When it comes to U.S. consumers, Mark Butler, the chairman, president and CEO of Ollie's Bargain Outlet, said nothing reels in buyers like a good deal.
"That is retailing: the right item at the right time, but for Ollie's, it's at the right price. And that's what turns on the American consumer," the CEO told "Mad Money" host Jim Cramer on Monday. "Give them a bargain. It will never go out of style."
Ollie's, a chain of 247 discount stores that went public two years ago, focuses on buying excess or out-of-date products from companies at deep discounts and selling those products to shoppers.
Butler said that Ollie's Army, the company's customer loyalty program, is now nearly 8 million members strong, which helps management track buying patterns across its stores.
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With stores in 20 states and expansion plans on the horizon, Butler told Cramer that he sees plenty of reasons to be bullish on the company's growth pattern.
"I can tell you I've never had a store lose money. It doesn't matter where we go, it doesn't matter who we're next to, it doesn't matter what shopping center we're in, each store stands on its own," the CEO said. "We've committed to a mid-teen store count growth year-over-year, and we've been able to open up these stores at or above our expectations. The American consumer wants to save money. They love bargains."
Ollie's is served by two distribution centers in Pennsylvania and Georgia, and while distribution can be a concern for fast-growing chains, Butler said he believes that the centers have the capacity to support up to 400 stores.
This year, the company plans to open 30 to 35 additional stores, Butler said, adding that the company has guided that it may start looking for additional distribution solutions in 2019.
All in all, Butler seemed confident in Ollie's future despite the widespread pain felt by traditional brick-and-mortar retailers nationwide.
"[In] our business, the complexity is in the simplicity. We buy cheap and we sell cheap," Butler said. "That's what we do, and we pass the savings right to the consumer and give them a bargain. And you know what? Then we say 'Thanks,' and they come back in. So it's a pretty cool concept."
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