2024-07-03 15:36:12 ET
Shares of closeout retailer Ollie's Bargain Outlet (NASDAQ: OLLI) jumped 19.1% in June, according to data provided by S&P Global Market Intelligence . The company reported financial results that turned investors' heads. Then a prominent analyst raised their outlook for the business, giving investors more confidence in this comeback story.
Sales for Ollie's can be up and down. And sales (and profit margins) took a step back in 2022 before bouncing back in 2023. On June 5, the company reported financial results for the first quarter of 2024 that set a positive tone for the upcoming year. Q1 net sales were up nearly 11% year over year whereas net income jumped by almost 50%.
With its Q1 report, management for Ollie's modestly boosted its financial guidance for the rest of the year. And the stock did trend higher following the report. However, the bigger jump in stock price came on June 17 when J.P. Morgan analyst Matthew Boss upgraded his outlook for the stock, as seen on the chart below.
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Why Ollie's Bargain Outlet Stock Jumped 19% Last Month