Ollie’s Bargain Outlet (NASDAQ:OLLI) experienced a 4% surge in its share prices intra-day today following a third-quarter performance that exceeded both earnings and revenue expectations set by analysts, leading to an increase in their full-year guidance.

For the third quarter, the company reported earnings per share (EPS) of $0.51, which was $0.06 higher than the analyst estimate of $0.45. Their revenue was impressive at $480.1 million, marking a 14.8% year-over-year increase and surpassing the consensus estimate of $469.11 million. Notably, comparable store sales saw a 7% rise compared to the previous year’s increase of 1.9%.

The company observed positive trends in its business during the quarter. Margins exceeded expectations alongside sales, attributed to strong deal flow, reduced supply chain costs, and consistent performance across the organization.

Based on the strength of their third-quarter results, Ollie’s Bargain Outlet revised its full-year 2023 EPS forecast, now expecting it to be between $2.77 and $2.83, up from the prior guidance of $2.65 to $2.74 per share. Consensus estimate stand at $2.73.

For the full-year 2023, the company’s revenue projection is now set between $2.097 billion and $2.104 billion. This is an increase from the previously forecasted range of $2.076 billion to $2.091 billion and compares to the Street estimate of $2.09 billion.

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