Ollie’s Bargain Outlet (NASDAQ: OLLI) reported its third quarter financial results on Tuesday and reported better-than-expected results, sending shares higher by 16.2% on Wednesday morning.

For the quarter, Ollie’s reported earnings of USD 0.41 per share on revenue of USD 327.05 Million. The Company surpassed Zacks Consensus Estimates of USD 0.39 earnings per share and also beat revenue projections by 1.31%.

Comparable store sales during the quarter decreased by 1.4% compared to a 4.6% increase in the same period a year ago.

During the quarter, Ollie’s opened 13 new stores, ending the period with a total of 345 stores in 25 states, representing a 16.2% increase year-over-year.

John Swygert, President and Chief Executive Officer, commented, “Our profound sadness at the unexpected passing of our founder and friend, Mark Butler, eclipses the results we posted in the third quarter. As we pay tribute to the visionary businessman and special person that was Mark, we remain committed to the foundation upon which he built Ollie’s: offering great brands at great values, or as Mark called it, ‘Good Stuff Cheap.’  We were pleased to deliver strong results during the third quarter, having addressed the challenges we faced in the prior quarter.”

“Undoubtedly, Mark was a driving force in building Ollie’s, creating an exceptional business model and developing a strong and highly competent leadership team.  It is the strength of Mark’s legacy together with that team that give us confidence in our ability to continue to drive long-term profitable growth and shareholder value into the future,” concluded Mr. Swygert.

For fiscal 2019, Ollie’s is expecting earnings between USD 1.95 to USD 2.00 per share on total sales in the range of USD 1.41 Billion to USD 1.43 Billion. Additionally, the Company is also expected comparable store sales crease in the range of 0.5% to 1.5%.