Ollie's Bargain Outlet Holdings, Inc (NASDAQ:OLLI) reported fiscal first-quarter results on Wednesday.

The company reported first-quarter adjusted earnings per share of 91 cents, topping the Street view of 87 cents.

Quarterly sales of $658.93 million (+14.2% year-over-year) missed the analyst consensus estimate of $662.34 million.

Gross margin came in at 41.9%, exceeding the company's expectations.

Lower supply chain costs and a modest increase in merchandise margins mainly drove the 80-basis-point year-over-year growth.

Cash and equivalents worth $197.67 million.

The company repurchased $53.4 million in common stock during the quarter.

Ollie's Bargain Outlet executives said the company remains focused on store growth, loyalty expansion, closeout deal flow, and pricing investments as it navigates a pressured consumer environment.

Executives Point To Store Growth

CEO Eric Vanderbilt said the company remains on track to open 75 stores this year, including its first Minnesota location, while expanding rapidly in the Midwest.

Ollie's Bargain opened 27 stores during the quarter. The retailer ended ...