Ollie’s Bargain Outlet Holdings Inc (NASDAQ:OLLI) shares are trading higher after the company reported better-than-expected first-quarter FY24 earnings and raised the outlook.
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.
Comparable store sales increased 3.0% compared to a 4.5% increase last year.
Gross profit climbed 17.2% Y/Y to $209.4 million, with the margin expanding 220 basis points to 41.1%.
Operating margin expanded 270 basis points to 11.1%, and operating income for the quarter rose 46.6% to $56.5 million.
As of quarter-end, Ollie’s held cash and cash equivalents as well as short-term investments totaling $341.5 ...