Ollie's Bargain Outlet shares hit over 2-yr high after co raises FY sale, profit forecast

Ollie's Bargain Outlet Holdings

05/06/2024 15:09

** Shares of Ollie's Bargain Outlet Holdings  OLLI.O  up
7.3% at $88.1 in early trade, hitting over a two year high 
    ** Ollie raises its fiscal 2024 sales and earnings outlook
    ** It expects fiscal 2024 sales to be between $2.26 bln and
$2.28 bln, vs. the previous forecast of $2.25 bln to $2.27 bln  
    ** Expects FY adj. profit to be between $3.18 and $3.28 per
share, vs. the previous forecast of adj. profit of $3.10 to
$3.20
     ** Reports Q1 adj. profit of 73 cents/share, vs.
expectations of 65 cents/share - LSEG data
    ** 11 of 16 brokerages rate the stock "buy" or higher, three
"hold" and one "strong sell"; their median PT is $90
    ** Up to Tuesday's close, stock had risen ~9% YTD

 (Reporting by Kannaki Deka)
 ((Kannaki.Deka@thomsonreuters.com))