Dive Brief:

• Discount retailer Ollie’s Bargain Outlet is preparing to go public, the company has announced.

• The warehouse- style retailer operates 181 stores on the East Coast with total annual sales of $638 million and net income of $26.9 million. Q1 sales rose 20.9% to $162.5 million while same-store sales rose 8.8%.

• The retailer, founded in 1982, has expanded greatly in recent years, adding 23 stores in 2013, 22 in 2014, and plans another 25 to 30 this year, with long-term plans for 950.

Dive Insight:

Unlike other warehouse retailers, Ollie’s is known for an often-shifting merchandise mix of name brands that it describes as “good stuff cheap.” Shopping at Ollie’s, according to Ollie’s, is therefore a “treasure hunt,” and it’s growth in recent years seems to indicate that shoppers enjoy that. That adventure approach may be aided by Ollie’s own sense of fun — the retailer refers to its warehouses as “semi-lovely” and sports humorous signage in stores.

“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,” according a SEC filing related to a possible IPO. “These attributes have driven our rapid growth and strong and consistent store performance as evidenced by our store base expansion from 96 stores to 176 stores, net sales growth from $335.7 million to $638.0 million and average net sales per store ranging from $3.7 million to $3.8 million between fiscal year 2010 and fiscal year 2014.”