Ollie’s Bargain Outlet (NASDAQ:OLLI) stock is seeing a poor showing on Friday thanks to the release of its earnings report for the third quarter of 2021.
The bad news for investors in OLLI stock starts with the retail company’s adjusted earnings per share of 34 cents. That’s a hefty miss next to Wall Street’s adjusted EPS estimate of 47 cents. It’s also a drop from the 65 cents per share reported in Q3 2020.
Adding to OLLI stock’s woes is the retailer’s revenue of $383.5 million. That’s another hit to the discount store when compared to analysts’ estimate of $410.1 million. It also represents a 7.5% fall in revenue year-over-year.
As if things weren’t bad enough, Ollie’s Bargain Outlet also includes guidance for 2021 in its Q3 earnings report. This has it expecting adjusted EPS between $2.30 and $2.35 on revenue of $1.762 billion to $1.772 billion. Neither of those would reach Wall Street’s 2021 adjusted EPS or revenue estimates of $2.75 or $1.84 billion, respectively.
John Swygert, president and CEO of Ollie’s Bargain Outlet, said the following in the earnings report beating OLLI stock down today.
“Our third quarter performance was impacted by greater than anticipated supply chain related headwinds, leading to lower than expected results. While we believe that many of the factors impacting us are transitory in nature and we are taking proactive steps to navigate these challenges, these pressures have continued to impact our business in the fourth quarter.”
To go along with the dismal earnings report, several analysts weighed in on OLLI stock today. Many of them downgraded the stock and cut prices targets after its poor performance during the period.
OLLI stock is down 20.8% as of Friday morning and is down 39.1% since the start of the year.
We’ve got more recent earnings news that traders are going to want to know about today!
Several companies have released earnings reports today and their stocks are on the move as a result. That includes Smith & Wesson (NASDAQ:SWBI), Marvell Technology (NASDAQ:MRVL), and DocuSign (NASDAQ:DOCU) shares. You can dig into the details at the following links!
More Friday Stock Market News
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- DOCU Stock Alert: Why Is DocuSign Plunging 40% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
