
SG&A expenses shot up 12% to $130.3 million from the prior-year quarter’s level due to higher selling expenses associated with new store openings and incentive compensation. The gross margin expanded 410 basis points to 38.9% due to favorable supply chain costs, partly offset by lower merchandise margin related to shrink and a higher mix of consumables. Gross profit grew 26.4% to $178.6 million during the quarter. The company’s top-performing categories were food, candy, health and beauty, lawn and garden, and flooring. Consumables business was sturdy, while softness was seen in certain home-related categories. We note that comparable store sales rose 4.5% in the quarter under discussion against a decline of 17.3% in the prior-year period. The top line came ahead of the consensus mark of $451 million and marked the second straight beat. Net sales of $459.2 million jumped 12.9% year over year due to comparable store sales increase and new store unit growth. This extreme-value retailer of brand-name merchandise posted adjusted earnings of 49 cents a share, which came in line with the Zacks Consensus Estimate and increased meaningfully from 20 cents reported in the year-ago quarter.

Stellar first-quarter results and continued momentum in the business prompted management to lift the fiscal 2023 view. This Harrisburg, PA-based company also registered an increase in comparable store sales.įavorable responses to deals with product offerings appealing to a broader customer base have been contributing to Ollie's Bargain’s performance. Markedly, both metrics grew year over year. reported first-quarter fiscal 2023 results, wherein the top line beat the Zacks Consensus Estimate, while the bottom line met the same. You have complete control over the content of any iOS device in your home.Ollie's Bargain Q1 Earnings Meet Estimates, View Raised AnyTrans is compatible with all iOS 5 and later iPhone, iPad, and iPod touch models.

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