Ollie's Bargain Beats Fiscal Q1 Sales, Earnings Expectations

Shares of Ollie's Bargain Outlet Holdings Inc. turned lower late Wednesday after jumping nearly 4% after the retailer reported fiscal first-quarter sales and earnings above expectations. Ollie's said it earned $19 million, or 29 cents a share, in the quarter, compared with $11.7 million, or 19 cents a share, in the year-ago period. Adjusted for one-time items, the company reported per-share earnings of 25 cents a share. Sales reached $227.6 million, from $193.7 million a year ago. Analysts polled by FactSet had expected adjusted and GAAP earnings of 23 cents a share on sales of $220 million. The company said it expects an increase in comparable-store sales of 1% to 2% for fiscal 2018, the opening of 33 to 35 new stores and no closures, and net income per share of $1.18 to $1.21 for the year. The company pegged net sales for fiscal 2018 at $1.03 billion to $1.04 billion. Shares of Ollie's had ended the regular session up 0.1%.