What changed in this filing

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Item 1. Business

2025-03-26 compared with 2024-03-27 · 317 added, 276 removed, 153 unchanged (79% of the section changed)

Ollie’s is America’s largest retailer of closeout merchandise and excess inventory.

Our stores sell name brand household related items that consumers use in their everyday lives at prices that are

typically 20% to 70% below traditional retailers.

Known for our assortment of products offered as “Good Stuff Cheap,” we offer customers a broad selection of brand name products, including housewares, bed and bath, food, floor coverings, health and

beauty aids, books and stationery, toys and electronics.

Our differentiated go-to market strategy is characterized by a unique, fun and engaging treasure hunt shopping experience, compelling customer value proposition and witty, humorous in-store

signage, and advertising campaigns.

Our stores sell name brand household related items that consumers use in their everyday lives at prices that

are typically 20% to 70% below traditional retailers.

Known for our assortment of products offered as “Good Stuff Cheap,” we offer customers a broad selection of brand name products, including housewares, bed and bath, food, floor coverings,

health and beauty aids, books and stationery, toys and electronics.

Our differentiated go-to market strategy is characterized by a unique, fun and engaging treasure hunt shopping experience, compelling customer value proposition and witty,

humorous in-store signage, and advertising campaigns.

These attributes have driven our rapid growth and strong and consistent store performance.

Ollie’s was founded based on the idea that “everyone in America loves a bargain.” Since opening our first store in Mechanicsburg, PA in 1982, Ollie’s has been offering customers high quality brand name

products at drastically reduced prices through the buying and selling of closeout merchandise and excess inventory.

Our store base has grown organically by backfilling existing markets and leveraging our brand awareness, marketing, and infrastructure

to expand into new markets in contiguous states.

We have grown to 512 stores in 30 states as of February 3, 2024.

Our no-frills, “semi-lovely” warehouse style stores average approximately 33,000 square feet and generate consistently strong financial

returns across all vintages, geographic regions, population densities, demographic groups, real estate formats and regardless of any co-tenant.

Our business model has resulted in positive financial performance during strong and weak economic cycles.

We recently completed our latest Real Estate feasibility study, which utilizes population and demographic data to look at store count and density across a changing United States landscape.

The migration trend out of larger metropolitan areas and into

rural suburban areas is a positive trend for Ollie’s and our latest analysis concludes that we could operate as many as 1,300 stores nationwide, up from a previous target of 1,050.

Ollie’s was founded based on the idea that “everyone in America loves a bargain.” Since opening our first store in Mechanicsburg, PA in 1982, Ollie’s has been offering customers

high quality brand name products at drastically reduced prices through the buying and selling of closeout merchandise and excess inventory.

Historically, we have expanded our store base by opening new stores organically.

More recently,

we have expanded our store base through acquiring former store locations of bankrupt retailers through the bankruptcy store auction process.

We follow a contiguous unit growth strategy that combines backfilling

existing markets and states with entering new markets and states in a contiguous manner.

As of February 1, 2025 we have grown to 559 stores in 31 states.

Our no-frills, “semi-lovely” warehouse style stores average approximately 32,000 square

feet and generate consistently strong financial returns across all vintages, geographic regions, population densities, demographic groups, real estate formats and regardless of any co-tenant.

Our business model has resulted in positive

financial performance during strong and weak economic cycles.

The closeout industry is large, highly fragmented, and growing.

Fueling the growth is the consolidation of retailers and manufacturers around the globe.

Larger retailers are being supplied by larger

manufacturers and this is leading to larger order and product flows.

In addition, manufacturers are constantly developing and introducing new products, new packaging, and working around endless changes and disruptions in the marketplace and supply

This is driving growth in the number of products being offered for sale by manufacturers at closeout type of prices.

At the same time, the retail side of the closeout industry is highly fragmented, with many independent operators and small

format stores.

Our constantly changing merchandise assortment is procured by a highly experienced merchant team, who leverage deep, long-standing relationships with hundreds of major manufacturers, wholesalers,

distributors, brokers, and retailers.

These relationships enable our merchant team to find and select only the best buys from a broad range of brand name closeout product offerings and to pass drastically reduced prices along to our customers.

grow, we believe our increased scale has provided and will continue to provide us with even greater access to brand name products as larger manufacturers seek larger buyers capable of acquiring an entire deal.

Our merchant team augments these deals

with directly sourced products, including Ollie’s own private label brands and other products exclusive to Ollie’s.

Larger retailers are being supplied by

larger manufacturers and this is leading to larger order and product flows.

In addition, manufacturers are constantly developing and introducing new products, new packaging, and working around endless changes and disruptions in the marketplace

and supply chain.

This is driving growth in the number of products being offered for sale by manufacturers at closeout-type prices.

At the same time, the retail side of the closeout industry is highly fragmented, with many independent operators

and small format stores.

Our constantly changing merchandise assortment is procured by a highly experienced merchant team, who leverage deep, long-standing relationships with hundreds of major manufacturers,

wholesalers, distributors, brokers, and retailers.

These relationships enable our merchant team to find and select only the best buys from a broad range of brand name closeout product offerings and to pass drastically reduced prices along to our

As we grow, we believe our increased scale has provided and will continue to provide us with even greater access to brand name products as larger manufacturers seek larger buyers capable of acquiring an entire deal.

Our merchant team

augments these deals with directly sourced products, including Ollie’s own private label brands and other products exclusive to Ollie’s.

Our business model has produced consistently strong growth and financial performance.

From 2020 through 2024:

Our store base expanded from 345 stores to 512 stores, a compound annual growth rate, or CAGR, of 10.4% and we entered five new states;

Our store base expanded from 388 stores to 559 stores, a compound annual growth rate, or CAGR, of 9.5% and we entered six new states;

Comparable store sales grew at an average rate of 2.0% per year;

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We believe the following strengths differentiate us from our competitors and serve as the foundation for our current and future growth:

“ Good Stuff Cheap”—Ever changing product assortment at drastically reduced prices .

Our stores offer something for everyone across a diverse

range of merchandise categories at prices typically 20 to 70% off traditional retailers.

“ Good Stuff Cheap”—Ever changing product assortment of national branded products at drastically reduced prices .

We sell a wide

assortment of household goods.

Our focus is on national branded products that consumers know and recognize.

Our stores offer something for everyone across a diverse range of merchandise categories at prices typically 20% to 70% off traditional

Our product assortment frequently changes based on the wide variety of deals available from the hundreds of brand name suppliers we have relationships with.

augment these opportunistic deals on brand name merchandise with directly-sourced unbranded products or those under our own private label brands and exclusively licensed recognizable brands and celebrity names.

Brand name closeout merchandise

represented approximately 65% and non-closeout goods and private label products collectively represented approximately 35% of the retail value of our 2023 merchandise purchases.

