Ollie’s Bargain Outlet Holdings Inc. (OLLI) shares declined 19.36% in after-hours on Thursday, December 02, 2021, and closed the daily trading at $50.69. However, in the regular trading session, OLLI’s stock gained 2.68%. OLLI shares have fallen 27.56% over the last 12 months, and they have moved down 4.64% in the past week. Over the past three months, the stock has lost 13.71%, while over the past six months, it has declined 25.18%.
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Let’s have a look at its recent news and developments.
OLLI latest news
On December 02, 2021, Ollie’s Bargain Outlet Holdings, Inc. (OLLI) reported financial results for the third quarter ended October 30, 2021.
Q3 2021 financial highlights
- OLLI net sales were $383.5 million in Q3 2021 compared with net sales of $414.4 million in the third quarter of fiscal 2020.
- The total cost of sales was $230.92 million compared to $242.88 million in Q3 2020.
- In Q3 2021, Gross profit decreased to $152.6 million in the third quarter of fiscal 2021 compared to $171.5 million in the third quarter of fiscal 2020.
- It earned a net income of $23.2 million, or $0.36 per diluted share in Q3 2022, compared with a net income of $45.2 million, or $0.68 per diluted share, in the prior-year period.
- Adjusted EBITDA was $37.9 million in the third quarter of fiscal 2021 compared to $65.3 million in the third quarter of fiscal 2020.
- As of September 30, 2021, the company had cash and cash equivalents of $229.7 million.
FY 2021 financial outlook
For FY 2021, Ollie is expecting
- Total net sales in the range of $1.762 billion to $1.772 billion.
- Gross margin in the range of 38.6% to 38.8%.
- Adjusted net income of $150 million to $153 million and adjusted net income per diluted share of $2.30 to $2.35.
OLLI stock repurchase program
On November 30, 2021, OLLI’s Board of Directors authorized an additional $200.0 million to repurchase stock according to the Company’s share buyback program, expiring on December 15, 2023.
OLLI on Veterans Day
On November 10, 2021, Ollie’s Bargain Outlet, Inc. (OLLI), donated $100,000 to the Tunnel to Towers Foundation, in honor of Veterans Day. The donation has been made specifically for the foundation’s Gold Star Family Home Program which provides mortgage-free homes or mortgage payoffs to surviving military spouses with young children to help ease their financial burden. Ollie also had a 15% off entire purchase discount on Thursday, November 11.
OLLI massive hiring for Christmas
Ollie’s Bargain Outlet, Inc. (OLLI), hosted a nationwide hiring event on September 8th to fill over 3,000 positions across its 400+ store locations and three distribution centres. On-site interviews were conducted at all locations.
Conclusion
In the recent financial results announcement, the company financially declined in every aspect, its revenue went down, losses went up, due to which its stock price went down in the after-hours on Thursday. let’s see whether it can perform well on Friday or not?
