Ollie's Bargain Outlet is a U.S. off-price retailer selling brand-name household products at prices up to 70% below traditional retailers. Ollie's buys closeout and excess inventory from manufacturers, wholesalers, and retailers, then resells it through its 645 no-frills, warehouse-style stores across 34 states. The product mix spans consumables, home goods, seasonal items, and other categories including books, electronics, and clothing. Ollie's sells exclusively through physical stores — no e-commerce. The company's "treasure hunt" merchandising model, where inventory constantly changes based on opportunistic buying, is a deliberate strategy to drive repeat store visits. Ollie's targets a gross margin of roughly 40.5%, reinvesting any excess back into price to drive traffic. SG&A is largely fixed, so comp growth and new store maturation drive bottom-line leverage. The loyalty program, Ollie's Army, has 17 million members who account for over 80% of net sales. Ollie's long-term store target is 1,300-plus locations, roughly double its current count, and it is expanding westward from its Eastern U.S. base. Ollie's has accelerated unit growth by acquiring leases from bankrupt retailers — most notably Big Lots — through bankruptcy auctions, which often come with below-market rents. Ollie's carries no meaningful debt and holds roughly $563M in cash, which management views as a competitive advantage with vendors and in pursuing opportunistic inventory and real estate deals.