Our treasure hunt shopping environment and slogan “when it’s gone, it’s

gone” help to instill a “shop now” sense of urgency that encourages frequent customer visits.

Our growing scale and highly experienced and disciplined merchant team .

Since our founding in 1982, Ollie’s has been offering customers

high quality brand name products at drastically reduced prices through the buying and selling of closeout merchandise and excess inventory.

As we grow, we believe our increased scale provides us with even greater access to brand name closeout

products as larger manufacturers seek larger buyers.

Our merchant team maintains strong, long-standing relationships with a diverse group of suppliers, allowing us to procure branded merchandise at compelling values for our customers.

doing business with our top 15 suppliers for an average of over 15 years.

Our well-established relationships with our suppliers, together with our scale, buying power, financial credibility and responsiveness, often make Ollie’s the first call for

available deals.

Our direct relationships with our suppliers have increased as we have grown and we continuously strive to broaden our supplier network.

These factors provide us with increased access to goods, which enable us to be more selective in

our deal-making and, we believe, help us provide compelling value and assortment of goods to our customers and fuel our continued profitable growth.

We augment these opportunistic deals on brand name merchandise with

directly-sourced unbranded products or those under our own private label brands and exclusively licensed recognizable brands and celebrity names.

Brand name closeout merchandise represented approximately 65% and non-closeout goods and private

label products collectively represented approximately 35% of the retail value of our 2024 merchandise purchases.

Our treasure hunt shopping environment and slogan “when it’s gone, it’s gone” help to instill a “shop now” sense of urgency that

encourages frequent customer visits.

Our long history, growing size and scale and highly experienced merchant team .

Since our founding in 1982, Ollie’s has been offering

customers high quality brand name products at drastically reduced prices through the buying and selling of closeout merchandise and excess inventory.

We have built our people, process and systems from the ground up around the buying and selling

of closeout merchandise and excess inventory.

As we grow, we believe our increased scale provides us with even greater access to brand name closeout products as larger manufacturers seek larger buyers.

Our merchant team maintains strong,

long-standing relationships with a diverse group of suppliers, allowing us to procure branded merchandise at compelling values for our customers.

We have been doing business with our top 15 suppliers for an average of over 15 years.

well-established relationships with our suppliers, together with our scale, buying power, financial credibility and responsiveness, often make Ollie’s the first call for available deals.

Our direct relationships with our suppliers have increased

as we have grown and we continuously strive to broaden our supplier network.

These factors provide us with increased access to goods, which enable us to be more selective in our deal-making and, we believe, help us provide compelling value and

assortment of goods to our customers and fuel our continued profitable growth.

Distinctive brand and engaging shopping experience .

Our distinctive and often self-deprecating humor and highly recognizable caricatures

are used in our stores, flyers, mailers, website and email campaigns.

Our distinctive and often self-deprecating humor and highly recognizable

caricatures are used in our stores, flyers, mailers, website, email campaigns, and digital marketing.

We attempt to make our customers laugh as we poke fun at ourselves and current events.

We believe this approach creates a strong connection to our brand and sets us apart from

other, more traditional retailers.

We believe this approach creates a strong connection to

our brand and sets us apart from other, more traditional retailers.

Our “semi-lovely” stores feature these same brand attributes together with witty signage in a warehouse format that creates a fun, relaxed and engaging shopping environment.

We believe that by disarming our

customers by getting them to giggle a bit, they are more likely to look at and trust our products for what they are—extremely great bargains.

We offer a “30-day no hard time guarantee” as a means to overcome any skepticism associated with our cheap

prices and to build trust and loyalty, because if our customers are not happy, we are not happy.

believe that by disarming our customers by getting them to giggle a bit, they are more likely to look at and trust our products for what they are—extremely great bargains.

We offer a “30-day no hard time guarantee” as a means to overcome any

skepticism associated with our cheap prices and to build trust and loyalty, because if our customers are not happy, we are not happy.

We welcome customers to bring back their merchandise within that timeframe for a “no hard time” full refund.

We also make it easy for our customers to

browse our stores by displaying our products on easily accessible fixtures and by keeping the stores clean and well-lit.

We believe our humorous brand image, compelling values and welcoming stores resonate with our customers and define Ollie’s as a

unique and comfortable destination shopping location.

also make it easy for our customers to browse our stores by displaying our products on easily accessible fixtures and by keeping the stores clean and well-lit.

We believe our humorous brand image, compelling values and welcoming stores resonate

with our customers and define Ollie’s as a unique and comfortable destination shopping location.

Extremely loyal “Ollie’s Army” customer base.

Our best customers are members of our Ollie’s Army customer loyalty program, which stands at

14.0 million members as of February 3, 2024.

Our best customers are members of our Ollie’s Army customer loyalty program, which stands

at 15.1 million members as of February 1, 2025.

For 2024, over 82% of our sales were from Ollie’s Army members, and we grew our base of loyal members by 8.3% in 2024.

Ollie’s Army members spend approximately 40% more per shopping trip at Ollie’s than

Ollie’s Army members spend approximately 40% more per shopping trip at Ollie’s

than non-members.

We identify our target customer as “anyone age 25 or older with a wallet or a purse” seeking a great bargain.

Strong and consistent store model built for growth.

We employ a proven new store model that generates strong cash flow, consistent

financial results and attractive returns on investment.

Our highly flexible real estate approach has proven successful across all vintages, geographic regions, population densities, demographic groups, real estate formats and regardless of any

New stores have consistently opened strong, with higher net sales in their first 12 months of operations, than average existing stores due to the brand excitement surrounding grand openings and produced an average payback period of

approximately two years.

We believe that our consistent store performance, strategically-located distribution centers, and disciplined approach to site selection support the portability and predictability of our new unit growth strategy.

Opportunistic real estate strategy with strong and consistent store model built for growth.

We employ a proven new store model that

generates strong cash flow, consistent financial results and attractive returns on investment.

Our highly flexible real estate approach has proven successful across all vintages, geographic regions, population densities, demographic groups, real

estate formats and regardless of any co-tenant.

New stores have consistently opened strong, with higher net sales in their first 12 months of operations, than average existing stores due to the brand excitement surrounding grand openings and

produced an average payback period of approximately two years.

We believe that our consistent store performance, strategically-located distribution centers, and disciplined approach to site selection support the portability and predictability of

our growth strategy.

Highly experienced and passionate management team .

Our leadership team has guided our organization through its expansion and positioned us

for continued growth.

Our leadership team has guided our organization through its expansion and positioned

us for continued growth.

We have assembled a talented and dedicated team of executives.

Our senior executives possess extensive experience across a broad range of disciplines, including merchandising, marketing, real estate, finance, store operations,

supply chain management, and information technology.

