Retail Store Bankruptcies Benefit Ollie's Bargain Outlet, Stock Soars On Q4 Performance

Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) shares are trading higher on Wednesday.

The company reported fourth-quarter adjusted earnings per share of $1.19, in line with the analyst consensus estimate. Quarterly sales of $667.1 million (up 2.8% year over year) missed the analyst consensus estimate of $674.5 million.

Comparable store sales increased 2.8% from the prior year’s increase of 3.9%.

“With so many retailers closing stores or going bankrupt in the past year, there are a considerable number of abandoned customers, merchandise, real estate, and talent in the marketplace,” said Eric van der Valk, President and Chief Executive Officer.

The company opened 13 new stores, ending the quarter ...