Ollie’s Bargain Outlet reports Q3 adjusted EPS 37c, consenus 41c

Reports Q3 revenue $418.1M, consensus $429.11M. Comparable store sales increased 1.9%. John Swygert, President and CEO, stated, "During the quarter, we delivered a significant improvement in our gross profit margin rate compared to our first half performance. Our results reflect another positive comparable store sales report with a 1.9% increase over last year. While we are pleased with the underlying sales trends, we did experience a softness in sales the last two weeks of October, which impacted our overall results for the quarter. Although we have seen an improvement in sales trends since October, we are operating in a highly promotional and inflationary environment. Despite these challenging times, we are going to control what we can control, staying laser focused on running a great business. We are built for this and believe we are well positioned to deliver great deals to our customers and drive long-term shareholder value."