RTTNews | Dec 3, 2021 09:57AM EST

09:57 Friday, December 3, 2021 (RTTNews.com) - Ollie's Bargain Outlet Holdings, Inc. (OLLI) shares are sliding more than 17 percent on Friday morning trade after the company reported lower sales and earnings for the third quarter.

For the third quarter, the company reported a decline in net profit to $23.2 million or $0.36 from $45.2 million or $0.68 per share last year. On an adjusted basis, earnings were $22.0 million or $0.34 per share. Total sales declined 7.5 percent to $383.5 million from $414.4 million last year.

Looking ahead to fiscal 2021, the company expects adjusted net income of $150 million to $153 million and adjusted net income per share of $2.30 to $2.35. Total sales for fiscal 2021 are expected to be in a range of $1.762 to $1.772 billion.

Currently, shares are at $51.56, down 17.81 percent from the previous close of $62.86 on a volume of 1,675,105. For the 52-week period, the shares have traded in a range of $50.01 - $123.52 on average volume of 1,043,977.

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