Sep. 2 at 3:08 PM
$OLLI —
June: Rob Helm described the full-year comp gap as "tens of basis points" from the +2% target. The mid-teens earnings algo was anchored.
August reality:
→ Full-year comps guided to flat / +0.5% (a ~200 bps revision)
→ Adjusted EPS +43%, but driven primarily by 380 bps of IEEPA tariff refunds (Underlying GM ~40.3%)
→
$50M price investment announced — partly a reaction to competitors deploying their own tariff refunds in price (a factor absent in June's framing)
→ "Mid-teens earnings algo" language is gone
The clean spots: 75 store target on track, Army growth +13% (18M+), deal flow strong.
Forward posture: "We'll be back to operating like Ollie's in 2027 and beyond."
#TheGapReport
