Exhibit 99.1

Ollie’s Bargain Outlet Holdings, Inc. Reports Strong Holiday Sales and Raises Full Year Outlook

Announces Participation in the 2017 ICR Conference

HARRISBURG, PA., January 9, 2017 (GLOBE NEWSWIRE) – Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) (“Ollie’s” or the “Company”) today commented on its holiday sales and full year outlook ahead of its participation at the 2017 ICR Conference. For the nine-week period ended December 31, 2016, total sales increased 16.3%, with a comparable store sales increase of 1.9%.

Mark Butler, Chairman, President and Chief Executive Officer, stated, “We are thrilled with our holiday sales results, as well as the underlying trends and consistency of the business. Despite an extremely challenging same store sales comparison of 14% on a two-year stacked basis, we believe our sales results through the first nine weeks of the quarter position us well to deliver another solid increase in comparable store sales in the fourth quarter. One of the hallmarks of the business over our 34 year history has been the long-term overall consistency of results and ability to deliver profitable growth across different geographic regions and economic environments. Our stores are full of Good Stuff Cheap and the consumer continues to respond favorably to the Bargains we offer.”

Based on the trends to date, the Company currently estimates the following results for the fiscal year ending January 28, 2017:

Total net sales of approximately $888 million;

Comparable store sales growth of approximately 3.0%;

Net income per diluted share (GAAP) of approximately $0.93;

Excluding transaction expenses, Adjusted net income per diluted share⁽¹⁾of approximately $0.94; and

Estimated weighted diluted average shares outstanding of approximately 62.5 million.

This updates the guidance provided by the Company on December 7, 2016, which included expectations of net sales, net income per diluted share (GAAP), and Adjusted net income per diluted share for the fiscal year ending January 28, 2017, of $882 million to $885 million, $0.91 to $0.92, and $0.92 to $0.93, respectively.

The Company plans to report actual results for the fourth quarter and fiscal year ending January 28, 2017, in late March 2017.

⁽¹⁾ Adjusted net income per diluted share is not a measure recognized under the U.S. generally accepted accounting principles (“GAAP”). See "Non-GAAP Financial Measures" below.

2017 ICR Conference

The Company also announced that they will be presenting at the 2017 ICR Conference held at The Grande Lakes Orlando in Orlando, Florida, on Tuesday January 10, 2017, at 2:30 pm Eastern Standard Time. Mark Butler, Chairman, President and CEO, John Swygert, EVP and CFO, and Jay Stasz, SVP, Finance & CAO, will host the presentation.

The audio portion of the presentation will be webcast live at http://investors.ollies.us and a replay of the presentation will also be contained on the Investor Relations section of the Company’s website.

Non-Gaap Financial Measures

The Company has included this non-GAAP measure because it is a key measure used by management and the board of directors to evaluate operating performance and the effectiveness of the Company’s business strategies and make budgeting decisions. Management believes it is useful to investors and analysts to evaluate this non-GAAP measure on the same basis as management uses to evaluate the Company’s operating results. The Company believes that excluding items that may not be indicative of, or are unrelated to, its core operating results and that may vary in frequency or magnitude from Net income per diluted share, enhances the comparability of the Company’s results and provides a better baseline for analyzing trends in its business. The $0.01 per diluted share difference between the guidance for Net income per diluted share and Adjusted net income per diluted share reflects the transaction related expenses already incurred and reported for the thirty-nine weeks ended October 29, 2016. The Company cannot predict future transaction related estimates without unreasonable effort and therefore excludes any such estimates from its Outlook. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company’s financial results prepared in accordance with GAAP. The methods used by the Company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.

About Ollie’s

We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products, Real Brands! Real Bargains!®, in every department, including housewares, food, books and stationery, bed and bath, floor coverings, toys, hardware and other categories. We currently operate 234 store locations in 19 states across the Eastern portion of the United States. For more information, visit www.ollies.us.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections, the outlook for the Company’s future business, prospects, financial performance, industry outlook, our 2016 business outlook and financial guidance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: our failure to adequately manage our inventory or anticipate consumer demand; changes in consumer confidence and spending; risks associated with intense competition; our failure to open new profitable stores, or successfully enter new markets, on a timely basis or at all; our failure to hire and retain key personnel and other qualified personnel; our inability to obtain favorable lease terms for our properties; the loss of, or disruption in the operations of, our centralized distribution centers; fluctuations in comparable store sales and results of operations, including on a quarterly basis; risks associated with our lack of operations in the growing online retail marketplace; our inability to successfully implement our marketing, advertising and promotional efforts; the seasonal nature of our business; the risks associated with doing business with international manufacturers; changes in government regulations, procedures and requirements; and our ability to service our indebtedness and to comply with our financial covenants together with the other factors set forth under “Risk Factors” in our filings with the United States Securities and Exchange Commission (“SEC”). Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible to predict all of them. Ollie’s undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and SEC filings.

Investor Contact:

John Rouleau

ICR

203-682-8200

John.Rouleau@icrinc.com

Media Contact:

Dan Haines

Ollie's Bargain Outlet

Vice President – Marketing & Advertising

717-657-2300

dhaines@ollies.us

001-37501		80-0848819
(Commission File Number)		(IRS Employer Identification No.)

6295 Allentown Boulevard
Suite 1
Harrisburg, Pennsylvania		17112
(Address of principal executive offices)		(Zip Code)

Exhibit No.		Description
99.1		Press Release issued on January 9, 2017 of Ollie’s Bargain Outlet Holdings, Inc.

	OLLIE’S BARGAIN OUTLET HOLDINGS, INC.

	By:	/s/ John Swygert

		Name:	John Swygert
		Title:	Executive Vice President and Chief Financial Officer

Date: January 9, 2017

Exhibit No.		Description
99.1		Press Release issued on January 9, 2017 of Ollie’s Bargain Outlet Holdings, Inc.