Ollie's Bargain Outlet shares fall after retailer misses earnings target
Ollie's Bargain Outlet Holdings Inc. shares fell 8% in premarket trades on Wednesday after the retailer fell short of analyst estimates for its third-quarter results in the face of "a highly promotional and inflationary environment." The Harrisburg, Pa.-based company said it earned $23.08 million, or 37 cents a share, in the third quarter, about flat with its year-ago profit of $23.19 million, or 36 cents a share. Adjusted net income in the latest quarter totaled 37 cents a share, below the Wall Street analyst estimate of 40 cents a share, according to FactSet data. Revenue rose to $418.07 million from $383.49 million in the year-ago quarter, but missed the analyst estimate of $562.7 million. The company now expects fourth-quarter adjusted earnings of 78 cents a share to 83 cents a share, well below the estimate of 94 cents a share.
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