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Ollie's launches co-branded Visa credit card with Sunbit

Published 2024-07-23, 01:14 p/m
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HARRISBURG, Pa. - Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI), a leading retailer of closeout merchandise, has announced a partnership with financial technology company Sunbit to launch a Visa (NYSE:V) co-branded credit card. This new credit card aims to provide Ollie’s customers with additional rewards and benefits for purchases made at Ollie's stores and wherever Visa is accepted.

Eric van der Valk, President of Ollie’s, expressed enthusiasm for the new offering, stating that the card will enhance the shopping experience for customers, allowing them to earn rewards and receive exclusive benefits. The card integrates with the retailer’s Ollie’s Army loyalty program, offering additional points for purchases made with the card.

Cardholders will receive a $10 statement credit upon signing up and automatic enrollment into the Ollie’s Army Loyalty program for non-members. Additional benefits include earning one Ollie’s Army point for every $2 spent at Ollie’s and one point for every $2 spent on other purchases where Visa is accepted.

Sunbit’s CEO, Arad Levertov, highlighted the customer-centric approach of the new credit card, which features no fees and high approval rates. Sunbit is recognized for its innovative technology that enables a broader range of customers to be approved for credit.

The rapid implementation of the credit card program is expected to enhance Ollie’s brand presence and foster long-term customer loyalty. Sunbit’s platform is known for its ease of integration, comprehensive support, and innovative approval technology.

Ollie’s operates 522 stores across 31 states and is known for offering brand-name products at discounted prices. Sunbit, a company that provides financial technology products to millions, is celebrated for its growth and presence in various sectors, including auto service centers and dental patient financing.

The credit card program is set to launch within months, as per the press release statement.

In other recent news, Ollie's Bargain Outlet (NASDAQ:OLLI) has been the focus of positive adjustments by major financial firms. The company reported a 49% increase in adjusted earnings per share and an 11% rise in net sales, prompting analysts to revise their financial estimates upward. Truist Securities upgraded Ollie's stock price target to $109, citing the company's strong market momentum and ability to secure larger deals. Similarly, Loop Capital raised its price target for Ollie's to $110, highlighting the company's robust product offerings and financial performance.

JPMorgan (NYSE:JPM) also shifted its rating for Ollie's from Neutral to Overweight, reflecting confidence in the company's financial prospects. The firm anticipates a robust growth rate of 2%, suggesting Ollie's is on track to outperform its previous year's growth. In addition to these financial highlights, Ollie's has announced plans to open 50 new stores throughout the fiscal year and has acquired eleven 99 Cents Only Stores in Texas, enhancing its market presence.

These recent developments indicate a positive trajectory for Ollie's as it continues to navigate the competitive retail landscape. Analyst firms such as Truist Securities, Loop Capital, and JPMorgan have expressed confidence in Ollie's growth potential and financial prospects. As the company continues to deliver strong financial results and expand its operations, it remains a key player in the retail sector.

InvestingPro Insights

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) is not only expanding its customer service offerings with the introduction of a Visa co-branded credit card but also shows promising financial metrics that may interest investors. With a market capitalization of $6.06 billion and a robust revenue growth of 14.52% in the last twelve months as of Q1 2025, Ollie's demonstrates a strong financial position.

InvestingPro Tips reveal that Ollie’s is trading at a low P/E ratio relative to its near-term earnings growth, indicating potential value for investors looking at earnings potential. Additionally, the company's liquid assets exceed its short-term obligations, providing financial stability and flexibility.

Key InvestingPro Data points to consider include a P/E ratio of 31.07 and a PEG ratio of 0.49 for the last twelve months as of Q1 2025, suggesting that the company's earnings growth may not be fully reflected in its current share price. Moreover, Ollie's has experienced a significant price uptick over the last six months, with a 33.73% total return, highlighting investor confidence and market momentum.

For readers interested in a deeper analysis, there are additional InvestingPro Tips available, providing a comprehensive look at Ollie's financial health and market performance. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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