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Dec. 10, 2019, 4:21 p.m. EST

Ollie's Bargain stock rises 12% after Q3 profit, sales rise, new CEO announced

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By Claudia Assis

OLLI

Ollie's Bargain Outlet Holdings Inc. /zigman2/quotes/208674659/composite OLLI -0.69% shares rallied 12% in the extended session Tuesday after the retailer reported third-quarter results above Wall Street expectations and named a new chief executive. Ollie's said its board has appointed John Swygert as the company's president and CEO, effective immediately. Swygert has been interim CEO since Dec. 2 after the death of company's founder Mark Butler. Swygert, Ollie's former chief operating officer and chief financial officer, worked alongside Butler for nearly 16 years, the company said. In a separate press release, the company reported third-quarter earnings that topped analyst views. Ollie's said it earned $27 million, or 41 cents a share, in the quarter, compared with $24.8 million, or 38 cents a share, in the year-ago quarter. Adjusted for one-time items, Ollie's earned $26.8 million, or 41 cents a share, compared with $21 million, or 32 cents a share, in the year-ago quarter. Sales rose 15% to $327 million, from $284 million a year ago. Analysts polled by FactSet had expected the company to report GAAP and adjusted earnings of 38 cents a share on sales of $323 million.

/zigman2/quotes/208674659/composite
US : U.S.: Nasdaq
$ 87.35
-0.61 -0.69%
Volume: 840,604
Sept. 30, 2020 4:00p
P/E Ratio
27.32
Dividend Yield
N/A
Market Cap
$5.71 billion
Rev. per Employee
$179,718
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