Ollie's Bargain Outlet jumps on raising FY forecasts for sales, profit

Ollie's Bargain Outlet Holdings

06/12/2023 13:02

** Shares of discount stores operator Ollie's Bargain Outlet
 OLLI.O  up 5.3% at $80.25 premarket
    ** Co lifts annual sales and profit forecasts, benefiting
from robust demand at its discount stores as consumers hunt for
bargains on home furnishing and hardware, as well as lower
supply chain costs
    ** Now expects fiscal 2023 comparable sales to rise 5.3% to
5.6%, vs earlier forecast for a rise of 4% to 4.5%
    ** Co expects annual adjusted net income per share of $2.77
to $2.83 vs prior target of $2.65 to $2.74
    ** Q3 net sales rose 14.8% to $480.1 mln, beating est of
$469.03 mln - LSEG
    ** Up to last close, stock up ~63% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))