Our senior executives possess extensive experience across a broad range of disciplines, including merchandising, marketing, real estate, finance, store

operations, supply chain management, and information technology.

We believe by encouraging equity ownership and fostering a strong team culture, we have aligned the interests of our executives with those of our stockholders.

We believe these factors result in a

cohesive team focused on sustainable long-term growth.

We believe these

factors result in a cohesive team focused on sustainable long-term growth.

Our growth strategy

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Grow our store base.

We believe our compelling value proposition and the success of our stores across a broad range of geographic regions,

population densities, and demographic groups create a significant opportunity to profitably increase our store count.

Our internal estimates and third-party research conducted by Hoffman Strategy Group indicate the potential for more than 1,300

national locations.

We believe our compelling value proposition and the success of our stores across a broad range of geographic

regions, population densities, and demographic groups create a significant opportunity to profitably increase our store count.

Our internal estimates and third-party research conducted by Hoffman Strategy Group indicate the potential for more

than 1,300 national locations.

Our new store real estate model is flexible and focuses predominately on second generation sites ranging in size from 25,000 to 35,000 square feet.

We believe there is an ample supply of suitable low-cost, second generation real

estate to allow us to infill within our existing markets as well as to expand into new, contiguous geographies.

This approach leverages our distribution infrastructure, field management team, store management, marketing investments and brand

We believe there is an ample supply of suitable low-cost, second

generation real estate to allow us to infill within our existing markets as well as to expand into new, contiguous geographies.

This approach leverages our distribution infrastructure, field management team, store management, marketing

investments and brand awareness.

We expect our new store openings to be the primary driver of our continued, consistent growth in sales and profitability.

Increase our offerings of great bargains.

We will continue to enhance our supplier relationships and develop additional sources to acquire

brand name closeout products for our customers.

Our direct buying relationships with many major manufacturers, wholesalers, distributors, brokers, and retailers provide us with significant opportunities to expand our ever-changing assortment of brand

name closeout merchandise at extreme values.

As we continue to grow, we believe our increased scale will provide us with even greater access to brand name closeout products as major manufacturers seek a single buyer to acquire an entire deal.

plan to further invest in our merchandising team in order to expand and enhance our sourcing relationships and product categories, which we expect will drive shopping frequency and increase customer spending.

We will continue to enhance our supplier relationships and develop additional sources to

acquire brand name closeout products for our customers.

Our direct buying relationships with many major manufacturers, wholesalers, distributors, brokers, and retailers provide us with significant opportunities to expand our ever-changing

assortment of brand name closeout merchandise at extreme values.

As we continue to grow, we believe our increased scale will provide us with even greater access to brand name closeout products as major manufacturers seek a single buyer to

acquire an entire deal.

We plan to further invest in our merchandising team in order to expand and enhance our sourcing relationships and product categories, which we expect will drive shopping frequency and increase customer spending.

Leverage and expand Ollie’s Army.

We intend to recruit new Ollie’s Army members and increase their frequency of store visits and spending

by enhancing our distinctive, fun and recognizable marketing programs, building brand awareness, further rewarding member loyalty and utilizing more sophisticated data-driven targeted marketing.

We believe these strategies, coupled with a larger

store base, will enable us to increase the amount of sales driven by loyal Ollie’s Army customers seeking the next great deal.

We intend to recruit new Ollie’s Army members and increase their frequency of store visits and

spending by enhancing our distinctive, fun and recognizable marketing programs, building brand awareness, further rewarding member loyalty and utilizing more sophisticated data-driven targeted marketing.

In an effort to expand the benefits

available to our Customers under the Ollie’s Army loyalty program the Company launched a co-branded credit card which provides Ollie’s loyalty program members additional points whenever they use their Ollie’s card for purchases at Ollie’s and

anywhere the co-branded card is accepted.

We believe these strategies, coupled with a larger store base, will enable us to increase the amount of sales driven by loyal Ollie’s Army customers seeking the next great deal.

We operate in one reporting segment.

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Our merchandise

We offer a highly differentiated, constantly evolving assortment of brand name merchandise across a broad range of categories at drastically reduced prices.

Our ever-changing assortment of “Good Stuff

Cheap” includes brand name closeout merchandise from leading manufacturers.

We augment our brand name merchandise with opportunistic purchases of unbranded goods and our own domestic and direct-import private label brands in underpenetrated

categories to further enhance the assortment of products that we offer.

Brand name closeout merchandise represented approximately 65% and non-closeout goods and private label products collectively represented approximately 35% of the retail value of

our 2023 merchandise purchases.

We believe our compelling value proposition and the unique nature of our merchandise offerings have fostered our customer appeal across a variety of demographics and socioeconomic profiles.

Our warehouse format stores feature a broad number of categories including housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics as well as

other products including hardware, candy, clothing, sporting goods, pet and lawn and garden products.

We sell a wide assortment of household goods.

Our focus is on national branded products that consumers know and recognize.

We offer a highly differentiated, constantly evolving assortment of

brand name merchandise across a broad range of categories at drastically reduced prices.

Our ever-changing assortment of “Good Stuff Cheap” includes brand name closeout merchandise from leading manufacturers.

We augment our brand name merchandise

with opportunistic purchases of unbranded goods and our own domestic and direct-import private label brands in underpenetrated categories to further enhance the assortment of products that we offer.

Brand name closeout merchandise represented

approximately 65% and non-closeout goods and private label products collectively represented approximately 35% of the retail value of our 2024 merchandise purchases.

We believe our compelling value proposition and the unique nature of our

merchandise offerings have fostered our customer appeal across a variety of demographics and socioeconomic profiles.

Our warehouse format stores feature a broad number of categories including housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics

as well as other products including hardware, candy, clothing, sporting goods, pet and lawn and garden products.

We focus on buying cheap to sell cheap and source products as unique buying opportunities present themselves.

Our merchandise mix is designed to

combine unique and brand name bargains at extremely attractive price points.

This approach results in frequently changing product assortments and localized offerings which encourage shopper frequency and a “shop now” sense of urgency as customers

hunt to discover the next deal.

The common element of our dynamic merchandise selection is the consistent delivery of great deals to our customers, with products offered at prices typically 20 to 70% off traditional retailers.

product price tags allow customers to compare our competitor’s price against Ollie’s price to further highlight the savings they can realize by shopping at our stores.

Our merchandise mix is

designed to combine unique and brand name bargains at extremely attractive price points.

This approach results in frequently changing product assortments and localized offerings that encourage shopper frequency and a “shop now” sense of urgency

as customers hunt to discover the next deal.

