Why Ollie's Bargain Outlet Stock Popped Today
Shares of Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) were up 15.1% as of 2:00 p.m. EST Wednesday after the discount retail chain released stronger-than-expected fiscal third-quarter 2019 results. Ollie's also announced it has named John Swygert as its new permanent CEO, effective immediately. Previously the company's chief operating officer, Swygert had served as interim CEO following the unexpected death of Ollie's co-founder, chairman, and chief executive Mark Butler earlier this month.
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More specifically on its quarterly performance, Ollie's net sales climbed 15.3% year over year to $327 million, bolstered by a combination of new locations and 1.4% comparable-store sales growth. That translated to adjusted (non-GAAP) net income of $26.8 million, or $0.41 per share, up more than 28% from the same year-ago period.
Source Fool.com
