Ollie’s Bargain Outlet Shares Rise Following an Upbeat Outlook

The stock price of Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) skyrocketed over 10% in Wednesday morning trading, following a positive press release on Tuesday about the discount chain's second-quarter sales and revenue. The retailer will report its full second-quarter results on Aug. 27, but Tuesday's teaser gave investors reason to be optimistic.

Various metrics pointed to Ollie's posting strong gains in an era of coronavirus bargain shopping. That comes after an initial dip in which the retailer lost ground in tune with the rest of the market, though to a lesser degree. Tuesday's information confirmed the picture, with the company predicting approximate 40% gains in comparable-store sales and net sales of roughly $515 million for fiscal Q2, which ends Aug. 1.

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Source Fool.com