Ollie’s Bargain Outlet Holdings, Inc. shares are trading lower on Thursday.

The company reported second-quarter adjusted earnings of 78 cents, in line with the estimates. Quarterly revenues of $578.38 million (+12.4%) beat the street view of $560.92 million.

Ollie’s Bargain Outlet reported a 5.8% increase in comparable store sales, compared to a 7.9% rise in the prior year. The company opened nine new stores during the quarter, bringing its total to 525 locations across 31 states, which represents an 8.9% increase in store count year-over-year.

Operating income rose by 15.6% to $60.8 million, and the operating margin improved by 30 basis points to 10.5%.

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Net income increased 16.1% to $49.0 million, or $0.79 per diluted share. Adjusted net income also grew by 15.6% to $48.2 million.

Additionally, adjusted EBITDA surged 16.4% to $74.5 million, with the adjusted EBITDA margin rising by 50 basis points to 12.9%. Inventories as of the end of the second quarter increased 6.6% to $531.3 million.

Outlook: Ollie’s Bargain Outlet has raised its fiscal year 2024 sales outlook from $2.257 billion – $2.277 billion to $2.276 billion – $2.291 billion, compared to the estimated $2.273 billion. The company also updated its adjusted EPS outlook, increasing it from a range of $3.18 to $3.28 to a new range of $3.22 to $3.30, compared to the estimated $3.28.

Price Action: OLLI shares are trading lower by 5.697% to $88.74 at last check Thursday.

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