"The net result, as I see it, is as follows: Ollie’s became a messy story in late 2019, most notably due to lackluster 2019 comps and the passing of co-founder and CEO Mark Butler. Those concerns took a back seat in mid-2020, as pandemic-related headwinds led to a previously unimaginable improvement in comps, profit margins, and earnings. But now, as we look ahead to 2022, the core issue has resurfaced: Is Ollie’s a strong business that has the ability to >2x its U.S. footprint over the next 10-15 years, generating attractive incremental returns in the process, or are underlying issues putting the retailer’s long-term success into question?"