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 2024 ANNUAL REPORT SAVE OT JUST N Y A D Y R E V E SAVE LOTS MORE AT BARGAINS TO BOUT NO NEED TO WISH HAS LOW PRICES TAKING AIM AT HIGH PRICES! COME WITH ME IF YOU WANT TO GET YOUR CABOODSAEY HERE TO AND SAVE WE GREAT DEALS! EVERYDAY!

May 1, 2025 Letter from our President & Chief Executive Officer: Dear Fellow Shareholders, As just the fourth CEO of Ollie s in over 42-years of existence, I consider it an honor and a privilege to be serving as its leader. Ollie s is a special company that was founded around one simple purpose: to save customers money on high-quality brand name consumer products. We have stayed true to this purpose and built a culture and operating model around fulfilling this purpose. We sell Good Stuff Cheap. Real Brands, Real Bargains! at prices typically 20% to 70% below traditional retailers. This commitment to our customers has never been more important, as consumers continue to look for ways to stretch their hard-earned dollars during a time of rising costs and inflationary pressures. Ollie s is built for this environment. Our constantly changing merchandise assortment is procured by a highly experienced and long-tenured merchant team, who leverage deep, long-standing vendor relationships with hundreds of major manufacturers, wholesalers, distributors, brokers, and retailers. These relationships enable our merchant team to find and select only the best products from a broad range of brand name closeout product offerings and to pass drastically reduced prices along to our customers. Our store layouts are designed with this product assortment in mind. We make it easy for our customers to shop our stores by displaying our frequently changing assortment of products on rolling tables, pallets, and other display fixtures. Historically, we have expanded our store base by opening new stores organically. More recently, we also have increased our store base through the acquisition of select store leases of bankrupt and distressed retailers, either through a bankruptcy store auction process, or otherwise. We follow a contiguous unit growth strategy that combines backfilling existing markets and states with entering new markets and states in a contiguous manner. Fiscal 2024 was another strong year for Ollie s, with many highlights and achievements. Net sales of $2.3 billion increased approximately 10% when excluding the impact of the 53rd week in the previous year. Net income per diluted share was $3.23, and when excluding excess tax benefits related to stock-based compensation and the one-time equity awards resulting from the modification of existing equity awards for our Executive Chairman, adjusted net income per share increased 13% to $3.28. In addition to this, we expanded our operating margin by 20 basis points to 11.0% and generated over $227 million in cash from operations. We opened our fourth distribution center in Princeton, Illinois, thereby expanding our distribution capacity to approximately 750 stores and supporting our store growth in the Midwest. We launched a co-branded Ollie s Visa card that carries no fees of any kind and provides additional benefits to our Ollie s Army loyalty program. We opened 50 new stores, ending the fiscal year with a total of 559 stores across 31 states. And finally, we acquired store leases through several bankruptcy auction processes, laying the foundation for our accelerated growth in fiscal 2025 and beyond.
At a time when consumers need it most, we are delivering unprecedented value through an ever-changing assortment that combines quality, national brands, and pricing in a way that can only be found at Ollie s. With so many other retailers closing stores or going bankrupt in the past few years, there are a lot of 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. With our expanded supply chain, flexible and resilient operating model, fortress balance sheet, and committed associates, we are ready. WE ARE OLLIE S! Sincerely, Eric van der Valk President, Chief Executive Officer, and Director This letter and accompanying Proxy Statement include forward-looking statements, including related to our near-term strategic goals and capabilities. Generally speaking, any statement in this Proxy Statement 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 in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025, filed with the Securities and Exchange Commission on March 26, 2025 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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 • stockholder letter icon 5/2/2024 OLLI Stockholder Letter
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 • Benford's Law Stocks icon OLLI Benford's Law Stock Score = 69


OLLI Shareholder/Stockholder Letter Transcript:

FISCAL YEAR 2024 ANNUAL REPORT
SAVE
OT JUST
N

Y
A
D
Y
R
E
V
E
SAVE
LOTS   MORE
AT
BARGAINS TO
   BOUT
NO NEED TO
WISH

HAS LOW PRICES
TAKING AIM
AT HIGH PRICES!
COME WITH ME
IF YOU WANT TO
GET YOUR
CABOODSAEY
HERE TO
AND SAVE
WE
GREAT DEALS!
EVERYDAY!