The common element of our dynamic merchandise selection is the consistent delivery of great deals to our customers, with products offered at prices typically 20 to 70% off traditional

Our product price tags allow customers to compare our competitor’s price against Ollie’s price to further highlight the savings they can realize by shopping at our stores.

Product categories and mix

Examples of our product offerings include:

cooking utensils, dishes, appliances, plastic containers, cutlery, storage and garbage bags, detergents and cleaning supplies, cookware and

glassware, candles, hardware, frames, and giftware;

cooking utensils, dishes, appliances, plastic containers, cutlery, paper goods, storage and garbage bags, detergents and cleaning

supplies, cookware and glassware, candles, hardware, frames, and giftware;

Bed and bath:

household goods including bedding, towels, curtains, and associated hardware;

packaged food including coffee, bottled non-carbonated beverages, salty snacks, candy, condiments, sauces, spices, dry pasta, canned goods, cereal,

packaged food including coffee, bottled non-carbonated beverages, salty snacks, candy, condiments, sauces, spices, dry pasta, canned goods,

cereal, and cookies;

Floor coverings:

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Books and stationery:

novels, children’s, how-to, business, cooking, inspirational and coffee table books, greeting cards and various office supplies, and

novels, children’s, how-to, business, cooking, inspirational and coffee table books, greeting cards and various office

home electronics, cellular accessories, and as seen on television;

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Health and beauty aids:

personal care, hair care, oral care, health and wellness, over-the-counter medicine, first aid, sun

care, and personal grooming;

personal care, hair care, oral care, health and wellness, over-the-counter medicine,

first aid, sun care, and personal grooming;

summer furniture, air conditioners, fans and space heaters, and lawn & garden;

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Percentage of Net Sales

Consumables includes items such as health and beauty aids, food, candy, and pet food.

Home includes items such as

housewares, domestics, floor coverings, and hardware.

Seasonal includes items such as summer furniture, air conditioners, fans and space heaters, toys, and lawn & garden.

Consumables (1)

In fiscal 2024, the Company reclassified certain products out of the Home category and into the Consumables category.

These products included cleaning supplies, floor care, and other

products such as paper goods.

Prior periods have been adjusted for comparability.

Consumables includes items such as health and beauty aids, food, candy, pet food, detergents and cleaning supplies.

Home includes items such as housewares, domestics, floor coverings, and hardware.

Seasonal includes items such as summer furniture, air conditioners, fans and

space heaters, toys, and lawn & garden.

Other includes items such as books and stationery, electronics, clothing, sporting goods, pet products, luggage, and automotive.

3 unchanged sentences

Brand name closeout merchandise represented approximately 65% of the retail value of our 2024 merchandise purchases.

Our focus is to provide huge savings to our customers primarily through brand name

products across a broad range of merchandise.

Our focus is to provide huge savings to our customers primarily through

brand name products across a broad range of merchandise.

Our experienced merchant team purchases deeply discounted, branded or closeout merchandise primarily from manufacturers, retailers, distributors, and brokers.

This merchandise includes overstocks,

discontinued merchandise, package changes, cancelled orders, excess inventory and buybacks from retailers, and major manufacturers.

This merchandise includes

overstocks, discontinued merchandise, package changes, cancelled orders, excess inventory and buybacks from retailers, and major manufacturers.

Non-closeout goods/private label

Non-closeout and private label products collectively represented approximately 35% of the retail value of our 2024 merchandise purchases.

We augment the breadth of our brand name merchandise with

non-closeout and private label merchandise.

In categories where the consumer is not as brand conscious, such as food, home textiles, and furniture, or when we may not be offering a current brand name merchandise deal, we will buy deeply discounted

unbranded merchandise.

We augment the breadth of our brand name merchandise

with non-closeout and private label merchandise.

In categories where the consumer is not as brand conscious, such as food, home textiles, and furniture, or when we may not be offering a current brand name merchandise deal, we will buy deeply

discounted unbranded merchandise.

These extreme value offerings are mixed in the stores with our brand name merchandise.

We also have a variety of domestic and direct-import private label merchandise and exclusive products sold under numerous brands.

high-quality products are developed in key categories such as housewares and are designed to create brand-like excitement and complement our brand name merchandise.

We also have licenses for private label products that use recognizable celebrity

names or brand names.

We also have a variety of domestic and direct-import private label merchandise and exclusive products sold under numerous

These high-quality products are developed in key categories such as housewares and are designed to create brand-like excitement and complement our brand name merchandise.

We also have licenses for private label products that use

recognizable celebrity names or brand names.

We routinely evaluate the quality and condition of these private label goods to ensure that we are delivering our customer a high-quality product at a great price.

3 unchanged sentences

Our merchant team maintains strong, long-standing relationships with a diverse group of suppliers, allowing us to procure branded merchandise at compelling values for our customers.

Our merchants

specialize by department in order to build category expertise, in-depth knowledge and sourcing relationships.

We believe our buying approach, coupled with long-standing and newly formed relationships, enable us to find the best deals from major

manufacturers and pass drastically reduced prices along to our customers.

We plan to further invest in and grow our merchandising team in order to expand and enhance our sourcing relationships and product categories, which we expect will drive

shopping frequency and increase customer spending.

merchants specialize by department in order to build category expertise, in-depth knowledge and sourcing relationships.

We believe our buying approach, coupled with long-standing and newly formed relationships, enable us to find the best deals

from major manufacturers and pass drastically reduced prices along to our customers.

We plan to further invest in and grow our merchandising team in order to expand and enhance our sourcing relationships and product categories, which we expect

will drive shopping frequency and increase customer spending.

Merchandise procurement

We believe that our strong sourcing capabilities are the result of our tenured merchant team’s ability to leverage deep, long-standing relationships with hundreds of manufacturers, wholesalers, brokers,

retailers, and other suppliers.

Our merchants maintain direct relationships with brand manufacturers, regularly attend major tradeshows and travel the world to source extreme value offerings across a broad assortment of product categories.

ideal partner to major manufacturers because our merchants are experienced and empowered to make quick decisions.

Each opportunity is unique, and our merchants negotiate directly with the supplier to lock in a particular deal.

Our ability to select

the most attractive opportunistic purchases from a growing number of available deals enables us to provide a wide assortment of goods to our customers at great bargain prices.

We believe that our strong sourcing capabilities are the result of our tenured merchant team’s ability to leverage deep, long-standing relationships with hundreds of manufacturers, wholesalers,

brokers, retailers, and other suppliers.

Our merchants maintain direct relationships with brand manufacturers, regularly attend major tradeshows and travel the world to source extreme value offerings across a broad assortment of product

We are an ideal partner to major manufacturers because our merchants are experienced and empowered to make quick decisions.

Each opportunity is unique, and our merchants negotiate directly with the supplier to lock in a particular

Our ability to select the most attractive opportunistic purchases from a growing number of available deals enables us to provide a wide assortment of goods to our customers at great bargain prices.

