RTTNews | Aug 27, 2021 10:28AM EDT

10:28 Friday, August 27, 2021 (RTTNews.com) - Ollie's Bargain Outlet Holdings, Inc. (OLLI) shares are declining more than 7 percent on Friday morning trade after the company's second-quarter profit tumbled on reduced revenue.

The extreme value retailer of brand name merchandise reported quarterly net profit of $34.3 million or $0.52 per share, down from $99.4 million or $1.50 per share last year. On an adjusted basis, earnings were $34.0 million or $0.52 per share.

Total sales for the quarter declined 21.4 percent to $415.9 million from $529.31 million last year.

Currently, shares are at $71.82, down 7.61 percent from the previous close of $77.74 on a volume of 2,395,449. For the 52-week period, the shares have traded in a range of $65.32-$123.52 on average volume of 943,950.

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