May 1, 2025
Letter from our President & Chief Executive Officer:
Dear Fellow Shareholders,
As just the fourth CEO of Ollie   s in over 42-years of existence, I consider it an honor and a privilege to be serving
as its leader.
Ollie   s is a special company that was founded around one simple purpose: to save customers money on high-quality
brand name consumer products. We have stayed true to this purpose and built a culture and operating model around
fulfilling this purpose. We sell       Good Stuff Cheap. Real Brands, Real Bargains!       at prices typically 20% to 70%
below traditional retailers. This commitment to our customers has never been more important, as consumers continue
to look for ways to stretch their hard-earned dollars during a time of rising costs and inflationary pressures.
Ollie   s is built for this environment. Our constantly changing merchandise assortment is procured by a highly
experienced and long-tenured merchant team, who leverage deep, long-standing vendor relationships with hundreds
of major manufacturers, wholesalers, distributors, brokers, and retailers. These relationships enable our merchant
team to find and select only the best products from a broad range of brand name closeout product offerings and to
pass drastically reduced prices along to our customers.
Our store layouts are designed with this product assortment in mind. We make it easy for our customers to shop our
stores by displaying our frequently changing assortment of products on rolling tables, pallets, and other display
fixtures. Historically, we have expanded our store base by opening new stores organically. More recently, we also
have increased our store base through the acquisition of select store leases of bankrupt and distressed retailers, either
through a bankruptcy store auction process, or otherwise. We follow a contiguous unit growth strategy that combines
backfilling existing markets and states with entering new markets and states in a contiguous manner.
Fiscal 2024 was another strong year for Ollie   s, with many highlights and achievements. Net sales of $2.3 billion
increased approximately 10% when excluding the impact of the 53rd week in the previous year. Net income per
diluted share was $3.23, and when excluding excess tax benefits related to stock-based compensation and the
one-time equity awards resulting from the modification of existing equity awards for our Executive Chairman,
adjusted net income per share increased 13% to $3.28. In addition to this, we expanded our operating margin by
20 basis points to 11.0% and generated over $227 million in cash from operations. We opened our fourth distribution
center in Princeton, Illinois, thereby expanding our distribution capacity to approximately 750 stores and supporting
our store growth in the Midwest. We launched a co-branded Ollie   s Visa card that carries no fees of any kind and
provides additional benefits to our Ollie   s Army loyalty program. We opened 50 new stores, ending the fiscal year
with a total of 559 stores across 31 states. And finally, we acquired store leases through several bankruptcy auction
processes, laying the foundation for our accelerated growth in fiscal 2025 and beyond.

At a time when consumers need it most, we are delivering unprecedented value through an ever-changing assortment
that combines quality, national brands, and pricing in a way that can only be found at Ollie   s. With so many other
retailers closing stores or going bankrupt in the past few years, there are a lot of 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. With our expanded supply chain, flexible and resilient operating model, fortress balance sheet, and
committed associates, we are ready.
WE ARE    OLLIE   S!
Sincerely,
Eric van der Valk
President, Chief Executive Officer, and Director
This letter and accompanying Proxy Statement include forward-looking statements, including related to our
near-term strategic goals and capabilities. Generally speaking, any statement in this Proxy Statement 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       in our Annual Report on Form 10-K for the fiscal year ended February 1,
2025, filed with the Securities and Exchange Commission on March 26, 2025 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 5/1/2025 Letter Continued (Full PDF)
 

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