Ollie's Bargain Outlet Analysts Increase Their Forecasts After Upbeat Results

Ollie's Bargain Outlet Holdings, Inc. OLLI posted better-than-expected first-quarter earnings on Wednesday.

The company reported first-quarter FY24 sales growth of 10.8% year-on-year to $508.82 million, beating the analyst consensus estimate of $505.79 million. Adjusted EPS of 73 cents beat the analyst consensus estimate of 65 cents, according to data from Benzinga Pro.

"Our first quarter comparable store sales, total revenue, gross margin, and expenses were all better than expected, demonstrating the strength of our business. Consumers clearly remain under pressure and are seeking value in their purchases," said CEO John Swygert.

Ollie’s raised FY24 adjusted EPS outlook from $3.10 – $3.20 to $3.18 – $3.28, against the consensus of $3.19. The company raised FY24 sales outlook from $2.248 billion – $2.273 billion to $2.257 billion – $2.277 billion,  versus the Street view of $2.27 billion.

Ollie’s Bargain Outlet shares rose 9.5% to close at $89.83 on Wednesday.

These analysts made changes to their price targets on Ollie’s Bargain Outlet after the company reported quarterly results.

• B of A Securities raised the price target on Ollie’s Bargain Outlet from $92 to $102. B of A Securities analyst Jason Haas maintained a Buy rating.
• RBC Capital increased Ollie’s Bargain Outlet price target from $86 to $101. RBC Capital analyst Steven Shemesh maintained an Outperform rating on the stock.

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