals, exert greater control over our product assortment, and drive improved sales productivity. These dynamics reinforce how our model strengthens as the industry evolves. To further enhance execution at scale, we also continued to invest in our people and infrastructure. We strengthened our bench in many critical areas, including planning and allocation, marketing, and new store development, and increased distribution center throughput through expansion and automation. A Long Runway for Consistent Growth Ollie s long-term growth opportunity remains substantial. With a long-term target of 1,300 stores, we are only at the half-way mark of our store potential. We continue to pursue disciplined, contiguous expansion that leverages brand awareness, real estate availability, field leadership, and supply chain efficiency while maintaining strong returns. As our store base grows, the benefits of scale increasingly compound supporting consistent execution, repeatable financial results, and strong cash generation over time. We are also growing our customer base. Our Ollie s Army loyalty program continues to drive customer acquisition and engagement, while program enhancements including exclusive shopping events and our co-branded Ollie s credit card are deepening loyalty and increasing lifetime customer value. Through our growing digital marketing initiatives, we are also reaching new consumers and expanding engagement levels with existing customers. Financial Strength and Capital Discipline Ollie s financial foundation remains a strategic advantage. We ended fiscal 2025 with a strong balance sheet, robust cash generation, and no meaningful long-term debt. This position supports continued growth, enhances
vendor credibility, and enables disciplined capital allocation, including measured share repurchases alongside sustained reinvestment in the business. Looking Ahead We enter fiscal 2026 confident in the durability of our model and the opportunities ahead. With increasing scale, a flexible operating structure, and a significant long-term growth runway, we believe Ollie s is well positioned to deliver attractive and consistent long-term shareholder returns particularly as retail consolidation continues. In that context, our Board remains focused on governance and compensation practices that reinforce long-term, performance-based decision-making and stockholder alignment. Our People None of this would be possible without my fellow teammates. I am deeply grateful to the thousands of associates who bring commitment and pride to the purpose of saving people money. Selling Good Stuff Cheap is not just what we do, it is in every fiber of our being! Thank you shareholders for your continued trust and support. WE are OLLIE S! Sincerely, Eric van der Valk President, Chief Executive Officer, Director, and Loyal Bargainaut This letter and accompanying document include forward-looking statements, including related to our near-term strategic goals and capabilities. Generally speaking, any statement in the following document not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of words such as could, should, can, aim, estimate, forecast, intend, may, will, expect, believe, anticipate, plan, and potential, or similar expressions. In particular, statements regarding the Company s plans, strategies, prospects and expectations regarding its business and industry, are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. These forward-looking statements involve a number of risks and uncertainties. Please refer to Cautionary Note Regarding Forward-Looking Statements and Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026, filed with the Securities and Exchange Commission on March 19, 2026 for a discussion of factors that could cause actual results to differ from those in the forward-looking statements. Except as required by law, the Company does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements
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OLLI Shareholder/Stockholder Letter Transcript:

FISCAL YEAR 2025 ANNUAL REPORT


April 30, 2026
Dear Fellow Shareholders,
We came into last year with ambitious goals and our team delivered. We opened a record number of stores,
expanded our customer base to new levels, and improved our competitive positioning through increased scale.
Our accelerated growth amid continued retail consolidation reinforces the flexibility and durability of our model.
Ollie   s was built around a simple and enduring purpose: to save customers money on high-quality, brand-name
merchandise. We sell Good Stuff Cheap     real household brands at prices typically up to 70% below the fancy
stores. Our value proposition is supported by a flexible, opportunistic business model that thrives across cycles
while creating value for customers, vendors, and shareholders.
A Flexible Model, Strengthened by Scale
Our opportunistic buying model is inherently adaptable. Supported by deep, long-standing relationships with
manufacturers, wholesalers, and retailers, we source the most compelling deals across a wide range of categories and
build our assortment based on opportunity, not obligation.
In fiscal 2025, our accelerated growth meaningfully amplified the benefits of our size and scale. We opened 86
new stores   more than in any year in our history   and ended the year with 645 locations across 34 states.
This pace of expansion enhanced our buying power, expanded merchandise access, and strengthened our position as
a trusted partner to vendors managing excess inventory.
As other retailers exited the market, Ollie   s expanding footprint improved our ability to access larger and better
deals, exert greater control over our product assortment, and drive improved sales productivity. These dynamics
reinforce how our model strengthens as the industry evolves.
To further enhance execution at scale, we also continued to invest in our people and infrastructure. We
strengthened our bench in many critical areas, including planning and allocation, marketing, and new store
development, and increased distribution center throughput through expansion and automation.
A Long Runway for Consistent Growth
Ollie   s long-term growth opportunity remains substantial. With a long-term target of 1,300 stores, we are only at
the half-way mark of our store potential. We continue to pursue disciplined, contiguous expansion that leverages
brand awareness, real estate availability, field leadership, and supply chain efficiency while maintaining strong
returns. As our store base grows, the benefits of scale increasingly compound   supporting consistent execution,
repeatable financial results, and strong cash generation over time.
We are also growing our customer base. Our Ollie   s Army loyalty program continues to drive customer
acquisition and engagement, while program enhancements   including exclusive shopping events and our
co-branded Ollie   s credit card   are deepening loyalty and increasing lifetime customer value. Through our growing
digital marketing initiatives, we are also reaching new consumers and expanding engagement levels with existing
customers.
Financial Strength and Capital Discipline
Ollie   s financial foundation remains a strategic advantage. We ended fiscal 2025 with a strong balance sheet,
robust cash generation, and no meaningful long-term debt. This position supports continued growth, enhances

vendor credibility, and enables disciplined capital allocation, including measured share repurchases alongside
sustained reinvestment in the business.
Looking Ahead
We enter fiscal 2026 confident in the durability of our model and the opportunities ahead. With increasing scale, a
flexible operating structure, and a significant long-term growth runway, we believe Ollie   s is well positioned to
deliver attractive and consistent long-term shareholder returns   particularly as retail consolidation continues. In
that context, our Board remains focused on governance and compensation practices that reinforce long-term,
performance-based decision-making and stockholder alignment.
Our People
None of this would be possible without my fellow teammates. I am deeply grateful to the thousands of associates
who bring commitment and pride to the purpose of saving people money. Selling Good Stuff Cheap is not just
what we do, it is in every fiber of our being!
Thank you shareholders for your continued trust and support.
WE are    OLLIE   S!
Sincerely,
Eric van der Valk
President, Chief Executive Officer, Director, and Loyal Bargainaut
This letter and accompanying document include forward-looking statements, including related to our near-term
strategic goals and capabilities. Generally speaking, any statement in the following document not based upon
historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of
words such as    could,       should,       can,       aim,       estimate,       forecast,       intend,       may,       will,       expect,   
   believe,       anticipate,       plan,    and    potential,    or similar expressions. In particular, statements regarding the
Company   s plans, strategies, prospects and expectations regarding its business and industry, are forward-looking
statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the
statements are made. These forward-looking statements involve a number of risks and uncertainties. Please refer to
   Cautionary Note Regarding Forward-Looking Statements    and Item 1A. Risk Factors in our Annual Report on
Form 10-K for the fiscal year ended January 31, 2026, filed with the Securities and Exchange Commission on
March 19, 2026 for a discussion of factors that could cause actual results to differ from those in the forward-looking
statements. Except as required by law, the Company does not undertake to update such forward-looking statements.
You should not rely unduly on forward-looking statements


shareholder letter icon 4/30/2026 Letter Continued (Full PDF)
 

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