Stock Alert: Ollie's Bargain Outlet Shares Down 11% Despite Upbeat Q3

(RTTNews) - Shares of Ollie's Bargain Outlet Holdings Inc. (OLLI) are currently trading at $79.77, down $9.73 or 10.87% Friday morning. Trading volume is surging over 22.3 million versus an average volume of 760K shares.

The company reported Q3 net income of $45.2 million, or $0.68 per share, compared to $27.0 million, or $0.41 per share, last year.

Adjusted net income increased to $43.2 million, or $0.65 per share, from $26.8 million, or $0.41 per share, in the third quarter of fiscal 2019.

Analysts polled by Thomson Reuters expected earnings of $0.58 per share for the quarter. Analysts' estimate typically exclude certain special items.

Net sales grew 26.7% to $414.4 million from $327.0 million last year, driven by a comparable store sales increase of 15.3% and strong new store performance.