Closeout retailer Ollie's Bargain Outlet (OLLI) - Get Report reported better-than-expected earnings but same-store sales missed estimates, prompting a drop in the stock price.

Shares of Ollie's opened the trading day Friday down 2.81% at $94.84 on the Nasdaq Stock Market after the company reported adjusted net income of $30.2 million, or 46 cents a share, vs. adjusted net income of $26.6 million, or 41 cents a share, in the comparable year-ago quarter.

Analysts polled by FactSet had been expecting earnings of 44 cents a share. Sales rose to $324.9 million in the first quarter of fiscal 2019 from $275.7 million in the first quarter of fiscal 2018.

Comparable same-store sales, however, a key measure of retailers' profitability, came in at 0.8%, down from a 1.9% gain in the comparable year-earlier quarter and below Wall Street expectations.

Adjusted earnings before income, taxes, depreciation and amortization came in at $46.6 million vs. $41.1 million a year ago.

"'Good Stuff Cheap' is the founding principle of our business, and with our deal flow as strong as ever we believe we are well-positioned to continue delivering great bargains to our customers and long-term growth to our shareholders," CEO Mark Butler said in a statement. 

For the full year, Ollie's reiterated its forecast for adjusted per-share earnings of between $2.13 and $2.17 on sales of $1.44 billion to $1.45 billion and 1%-2% comparable same-store sales growth. Analysts polled by FactSet current expect per-share earnings of $2.15.