Why Ollie's Bargain Outlet Holdings Stock Dove 20% on Friday
Ollie's Bargain Outlet Holdings (NASDAQ: OLLI) shareholders lost ground to the market on Friday, with the stock diving 20% by 2 p.m. ET. The retailer announced surprisingly weak sales results for the third quarter while forecasting continued supply chain challenges over the short term.
Sales through late October declined 8%, management revealed before the market opened on Friday. Most of that decline was due to booming results a year earlier.
However, Ollie's also took a step backward compared with the same period in 2019, which sets it apart from most other retailers in today's free-spending environment.
Source Fool.com
