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HARRISBURG, Pa. - Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) saw its stock gain 5% Tuesday after reporting third quarter earnings that beat analyst expectations, despite slightly missing on revenue.
The discount retailer posted adjusted earnings per share of $0.58, topping the consensus estimate of $0.57. Revenue came in at $517.4 million, just shy of the $519.55 million analysts were expecting.
Comparable store sales decreased 0.5% YoY, compared to a 7.0% increase in the same quarter last year. However, total net sales rose 7.8% to $517.4 million, driven by new store openings.
"We had another great quarter and are pleased with our results. We delivered strong earnings on higher sales, gross margin, and disciplined expense control," said John Swygert, Chief Executive Officer.
Ollie's opened a record 24 new stores in the quarter while closing three, ending with 546 locations across 31 states. This represents an 8.1% YoY increase in store count.
Looking ahead, the company reaffirmed its full-year 2024 guidance, expecting EPS of $3.22-$3.30 on revenue of $2.27-$2.28 billion. This compares to analyst consensus of $3.27 EPS on $2.28 billion in revenue.
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