Budget retailer Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI) hailed strong sales during the holiday period.
For the nine-week period to January 2, 2016, total sales increased 23% with a comparable store sales increase of 5.6%.
Mark Butler, chairman, and chief executive, said: “Our customers know a bargain when they see it, and they responded very favorably to our product offering over the nine week period.
He said the firm saw strong sales throughout the holiday season, particularly in the week of Black Friday, Ollie’s Army Night, and the weeks before and after Christmas.
As a result, total sales for the year to January 30 are expected to be around US$760mln, 19% ahead of the previous year, with net income jumping 37% to US$37mln.
The extreme value retailer, which sells household name brand products, made the announcement at the ICR conference in Orlando, Florida.