Ollie's Bargain Outlet (OLLI) Misses Q2 EPS by 3c, Revs Miss

Ollie's Bargain Outlet (NASDAQ: OLLI) reported Q2 EPS of $0.52, $0.03 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $415.9 million versus the consensus estimate of $435.75 million.

Comparable store sales decreased 28.0% from the prior year increase of 43.3%, resulting in a two-year stack of positive 15.3%.

“We are very pleased with our results for the second quarter as we delivered comparable store sales growth of 15.3% on a two-year stack basis, well ahead of our long-term growth algorithm, and adjusted EBITDA growth of 44% as compared to 2019,” stated John Swygert, President and Chief Executive Officer. “Our performance reflects the strength of our business model as well as outstanding execution by our team, particularly with the headwinds of heightened supply chain challenges.”

Mr. Swygert continued, “We continue to face strong year-over-year comparisons in the third quarter as we, once again, delivered record sales and profits last year. For the third quarter of fiscal 2021, we expect comparable stores sales growth of 5% to 7% on a two-year stack basis. Deal flow remains as strong as ever, despite temporary supply chain challenges, and we continue to leverage our expertise and relationships in the closeout industry to secure the very best deals for our customers. As always, we will tightly manage what is in our control and we feel very good about our ability to execute across the organization and navigate these transitory supply chain pressures. We remain confident in the fundamentals of our proven business model and committed to our long-term objectives driven by great deals and highly profitable new stores. Based on our strong financial position and the growth opportunities in front of us, we are bullish on our ability to drive profitable growth and shareholder value into the future.”

For earnings history and earnings-related data on Ollie's Bargain Outlet (OLLI) click here.

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