By By Will Feuer
Ollie’s Bargain Outlet, a discount retailer based in Harrisburg, Pa., has announced higher profit and sales for its fiscal second quarter. The company’s focus on improving its supply chain and attracting more value-seeking shoppers has paid off.
Financial Highlights
- Profit for the quarter ended July 29 totaled $42.2 million, or 68 cents a share. This represents a significant increase from the $14.1 million, or 22 cents a share, reported during the same period last year.
- Adjusted earnings were 67 cents a share, surpassing analysts’ expectations of 61 cents a share.
- Sales for the quarter reached $514.5 million, a 13.7% increase from the previous year. This exceeded analysts’ estimates of $499.0 million.
- Comparable sales, which factor in store openings and closings, experienced a growth of 7.9%.
Positive Outlook
Chief Executive John Swygert expressed confidence in the current momentum of Ollie’s Bargain Outlet. He attributed the positive results to the company’s investments in its employees and supply chain, as well as strategic changes to its marketing efforts.
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