Ollie’s Cut price Outlet inventory jumps 5% on Q3 earnings beat

HARRISBURG, Pa. – Ollie’s Cut price Outlet Holdings, Inc. (NASDAQ:OLLI) noticed its inventory acquire 5% Tuesday after reporting third quarter earnings that beat analyst expectations, regardless of barely lacking on income.

The low cost retailer posted adjusted earnings per share of $0.58, topping the consensus estimate of $0.57. Income got here in at $517.4 million, simply shy of the $519.55 million analysts had been anticipating.

Comparable retailer gross sales decreased 0.5% YoY, in comparison with a 7.0% enhance in the identical quarter final yr. Nevertheless, whole web gross sales rose 7.8% to $517.4 million, pushed by new retailer openings.

“We had one other nice quarter and are happy with our outcomes. We delivered sturdy earnings on greater gross sales, gross margin, and disciplined expense management,” stated John Swygert, Chief Govt Officer.

Ollie’s opened a report 24 new shops within the quarter whereas closing three, ending with 546 areas throughout 31 states. This represents an 8.1% YoY enhance in retailer rely.

Trying forward, the corporate reaffirmed its full-year 2024 steerage, anticipating EPS of $3.22-$3.30 on income of $2.27-$2.28 billion. This compares to analyst consensus of $3.27 EPS on $2.28 billion in income.

This text was generated with the assist of AI and reviewed by an editor. For extra info see our T&C.