By Denny Jacob
Ollie's Bargain Outlet recorded higher sales in its latest quarter as a pipeline of new stores helped contribute to the top-line.
The discount retailer logged net income of $35.9 million, or 58 cents a share, for the third quarter, up from $31.8 million, or 51 cents a share, a year earlier.
Stripping out one-time items, earnings also came in at 58 cents a share. Analysts polled by FactSet expected 57 cents a share.
Sales rose 7.8% to $517.4 million from $480.1 million, which it attributed to new store unit growth. Comparable store sales decreased 0.5%. Analysts polled by FactSet expected $518.8 million in sales.
Outgoing Chief Executive John Swygert said Ollie's took advantage of real estate opportunities that bolstered its new store pipeline.
The company noted to date it has acquired 17 store locations in connection with the Big Lots bankruptcy proceedings, with another seven set to be acquired pending bankruptcy court approval and customary closing conditions. Fifteen of the acquired locations took place in the third quarter, while two were acquired subsequent to the end of the quarter.
Ollie's forecast fiscal 2024 sales of $2.27 billion to $2.28 billion. It previously guided for sales between $2.28 billion and $2.29 billion. The company said its revised outlook is primarily the result of third-quarter results as the outlook figures for the fourth quarter are largely unchanged.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
December 10, 2024 07:54 ET (12:54 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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