We source from over 1,200 suppliers.

Our dedication to building strong relationships with suppliers is evidenced by an average relationship of over 15-years with our top 15 suppliers.

As we continue to

grow, we believe our increased scale will provide us with even greater access to brand name products since many major manufacturers seek a single buyer to acquire the entire deal.

continue to grow, we believe our increased scale will provide us with even greater access to brand name products since many major manufacturers seek a single buyer to acquire the entire deal.

Distribution and logistics

We have made significant investments in our distribution network and personnel to support our store growth plan.

Our stores generally receive shipments from our distribution centers one to two times a

week, depending on the season and specific store size and sales volume.

Our stores generally receive shipments from our distribution centers one to two

times a week, depending on the season and specific store size and sales volume.

We utilize independent third-party freight carriers.

Currently, we distribute approximately 95% of our merchandise from our distribution centers in York, PA, which completed a 201,000 square feet expansion in the beginning of fiscal 2023 (804,000 square

feet), Commerce, GA (962,000 square feet), and Lancaster, TX (615,000 square feet).

During the first quarter of fiscal 2023, the Company purchased a parcel of land in Princeton, Illinois for its fourth distribution center and broke ground on construction of the 615,000 square feet

facility in April 2023, the distribution center is expected to be operational in the second half of fiscal 2024.

With the expansion of our York, PA distribution center and the addition of our fourth distribution center, we believe our distribution capabilities will support up to 750 stores.

We currently operate four distribution centers, which supply approximately 95% of our merchandise to our stores.

These distribution

centers are centrally located in, York, PA (804,000 square feet), Commerce, GA (962,000 square feet), Lancaster, TX (615,000 square feet), and Princeton, IL (615,000 square feet).

We completed the construction of our Princeton, IL distribution center in the second quarter of 2024 and began shipping product from this facility in July 2024.

With the addition of our fourth

distribution center, we believe our distribution capabilities will support up to 750 stores.

As of February 1, 2025, we operated 559 stores, averaging approximately 32,000 square feet, across 31 contiguous states in the eastern half of the United States.

Our highly flexible real estate approach

has proven successful across all vintages, geographic regions, population densities, demographic groups, real estate formats and regardless of any co-tenant.

Our business model has resulted in positive financial performance during strong and weak

economic cycles.

We have successfully opened stores in five new states since 2019, highlighting the portability of our new store model.

In fiscal 2022, the Company implemented an ongoing store improvement initiative to provide our customers with an updated shopping experience, which showcases our tremendous value and the amazing deals

we offer in an organized and easy to navigate store format.

Our highly flexible real estate

approach has proven successful across all vintages, geographic regions, population densities, demographic groups, real estate formats and regardless of any co-tenant.

Our business model has resulted in positive financial performance during strong

and weak economic cycles.

We have successfully opened stores in six new states since 2020, highlighting the portability of our new store model.

In fiscal 2022, the Company implemented an ongoing store improvement initiative to provide our customers with an updated shopping experience, which showcases our tremendous value and the

amazing deals we offer in an organized and easy to navigate store format.

We have remodeled 76 stores to date and 20 stores in fiscal 2024 and continue to see a sales uplift in newly remodeled locations.

With a relatively low upfront investment, our remodels have

produced on average a payback period of approximately two years.

With a relatively low upfront investment,

our remodels have produced on average a payback period of approximately two years.

Beginning in fiscal 2024 into fiscal 2025, the Company has acquired a number of locations from former retailers through bankruptcy auction processes.

As a result of these acquisitions, the

Company has increased its new store opening growth target to 75 stores for the upcoming year.

In an effort to optimize the store opening cadence the Company has prioritized the opening of these acquired locations and shifted resources

This resulted in fewer store remodels in fiscal 2024, and we expect this to continue in fiscal 2025.

The following map shows the number of stores in each of the states in which we operated as of February 1, 2025:

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no-frills, bright, “semi-lovely” stores and a fun, treasure hunt shopping experience.

We present our stores as “semi-lovely” to

differentiate our stores from other traditional retailers, and to minimize operating and build-out costs.

We present our stores as “semi-lovely”

to differentiate our stores from other traditional retailers, and to minimize operating and build-out costs.

Our stores also welcome our customers with vibrant and colorful caricatures together with witty signage.

We attempt to make our customers laugh

as we poke fun at ourselves and current events.

We attempt to make our customers

laugh as we poke fun at ourselves and current events.

We believe that by disarming our customers by getting them to giggle a bit, they are able to look at and trust our products for what they are—extremely great bargains.

We believe the store layout and merchandising strategy help to encourage a “shop now” sense of urgency and increase frequency of customer visits as customers never know what they might come across in

We believe the store layout and merchandising strategy help to encourage a “shop now” sense of urgency and increase frequency of customer visits as customers never know what they might come

across in our stores.

We make it easy for our customers to browse our stores by displaying our frequently changing assortment of products on rolling tables, pallets and other display fixtures.

Our store team leaders are responsible for maintaining our treasure

hunt shopping experience, keeping the stores clean and well-lit and ensuring our customers are engaged.

We believe our humorous brand image, compelling values and welcoming stores resonate with our customers and define Ollie’s as a unique and

comfortable destination shopping location.

Our store team leaders are responsible for

maintaining our treasure hunt shopping experience, keeping the stores clean and well-lit and ensuring our customers are engaged.

We believe our humorous brand image, compelling values and welcoming stores resonate with our customers and define

Ollie’s as a unique and comfortable destination shopping location.

Expansion opportunities and site selection

We believe we can profitably expand our store count on a national scale to more than 1,300 locations based on internal estimates and third-party research conducted by Hoffman Strategy Group.

disciplined real estate strategy focuses on infilling existing geographies as well as expanding into contiguous markets in order to leverage our distribution infrastructure, field management team, store management, marketing investments and brand

Our disciplined real estate strategy focuses on infilling existing geographies as well as expanding into contiguous markets in order to leverage our distribution infrastructure, field management team, store management, marketing investments and

brand awareness.

We maintain a pipeline of real estate sites that have been approved by our real estate committee.

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considerable time evaluating prospective sites before bringing a new lease proposal to our real estate committee, which is comprised of senior management and executive officers.

Our flexible store layout allows us to quickly take over a variety of

low-cost, second-generation sites, including former big box retail and grocery stores.

We believe there is an ample supply of suitable low-cost, second-generation real estate allowing us to infill within our existing markets as well as to expand into new, contiguous geographies.

focusing on key characteristics such as proximity to the nearest Ollie’s store, ability to leverage distribution infrastructure, visibility, traffic counts, population densities of at least 40,000 people within ten miles and low rent per square foot,

we have developed a new store real estate model that has consistently delivered attractive returns on invested capital.

