Ollies Bargain Outlet Holdings, Inc. (NASDAQ: OLLI)
Ollies Bargain Outlet Holdings, Inc. (OLLI), a value retail company that offers brand name merchandise at reduced prices yesterday announced their second quarter fiscal 2016 financial results. Ollie’s reported second quarter earnings of $0.21 per share which beat analyst projections of $0.18 per share. Ollie’s reported second quarter revenues increased 16.1% year over year to $211.3 million which beat analyst expectations of $207.6 million.
Ollies Bargain Outlet Holdings, Inc. CEO’s Comments
Mark Butler, Chairman, President and Chief Executive Officer stated, “We are very excited about our second quarter results and the underlying trends in our business. Our deal flow remained very strong in the quarter and our customers continued to respond to our product offerings. Once again, the strength in our business was broad based and we continue to execute against our key strategic initiatives of opening stores, building vendor relationships, gaining better access to product, and leveraging our distribution and transportation costs.”
Mr. Butler continued, “As we have been saying for the past several quarters, our growing size, scale and visibility in the marketplace is giving us better access to merchandise, expanding our vendor base, and building stronger direct relationships with manufacturers. This is allowing our buyers to be even more selective and offer our customers even better bargains on great quality branded merchandise. Our stores are full of Good Stuff Cheap and our customers know a great deal when they see it.” Globe Newswire
OLLI Technical Analysis
OLLI opened trading yesterday at $25.73 which was up from the previous days trading of $25.72. OLLI closed trading yesterday at $25.42 and spiked up after market to $27.50, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see the last time OLLI traded below these levels we have to go back to August 24th when it traded at $27.92. Taking a closer look at the daily chart we can see that OLLI has been in an overall upward trend dating back to June 27th when it traded at $23.18. OLLI has a float of 33.98 million shares and traded 1.19 times the normal daily trading volume on Wednesday. For trading purposes, I would like to see OLLI open trading on Thursday above $26.75 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.25 from my entry position fearing anything more than that and the stock would start to fill in the gap.
Ollies Bargain Outlet Holdings, Inc. operates as a merchandise retailer of various brand name products. The company offers food products, housewares, books and stationery products, bed and bath products, floor coverings, hardware products, and toys; and other products, including electronics, personal health care, candy, clothing, sporting goods, pet products, luggage, automotive, seasonal, furniture, and lawn and garden products. As of May 9, 2016, it operated 208 Ollies Bargain Outlet retail stores across 18 states in the United States. The company was formerly known as Bargain Holdings, Inc. and changed its name to Ollies Bargain Outlet Holdings, Inc. in March 2015. Ollies Bargain Outlet Holdings, Inc. was founded in 1982 and is headquartered in Harrisburg, Pennsylvania. Yahoo Finance