NEW YORK (TheStreet) -- Ollie's Bargain Outlet (OLLI) - Get Reportstock was jumping 8.18% to $27.50 in after-hours trading on Wednesday after the company posted higher-than-expected results for the 2016 fiscal second quarter.
After the market close, the Harrisburg, PA-based discount retailer reported adjusted earnings of 21 cents per diluted share, which surpassed Wall Street's projections of 18 cents per share.
Revenue grew 16.1% year-over-year to $211.3 million and beat analysts' estimates of $207.6 million.
Comparable-store sales rose 3.5% in the quarter.
For the full year, Ollie's projects adjusted earnings per diluted share between 88 cents and 90 cents on revenue of $880 million to $885 million. Previously, the company had forecast earnings per share between 85 cents and 87 cents on revenue of $868 million to $878 million.
Wall Street is looking for earnings of 87 cents per share on revenue of $880 million for the year.
CEO Mark Butler said the company is "very excited" about underlying trends in the business.
"The strength of our business was broad based and we continue to execute against our key strategic initiatives of opening stores, building vendor relationships, gaining better access to product, and leveraging our distribution and transportation costs," he said in a statement.
Ollie's ended the second quarter with $197.7 million in debt, lower than $224.5 million in 2015.
More than 1.18 million of the company's shares traded on Wednesday vs. the 30-day average of roughly 530,000 shares.