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Ollie's Bargain Outlet raises FY'17 forecast

Ollie's Bargain Outlet Holdings Inc. on Dec. 6 raised its full-year fiscal 2017 forecast as it reported results for the third quarter ended October 28.

The Pennsylvania-based retailer expects total net sales for the fiscal year ending Feb. 3, 2018, to be between $1.062 billion and $1.065 billion from a prior expectation of $1.045 billion to $1.052 billion.

The company's net diluted earnings per share forecast for the year is now in the range of $1.36 to $1.37, up from the guidance range of $1.23 to $1.26 it gave in its second-quarter results. Similarly, adjusted diluted EPS was increased to the range of $1.21 to $1.22 from a prior outlook of $1.16 to $1.19.

Operating income for the full year is expected in the range of $131 million to $132 million, up from the range of $127 million to $129 million projected earlier by the company.

For the third quarter ended Oct. 28, Ollie's Bargain Outlet's adjusted net income rose 31.3% to $14.2 million, or 22 cents per diluted share, from $10.8 million or 17 cents per diluted share in the same quarter a year ago. Total net sales also increased 17.9% to $238.1 million from $202 million in the third quarter of fiscal 2016.