Our flexible store layout allows us to quickly take over a variety

of low-cost, second-generation sites, including former big box retail and grocery stores.

We believe there is an ample supply of suitable low-cost, second-generation real estate allowing us to infill within our existing markets as well as to expand into new, contiguous

By focusing on key characteristics such as proximity to the nearest Ollie’s store, ability to leverage distribution infrastructure, visibility, traffic counts, population densities, and low rent per square foot, we have developed a

new store real estate model that has consistently delivered attractive returns on invested capital.

In addition, in fiscal 2024, the Company acquired a number of new locations through the

bankruptcy auction processes of various retailers, at favorable rental terms and leasing structures to current market conditions.

This augments the Company’s pipeline of new stores for our accelerated growth strategy.

Our strong unit growth is supported by our predictable and compelling new store model.

We target a store size between 25,000 to 35,000 square feet and an average initial cash investment of approximately

$1.0 million, which includes store fixtures and equipment, store-level and distribution center inventory (net of payables) and pre-opening expenses.

relatively low investment costs and strong new store opening performance, we target first-year annual new store sales of approximately $4.0 million.

New stores have consistently opened strong, with higher net sales in their first 12 months of

operations, than average existing stores due to brand excitement surrounding grand openings and produced an average payback period of approximately two years.

We believe that our consistent store performance, corporate infrastructure, including our

distribution centers, and disciplined approach to site selection support the portability and predictability of our new unit growth strategy.

We target a store size between 25,000 to 35,000 square feet and an average initial cash investment of

approximately $1.0 million, which includes store fixtures and equipment, store-level and distribution center inventory (net of payables) and pre-opening expenses.

With our relatively low investment costs and strong new store opening performance, we target first-year annual new store sales of approximately $4.0 million.

New stores have consistently opened strong, with higher net sales in their first 12

months of operations, than average existing stores due to brand excitement surrounding grand openings and produced an average payback period of approximately two years.

We believe that our consistent store performance, corporate infrastructure,

including our distribution centers, and disciplined approach to site selection support the portability and predictability of our new unit growth strategy.

Store-level management and training

Our Vice President of Store Operations oversees all store activities.

Our stores are grouped into five regions, divided generally along geographic lines.

We employ regional directors, who have

responsibility for the day-to-day operations of the stores in their region.

Our Senior Vice President of Store Operations oversees all store activities.

Our stores are grouped into six regions, divided generally along geographic lines.

We employ regional directors, who

have responsibility for the day-to-day operations of the stores in their region.

Reporting to the regional directors are district team leaders and market team leaders who each manage a group of stores in their markets.

At the store level, the leadership

team consists of a store team leader and potentially a co-team leader and/or an assistant team leader, who supervise the full and part-time associated within the store.

At the store level, the

leadership team consists of a store team leader and potentially a co-team leader and/or an assistant team leader, who supervise the full and part-time associates within the store.

Each store team leader is responsible for the daily operations of the store, including the processing of merchandise to the sales floor and the presentation of goods throughout the store.

leaders are trained to maintain a clean and appealing store environment for our customers.

team leaders are trained to maintain a clean and appealing store environment for our customers.

Store team leaders and co-team leaders are also responsible for the hiring, training, and development of associates.

We work tirelessly to hire talented people, to improve our ability to assess talent during the interview process and to regularly train those individuals at Ollie’s who are responsible for interviewing

We work tirelessly to hire talented people, to improve our ability to assess talent during the interview process and to regularly train those individuals at Ollie’s who are responsible for

interviewing candidates.

We also devote substantial resources to training our new managers through our Team Leader Training Program.

This program operates at designated training stores located across our footprint.

It provides an in-depth review of our

operations, including merchandising, policies and procedures, asset protection and safety, and human resources.

It provides an in-depth review

of our operations, including merchandising, policies and procedures, asset protection and safety, and human resources.

Part-time associates receive structured training as part of their onboarding.

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Our marketing and advertising campaigns feature colorful caricatures and witty sayings in order to make our customers laugh.

We believe that by disarming our customers by getting them to giggle a bit,

they are able to look at and trust our products for what they are—extremely great bargains.

Our distinctive and often self-deprecating humor and highly recognizable caricatures are used in all of our stores, flyers and advertising campaigns.

We believe that by disarming our customers by getting them to giggle

a bit, they are able to look at and trust our products for what they are—extremely great bargains.

Our distinctive and often self-deprecating humor and highly recognizable caricatures are used in all of our stores, flyers and advertising

We tailor our marketing mix and strategy for each market, deal or promotion.

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Print and direct mail :

During 2023, we distributed over 650 million highly recognizable flyers.

Our flyers are typically distributed

semi-monthly, for a total of 22 times per year, with increased frequency in peak shopping periods, and serve as the foundation of our marketing strategy to remain top of mind with our shoppers.

They highlight

current deals to create shopping urgency and drive traffic and increase frequency of store visits;

Our flyers are typically distributed semi-monthly, with increased frequency in peak shopping periods, and serve as the foundation of our marketing

strategy, to remain top of mind with our shoppers.

They highlight current deals to create shopping urgency and drive traffic and increase frequency of store visits;

Television and radio :

We selectively utilize creative television/ o ver the top television (“OTT”) and radio

advertising campaigns in targeted markets throughout the year, to create brand awareness and support new store openings;

We selectively utilize creative television/ o ver the top television (“OTT”)

and radio advertising campaigns in targeted markets throughout the year, to create brand awareness and support new store openings;

Charity and community events :

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Digital marketing and social media :

We maintain an active online presence and promote our brand through our website, our mobile app, and digital and social media platforms,

including influencers across TikTok, Instagram, YouTube and Facebook.

We maintain an active online presence and promote our brand through our website, our mobile app, and digital and social media

platforms, including influencers across TikTok, Instagram, YouTube and Facebook.

We also utilize targeted email marketing to highlight our latest brand name offerings and drive traffic to our stores.

Our customer loyalty program, Ollie’s Army, stands at 15.1 million members as of February 1, 2025, an increase of 8.3% from 2023.

In 2023, Ollie’s Army members accounted for over 82% of net sales and

spent approximately 40% more per shopping trip, on average, than non-members.

In 2024, Ollie’s Army members accounted for over 82% of net

sales and spent approximately 40% more per shopping trip, on average, than non-members.

