Report published September 2, 2026
Ollie's Bargain Outlet Inc. (OLLI) 2Q26 Earnings First Take: Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Kate McShane, CFA, Grace Chee, Mark Jordan, CFA, Emily Ghosh, Nishi Agarwal, Samantha Chiang
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Ollie's Bargain Outlet reported 2Q26 adjusted EPS of $0.95 (excluding tariff refunds) and comparable sales of -1.8%, both missing Goldman Sachs and consensus expectations. Management lowered full-year top-line guidance while raising bottom-line guidance to incorporate $28.3mn in IEEPA tariff refunds; Goldman Sachs maintains a Buy rating with a $112 price target.
Key Takeaways
- 1.OLLI missed 2Q26 estimates with adj. EPS of $0.95 (ex-tariffs) vs. GS/consensus of $1.17/$1.12, net sales of $741.3mn (+9.1% y/y), and comparable sales declining -1.8% due to basket size compression.
- 2.Management lowered FY26 top-line guidance (sales of $2.928bn-$2.941bn and comp sales of 0%-0.5%) but raised bottom-line guidance (adj. EPS of $4.57-$4.65) reflecting $28.3mn of IEEPA tariff refunds.
- 3.Goldman Sachs reiterates a Buy rating on OLLI with a 12-month price target of $112.00, representing 54.8% upside from the $72.34 price.
Table of Contents
- Analysis
- Implications
- Valuation & Risks
- Disclosure Appendix
Report data
Exhibit 1: OLLI actual results vs. GS estimates — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 2Q26 Adjusted EPS (ex-tariff refunds) | 0.95 USD | Reported 2Q26 adj. EPS vs GS estimate of $1.17 and consensus of $1.12 |
| 2Q26 Net Sales | 741.3 USD mn | Net sales vs GS estimate of $764.7mn and consensus of $748.7mn |
| 2Q26 Comparable Store Sales | -1.8% | Same-store sales vs GS estimate of +1.4% and consensus of -1.1% |
| FY26 Net Sales Guidance | 2.928bn-2.941bn USD | Guidance lowered from $2.98bn-$3.0bn vs consensus $2.96bn |
| FY26 Adjusted EPS Guidance | 4.57-4.65 USD | Raised from $4.45-$4.55 vs consensus $4.42 including $28.3mn tariff refunds |
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Authors / Editors
Reported Data Context
- 2Q26 Adjusted EPS (ex-tariff refunds): 0.95 USD (2Q26) · Source: Company data
- 2Q26 Net Sales: 741.3 USD mn (2Q26) · Source: Company data
- 2Q26 Comparable Store Sales: -1.8 % (2Q26) · Source: Company data
- FY26 Net Sales Guidance: 2.928bn-2.941bn USD (FY26) · Source: Company data
- FY26 Adjusted EPS Guidance: 4.57-4.65 USD (FY26) · Source: Company data
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