Ollie's Bargain Outlet (NASDAQ: OLLI) reported Q1 EPS of $0.80, $0.17 better than the analyst estimate of $0.63. Revenue for the quarter came in at $452.5 million versus the consensus estimate of $422.07 million. Comparable store sales increased 18.8%.

John Swygert, President and Chief Executive Officer, stated, “We are extremely pleased to have delivered strong first quarter results on the heels of an incredible 2020. Our performance reflects the power of our business model as we continue to deliver great deals to our customers. We had strong earnings flow-through as the nearly 30% growth in sales resulted in a 63% increase in adjusted earnings per share for the first quarter. Our consistent execution is a testament to the extraordinary contributions and dedication of the Ollie’s family.”

“After the onset of COVID last year, our stores remained open to serve our customers and we experienced record sales and profits, delivering comparable stores sales growth of 43% in the second quarter of 2020. Our current quarter-to-date comparable store sales are tracking ahead of our expectations and we are very excited about the momentum in our business. Following May, which had by far the highest monthly comparable sales increase of the prior-year second quarter, comparisons to last year ease, furthering our confidence. Our deal flow remains as robust as ever, and we are well-positioned to capture opportunities in the marketplace as we leverage our industry expertise and strong liquidity position. Based on our proven business model, our strong financial position, and the opportunities in front of us, we are bullish on our ability to deliver profitable growth as we expand our store base and execute our long-term growth algorithm into the future,” Mr. Swygert concluded.

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