Consistent with our marketing strategy, we engage new and existing Ollie’s Army members through the use of witty phrases and signage;

examples include “Enlist in Ollie’s

Army today,” “become one of the few, the cheap, the proud” and “Ollie’s Army Boot Camp…all enlistees will receive 15% off their next purchase.” Throughout the year, for every $250 Ollie’s Army members spend, they receive a coupon for 10% off their

next entire purchase.

examples include

“Enlist in Ollie’s Army today,” “become one of the few, the cheap, the proud” and “Ollie’s Army Boot Camp…all enlistees will receive 15% off their next purchase.” Throughout the year, for every $250 Ollie’s Army members spend, they receive a

coupon for 10% off their next entire purchase.

Ollie’s Army ‘ranks’ are another savings opportunity for members.

For the first $250 and $500 members spend in a calendar year, they receive a coupon for 20% and 30% off of one item, respectively.

Historically, Ollie’s Army

members have demonstrated high redemption rates for promotional activities exclusive to Ollie’s Army members, such as our Valentine’s, Boot Camp, and 15% off holiday mailers.

In addition, Ollie’s Army members have historically enthusiastically

responded to Ollie’s Army Night, an annual one-day after-hours sale in December exclusively for members.

We expect to continue leveraging the data gathered from our proprietary database of Ollie’s Army members to better segment and target our

marketing initiatives and increase shopping frequency.

Historically, Ollie’s Army members have demonstrated high redemption rates for promotional activities exclusive to Ollie’s Army members, such as our Valentine’s, Boot Camp, and 15% off holiday mailers.

In addition, Ollie’s Army members have

historically enthusiastically responded to Ollie’s Army Night, an annual one-day after-hours sale in December exclusively for members.

We expect to continue leveraging the data gathered from our proprietary database of Ollie’s Army members to

better segment and target our marketing initiatives and increase shopping frequency.

In July of fiscal 2024, the Company launched a co-branded Visa® credit card in an effort to expand the benefits available to our Customers under the Ollie’s Army loyalty program.

Program is maintained by Sunbit, a leading financial technology solutions provider.

Ollies Army Members can sign up for the card in stores and online.

Customers are never charged fees, and the card features industry-high approval rates.

credit card helps increase Ollie’s brand presence in customers’ wallets, fostering long-term loyalty.

Ollie’s loyalty program members earn additional points whenever they use their Ollie’s card for purchases at Ollie’s and anywhere else the card

The program was initially launched in Pennsylvania and will be rolled out across all stores by the end of fiscal 2025.

We compete with a diverse group of retailers, including discount, closeout, mass merchant, department, grocery, drug, convenience, hardware, variety, online, and other specialty stores.

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Accordingly, we compete against a fragmented group of retailers, wholesalers, and jobbers to acquire merchandise for sale in our stores.

Our established relationships with our suppliers, coupled with our scale, associated buying power, financial credibility and responsiveness, often makes Ollie’s the first call for available deals.

direct relationships with suppliers have increased as we have grown, and we continuously strive to broaden our supplier network.

Our established relationships with our suppliers, coupled with our scale, associated buying power, financial credibility and responsiveness, often makes Ollie’s the first call for available

Our direct relationships with suppliers have increased as we have grown, and we continuously strive to broaden our supplier network.

Trademarks and other intellectual property

We own multiple state and federally registered trademarks related to our brand, including “Ollie’s,” “Ollie’s Bargain Outlet,” “Good Stuff Cheap,” “Ollie’s Army,” “Real Brands Real Cheap!,” and “Real

“Real Brands!

Real Bargains!,” among others.

In addition, we maintain a federal trademark for the image of Ollie, the face of our company.

We also own registered trademarks for many of our private labels such as “Sarasota Breeze,” “Steelton Tools,”

“American Way,” and “Middleton Home,” among others.

We also own registered trademarks for many of our private labels such as “Sarasota Breeze,” “Steelton

Tools,” “American Way,” and “Middleton Home,” among others.

We routinely prosecute trademarks where appropriate, both for private label goods and to further identify our goods and services.

We enter into trademark license agreements as necessary, which may

include our private label offerings, such as the Magnavox products available in our stores.

We enter into trademark license agreements as

necessary, which may include our private label offerings, such as the Magnavox products available in our stores.

Our trademark registrations have various expiration dates;

however, assuming that the trademark registrations are properly renewed, they have a perpetual

We also own several domain names, including www.ollies.us, www.ollies.com, www.olliesbargainoutlet.com, www.olliesarmy.com, www.ollies.cheap, www.sarasotabreeze.com and www.olliesmail.com , and

unregistered copyrights in our website content.

however, assuming that the trademark registrations are properly renewed,

they have a perpetual duration.

We also own several domain names, including www.ollies.us, www.ollies.com, www.olliesbargainoutlet.com, www.olliesarmy.com, www.ollies.cheap, www.sarasotabreeze.com and

www.olliesmail.com , and unregistered copyrights in our website content.

We attempt to obtain registration of our trademarks and other intellectual property as practical and pursue infringement of those marks when appropriate.

Our management information systems provide a full range of business process assistance and timely information to support our merchandising team and strategy, management of multiple distribution centers,

stores and operations, and financial reporting.

We believe our current systems provide us with operational efficiencies, scalability, management control, and timely reporting that allow us to identify and respond to merchandising and operating trends

in our business.

We use a combination of internal and external resources to support store point-of-sale, merchandise acquisition and distribution, inventory management, financial reporting, real estate, and administrative functions.

We continuously

assess ways to maximize productivity and efficiency, as well as evaluate opportunities to further enhance our existing systems.

Our management information systems provide a full range of business process assistance and timely information to support our merchandising team and strategy, management of multiple distribution

centers, stores and operations, and financial reporting.

We believe our current systems provide us with operational efficiencies, scalability, management control, and timely reporting that allow us to identify and respond to merchandising and

operating trends in our business.

We continuously assess ways to maximize productivity and efficiency, as well as evaluate opportunities to further enhance our existing systems.

Our existing systems are scalable to support future growth.

Government regulation

We are subject to state and federal laws including labor and employment laws, including minimum wage requirements and wage and hour laws, laws governing advertising, privacy laws, safety regulations,

environmental laws and regulations, and other laws, including consumer protection regulations that regulate retailers and/or govern product standards, the promotion and sale of merchandise and the operation of stores and warehouse facilities.

monitor changes in these laws and believe that we are in material compliance with all applicable laws.

We are subject to state and federal laws including labor and employment laws, including minimum wage requirements and wage and hour laws, laws governing advertising, privacy laws, safety

regulations, environmental laws and regulations, and other laws, including consumer protection regulations that regulate retailers and/or govern product standards, the promotion and sale of merchandise and the operation of stores and warehouse

We monitor changes in these laws and believe that we are in material compliance with all applicable laws.

We source a portion of our products from outside the United States.

Foreign Corrupt Practices Act and other similar anti-bribery and anti-kickback laws and regulations generally prohibit

companies and their intermediaries from making improper payments to non-U.S.

