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This Retail Stock Just Reported an Impressive Q2

Inflation, theft, and worsening economic conditions are big concerns for retail stocks. But one company that appears to be doing well right now is Ollie’s Bargain Outlet Holdings (NASDAQ:OLLI). The discount retailer offers a wide variety of products, including housewares, health and beauty, electronics, toys, and other categories. It can offer cheap, discounted goods to retailers when a manufacturer has too much inventory. And now, with many retailers struggling to shed excess inventory, Ollie’s has been doing exceptionally well.

On Aug. 31, the company released its second-quarter earnings results, which were impressive. The company’s net sales for the period ending July 29 totaled $514.5 million and were up 13.7% year over year. Comparable store sales of 7.9% were also far higher than a year ago when it reported just 1.2% same-store sales growth. Profits in Q2 were also impressive, tripling to $42.2 million.

Overall it was a fantastic quarter for the company with management hinting that there are still good opportunities out there as CEO John Swygert says that “we are seeing very strong deal flow.” The company is doing so well it has also decided to raise its guidance. For fiscal 2023, it is projecting comparable store sales to rise between 4% and 4.5%, up from its previous forecast of 2% to 2.8%.

Year to date, Ollie’s has been a red-hot stock to own, rising by 62% since January. At 31 times earnings, it isn’t a cheap stock to own but given the way it has been performing, it wouldn’t be surprising to see it continue to do well in the months ahead.