Here is why Ollie’s Bargain Outlet Holdings Inc. (OLLI) stock plunged on Thursday?

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Ollie’s Bargain Outlet Holdings Inc. (OLLI) shares declined 14.39% in after-hours on Thursday, August 26, 2021, and closed the daily trading at $66.55 per share. In the regular trading session, OLLI’s stock lost 6.58%. OLLI shares have fallen 29.78% over the last 12 months, and they have moved down 6.38% in the past week. Over the past three months, the stock has lost 3.30%, while over the past six months, it has declined 5.97%.

Let’s have a look at its recent developments.


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OLLI latest financial results announcement

On Aug. 26, 2021, Ollie’s Bargain Outlet Holdings, Inc (OLLI) reported financial results for the second quarter ended July 31, 2021.

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Q2 2021 financial highlights

  • OLLI reported net sales of $415.9 million in Q2 2021 compared to 3 million in the second quarter of 2020.
  • Gross profit was $163.0 million in the second quarter of fiscal 2021 compared to $206.8 million in the second quarter of fiscal 2020.
  • Selling, general and administrative expenses were $110.1 million in Q2 2021 compared to $109.1 million in the second quarter of fiscal 2020.
  • It reported a net income of $34.3 million, or $0.52 per diluted share in Q2 2021 compared to net income of $99.4 million, or $1.50 per diluted share in Q2 2020.
  • Adjusted EBITDA was $54.1 million in Q2 2021 compared to$99.4 million in the second quarter of fiscal 2020.
  • As of June 30, 2021, the company had cash and cash equivalents totalled at $444.3 million compared with $305.1 million as of the end of the second quarter of fiscal 2020.

OLLI charity marathon for Kids

On August 18, 2021, Ollie’s Bargain Outlet, Inc. (OLLI in partnership with Children’s Miracle Network Hospitals (CMN Hospitals), raised more than $627,000 nationwide from June 13 – July 10. As both organizations focus on the importance of healthy communities and children, these record-breaking funds raised at Ollie’s locations will stay local and benefit 84 CMN Hospitals.

OLLI corporate update

On August 12, 2021, Ollie’s Bargain Outlet Holdings, Inc (OLLI) announced that Ray Daugherty, Senior Vice President of Supply Chain, will be leaving the Company effective August 27th, to pursue other interests. The Company has commenced its search for a new Head of Supply Chain. Eric van der Valk, Executive Vice President, and Chief Operating Officer, will lead this function until a replacement is named.

OLLI participation in recent investor conferences

Ollie’s Bargain Outlet Holdings, Inc (OLLI) recently participated in a fireside chat at the 2021 Jefferies Virtual Consumer Conference which was held on Wednesday, June 23, 2021.

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Conclusion

The recent financial results were the reason behind its loss on Thursday because the company reported a decrease in net sales for Q2 2021. We hope that it will not slide down further on the last trading day of the week.

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