Foreign Corrupt Practices Act and other similar anti-bribery and anti-kickback laws and regulations generally

prohibit companies and their intermediaries from making improper payments to non-U.S.

officials for the purpose of obtaining or retaining business.

Our policies and our vendor code of conduct mandate compliance with applicable law, including these laws and

Our policies and our vendor code of conduct mandate compliance with applicable law, including

these laws and regulations.

Human Capital

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We work hard to create an environment where Ollie’s team members can build fulfilling careers and we take pride in providing opportunities for growth and development.

We seek to build a diverse and inclusive workplace where we can leverage our collective talents, striving to ensure that all associates are treated with dignity and respect.

believe that a workforce with a diversity of viewpoints, background, experience and industry knowledge, as well as more traditional characteristics of diversity, such as race and gender, are key to our culture and long-term success.

We are committed

to providing equal employment opportunities and advancement consideration to all individuals based on job-related qualifications and ability to perform the job as well as maintaining an environment that is free of intimidation or harassment.

value the talents and contributions of our associates and by focusing on our team members we know that the entire Ollie’s community will be well served.

We seek to build a workplace of belonging where we can leverage our collective talents, striving to ensure that all associates are treated with dignity and respect.

believe that a workforce with a diversity of viewpoints, background, experience and industry knowledge is key to our culture and long-term success.

We are committed to providing equal employment opportunities and advancement consideration to all

individuals based on job-related qualifications and ability to perform the job as well as maintaining an environment that is free of intimidation or harassment.

We value the talents and contributions of our associates and by focusing on our team

members we know that the entire Ollie’s community will be well served.

Oversight and Management

Our Human Resources department manages all associate matters, including recruiting, hiring, compensation and benefits, performance management, and associate training.

In addition, our management team works closely with

the Human Resources department to evaluate associate management issues such as retention and workplace safety.

As we strive to retain and engage talent at all levels of our business, our Human Resources department also reviews our retention and

turnover rates and administers our talent and training programs and review process to support the development of our talent pipeline.

In addition, our management team works closely

with the Human Resources department to evaluate associate management issues such as retention and workplace safety.

As we strive to retain and engage talent at all levels of our business, our Human Resources department also reviews our retention

and turnover rates and administers our talent and training programs and review process to support the development of our talent pipeline.

As of February 1, 2025, we employed over 12,800 associates, approximately 5,900 of whom were full-time and approximately 6,900 of whom were part-time.

Of our total associate base, approximately 1,100 were based at our

store support center and distribution centers, and the remaining were store and field associates.

Of our total associate base, approximately 1,200 were based at

our store support center and distribution centers, and the remaining were store and field associates.

The number of associates in a fiscal year fluctuates depending on the business needs at different times of the year.

of February 3, 2024, approximately 60% of our workforce is self-identified female and approximately 40% is self-identified male.

As of February 1, 2025, approximately 60% of our workforce is self-identified female and approximately 40% is self-identified male.

Over 40% of our workforce has self-identified as having a racial or ethnic minority background.

associates belong to a union or are party to any collective bargaining or similar agreement.

of our associates belong to a union or are party to any collective bargaining or similar agreement.

Associate Training and Development Programs

We offer a compelling work environment with meaningful growth and career-development opportunities.

This starts with the opportunity to do challenging work and learn on the job and is supplemented by

programs and continuous learning that help our team build skills to advance.

This starts with the opportunity to do challenging work and learn on the job and is

supplemented by programs and continuous learning that help our team build skills to advance.

We encourage a “promote-from-within” environment when internal resources permit.

We also provide internal leadership development programs designed to prepare our

high-potential team members for greater responsibility.

We believe internal promotions, coupled with the hiring of individuals with previous retail experience, will provide the management structure necessary to support our long-term strategic

growth initiatives.

We also provide internal leadership development programs designed to

prepare our high-potential team members for greater responsibility.

We believe internal promotions, coupled with the hiring of individuals with previous retail experience, will provide the management structure necessary to support our long-term

strategic growth initiatives.

Our Ollie’s Leadership Institute (“OLI”) is a program that is used to equip field associates with the ability to advance their career.

Each OLI participant receives an individual development plan, designed to prepare

them for their next level position.

Each OLI participant receives an individual development plan, designed to

prepare them for their next level position.

Reflecting our belief in our “home grown” talent, OLI is our preferred source for new supervisors and team leaders.

In 2023, over 45% of our current district team leaders were internally promoted to their

In 2024, over 60% of our current district team leaders were internally promoted to

their position.

Company-wide, over 60% of our field positions were filled by internal promotions.

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We are committed to providing market-competitive compensation for all positions.

Eligible team members participate in one of our various bonus incentive programs, which provide the

opportunity to receive additional compensation based upon store and/or Company performance.

In addition, we provide our eligible team members the opportunity to participate in a 401(k) retirement savings plan with a Company-sponsored match.

also share in the cost of health insurance provided to eligible team members, and team members receive a discount on merchandise purchased from the Company.

Eligible team members participate in one of our various bonus incentive programs, which provide

the opportunity to receive additional compensation based upon store and/or Company performance.

In addition, we provide our eligible team members the opportunity to participate in a 401(k) retirement savings plan with a Company-sponsored

We also share in the cost of health insurance provided to eligible team members, and team members receive a discount on merchandise purchased from the Company.

We additionally provide our team members with paid time off.

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merchandise than we carry during other times of the year and generally engage in additional marketing efforts.

We expect inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in our third and fourth fiscal

quarters in anticipation of increased net sales during the holiday sales season.

We expect inventory levels, along with accounts payable and accrued expenses, to reach their highest levels in our third and fourth

fiscal quarters in anticipation of increased net sales during the holiday sales season.

As a result of this seasonality, and generally because of variation in consumer spending habits, we experience fluctuations in net sales and working capital

requirements during the year.

Because we offer a broad selection of merchandise at extreme values, we believe we are generally less impacted than other retailers by economic cycles, which correspond with declines in general consumer spending habits

and we believe we still benefit from periods of increased consumer spending.

habits and we believe we still benefit from periods of increased consumer spending.

Available Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act are

available free of charge on our website, www.ollies.us, as soon as reasonably practicable after the electronic filing of such reports with the Securities and Exchange Commission (“SEC”).

The SEC maintains a website (www.sec.gov) that contains

reports, proxy, and information statements and other information regarding issuers that file electronically with the SEC.

are available free of charge on our website, www.ollies.com, as soon as reasonably practicable after the electronic filing of such reports with the Securities and Exchange Commission (“SEC”).

The contents of our website are not, however, a part

of this report or intended to be incorporated by reference in any other report or document we file with the SEC.

The SEC also maintains a website (www.sec.gov) that contains reports, proxy, and information statements and other information

regarding issuers that file electronically with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business