Close Menu
Global News HQ
    What's Hot

    3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool

    July 27, 2025

    This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix

    July 27, 2025

    I’m a Solo Traveler, and I’m Eyeing These 13 Amazon Deals on Personal Safety Devices—From $9

    July 27, 2025
    Recent Posts
    • 3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool
    • This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix
    • I’m a Solo Traveler, and I’m Eyeing These 13 Amazon Deals on Personal Safety Devices—From $9
    • Creating an Effective Training Plan for New Employees
    • Hurry, These Will Sell Out—Walmart Is Slashing Prices on Popular Camping Chairs
    Facebook X (Twitter) Instagram YouTube TikTok
    Trending
    • 3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool
    • This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix
    • I’m a Solo Traveler, and I’m Eyeing These 13 Amazon Deals on Personal Safety Devices—From $9
    • Creating an Effective Training Plan for New Employees
    • Hurry, These Will Sell Out—Walmart Is Slashing Prices on Popular Camping Chairs
    • Philipp Plein Resort 2026 Menswear Collection
    • Your Comic-Con 2025 News: 'Peacemaker,' 'Starfleet Academy' and More Thrills
    • US Feds File Suit to Forfeit $7.1M in Crypto With Ties to Oil and Gas Storage Fraud
    Global News HQ
    • Technology & Gadgets
    • Travel & Tourism (Luxury)
    • Health & Wellness (Specialized)
    • Home Improvement & Remodeling
    • Luxury Goods & Services
    • Home
    • Finance & Investment
    • Insurance
    • Legal
    • Real Estate
    • More
      • Cryptocurrency & Blockchain
      • E-commerce & Retail
      • Business & Entrepreneurship
      • Automotive (Car Deals & Maintenance)
    Global News HQ
    Home - E-commerce & Retail - Ollie’s takeover of Big Lots leases ‘off to a very strong start’
    E-commerce & Retail

    Ollie’s takeover of Big Lots leases ‘off to a very strong start’

    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Ollie’s takeover of Big Lots leases ‘off to a very strong start’
    Share
    Facebook Twitter LinkedIn Pinterest Email


    This audio is auto-generated. Please let us know if you have feedback.

    Dive Brief:

    • Ollie’s opened 25 new stores in Q1, which was a record for the company. The majority of those openings were former Big Lots locations. Ollie’s purchased 40 store leases from the retailer through a bankruptcy auction in February.
    • The former Big Lots locations “are off to a very strong start,” Ollie’s CEO Eric van der Valk said on a call with analysts. “We appear to be benefiting from the fact that these are warm boxes with a built-in discount shopper customer base, which was our hypothesis going in.”
    • Net sales for the quarter increased 13.4% to $576.8 million, while comparable store sales increased 2.6% year over year. Net income increased 2.6% to $47.6 million.

    Dive Insight:

    Ollie’s new stores are performing well, especially when it comes to the former Big Lots locations. 

    For the quarter, total capital expenditures came in at $27 million, with the majority of that going to the opening of new stores and investments in the retailer’s supply chain. “The Big Lots locations were generally well maintained and have required limited build-out expense to open thus far,” Chief Financial Officer Robert Helm said. 

    “We did a little bit better than we anticipated because honestly the Big Lots openings have gone a little bit smoother than we had anticipated when we went into the year,” Helm said. 

    Ollie’s also benefited from product pipelines that were formerly directed to Big Lots becoming available to the retailer, specifically with consumer packaged goods. 

    Additionally, a “significant” number of recent retail store closures has created excess inventory. Big Lots’ operating model has allowed it to be “very nimble and selective in what we purchase,” van der Valk said. 

    Meanwhile, Big Lots is in the process of reopening hundreds of locations under new owner Variety Wholesalers. The company filed for Chapter 11 bankruptcy last fall.

    Editor’s note: This story first appeared in the Retail Dive: Operations newsletter. You can sign up for it here. 



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleAston Martin’s Valkyrie LM Is a Le Mans Race Car You Can Actually Buy
    Next Article Amazon confirms layoffs in books business

    Related Posts

    USPS Offers Box-Free Returns at the Post Office

    July 26, 2025

    Tractor Supply grows digital sales in Q2 while eyeing tariff deadline

    July 26, 2025

    Walmart rolls out four AI ‘super agents’ as it makes major technology hire

    July 25, 2025

    Albertsons appoints executive to lead retail media network

    July 25, 2025
    Leave A Reply Cancel Reply

    ads
    Don't Miss
    Finance & Investment
    4 Mins Read

    3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool

    Bitcoin (BTC 0.45%) is having another fantastic year. After the leading digital asset’s price soared…

    This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix

    July 27, 2025

    I’m a Solo Traveler, and I’m Eyeing These 13 Amazon Deals on Personal Safety Devices—From $9

    July 27, 2025

    Creating an Effective Training Plan for New Employees

    July 27, 2025
    Top
    Finance & Investment
    4 Mins Read

    3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool

    Bitcoin (BTC 0.45%) is having another fantastic year. After the leading digital asset’s price soared…

    This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix

    July 27, 2025

    I’m a Solo Traveler, and I’m Eyeing These 13 Amazon Deals on Personal Safety Devices—From $9

    July 27, 2025
    Our Picks
    Finance & Investment
    4 Mins Read

    3 Reasons the Bitcoin Surge Isn’t Over | The Motley Fool

    Bitcoin (BTC 0.45%) is having another fantastic year. After the leading digital asset’s price soared…

    Home Improvement & Remodeling
    4 Mins Read

    This One Mistake Could Be Ruining Your Laundry, Pros Say—But It’s So Easy to Fix

    Key Points Laundry detergent contains active ingredients like enzymes and surfactants, which can go bad.You’ll…

    Pages
    • About Us
    • Contact Us
    • Disclaimer
    • Homepage
    • Privacy Policy
    Facebook X (Twitter) Instagram YouTube TikTok
    • Home
    © 2025 Global News HQ .

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version