Ollie's Bargain Outlet Holdings Inc. /zigman2/quotes/208674659/composite OLLI +0.98% 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.