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MarketWatch MarketPulseDec 03, 2020
Ollie's Bargain Outlet stock falls 10% after Q3 earnings
Shares of Ollie's Bargain Outlet Holdings Inc. fell more than 10% in the extended session Thursday after the grocer reported fiscal third-quarter sales and adjusted profit that topped Wall Street expectations, benefiting from increased consumer spending during the pandemic. Ollie's said it earned $45.2 million, or 68 cents a share, in the quarter, compared with $27 million, or 41 cents a share, in the third quarter of fiscal 2019. Adjusted for one-time items, the company earned 65 cents a share. Net sales increased 27% to $414.4 million, the company said, with same-store sales rising 15.3% thanks to "robust" growth during the quarter due to "a significantly larger average basket and higher transactions." The company did not provide guidance. Analysts polled by FactSet had expected Ollie to report adjusted earnings of 58 cents a share on sales of $406 million. Same-store sales were seen rising 12%. Shares of Ollie's ended the regular trading day up 3.3%.

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