Ollie's Bargain Outlet Holdings Inc. (OLLI) stock surged 5.56% in the pre-market trading session on Tuesday, following the release of its third-quarter fiscal 2024 financial results. The discount retailer reported a 7.8% increase in net sales to $517.4 million, driven by new store unit growth, offsetting a 0.5% decline in comparable store sales.
The company's adjusted earnings per share (EPS) of $0.58 beat analyst estimates of $0.57, supported by favorable supply chain costs and disciplined expense control. Ollie's opened a record 24 new stores during the quarter, taking advantage of real estate opportunities that bolstered its new store pipeline.
For fiscal 2024, the company revised its net sales guidance to $2.27-$2.28 billion, slightly lower than the previous range of $2.28-$2.29 billion, primarily due to the third-quarter results. However, Ollie's maintained its adjusted EPS outlook of $3.22-$3.30, in line with analyst expectations.
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