** Shares of discount store Ollie's Bargain Outlet Holdings OLLI.O up 5% at $83.26 premarket

** Co raises its annual profit outlook after lower supply chain costs drove quarterly profit beat

** Q1 adjusted EPS of 91 cents compared to estimates of 87 cents- data compiled by LSEG

** However, Q1 net sales came in at $658.9 million missing estimates of $662.3 million

** Expects annual adjusted EPS in the range of $4.45 to $4.55 compared to previous projection of $4.40 to $4.50

** Co cut its annual sales forecast to $2.98 billion to $3.00 billion from $2.99 billion to $3.01 billion

** Sees share repurchases of ~$125 million from previous forecast of ~100 million

** As of last close, stock down 27% YTD