Stock Alert: Ollie's Bargain Outlet Slips 5%

(RTTNews) - Shares of Ollie's Bargain Outlet Holdings, Inc. (OLLI) are currently slipping over 5% on Friday morning, despite the discount retailer reporting second-quarter results that trumped Wall Street estimates.

OLLI is currently trading at $100.96, down $6.03 or 5.64%, on the Nasdaq.

Second-quarter profit surged to $99.4 million or $1.50 per share from $25.2 million or $0.38 per share last year. Adjusted earnings improved to $1.04 per share from $23.5 million or $0.35 per share last year.

Sales grew 58.5% to $529.3 million, while comparable store sales increased 43.3%.

Analysts polled by Thomson Reuters estimate earnings of $0.53 per share on revenues of $398.67 million.

However, the company did not provide a guidance for the second half of the year due to the uncertainty related to COVID-19.

CEO John Swygert said, "We fully expect sales growth to continue to slow as we progress through the second half of the year."