Ollie’s Hires CFO
Ollie’s Bargain Outlet Holdings Inc. has hired Rob Helm to the position of SVP and CFO, effective immediately. Helm will report to John Swygert, president and CEO, and will lead the discount retailer’s accounting, financial planning and analysis, financial reporting and compliance, and investor relations teams.
“We are delighted to welcome Rob to the Ollie’s family. Rob has a proven track record of success, and brings significant financial leadership experience in the consumer retail sector,” said Swygert. “We believe that his extensive background, leadership skills and deep knowledge in the retail space will be instrumental to the execution of our growth plans as we expand our store base to 1,050 locations. We are excited to have Rob on board to learn our business and the Ollie’s culture and help drive our continued success.”
Helm has joined the discount closeout retailer from The Children’s Place, the largest pure-play children’s specialty retailer in North America. Helm joined The Children’s Place in 2016 as VP and controller and took on roles of increasing responsibility, culminating in his appointment as CFO in April 2021. Prior to joining The Children’s Place, he held senior finance and accounting roles at FreshDirect, Ralph Lauren, and Rag & Bone. Helm began his career in public accounting and auditing, including at KPMG LLP.
“It is very exciting to join a company that has such a remarkable track record of success over time and with a clear path to even more significant growth ahead,” Helm noted. “Ollie's has an incredible business model, a smart and passionate team, and a strong balance sheet. I look forward to becoming part of the Ollie’s family and partnering with the team to continue to maximize shareholder value.”
For its second quarter ending July 30, Ollie’s net sales increased 8.8% to $452.5 million, compared with net sales of $415.9 million in the second quarter of fiscal 2021. The increase was the result of a comparable-store sales increase of 1.2%, in addition to new-store unit growth. Over the summer, the discount retailer opened its 450th store, in Overland Park, Kan.
Ollie’s also reported that its operating income decreased 63.8% to $16.5 million and its operating margin decreased 730 basis points to 3.7%. Net income for second quarter was $14.1 million, or 22 cents per diluted share, compared with $34.3 million, or 52 cents per diluted share, in the prior year. Adjusted net income was $13.7 million, or 22 cents per diluted share, compared with last year's adjusted net income of $34.0 million, or 52 cents per diluted share.
Upcoming store openings include locations in Katy, Texas, and Shelby, N.C., on Oct. 26, as well as a New Iberia, La., store on Nov. 9.
Harrisburg, Pa.-based Ollie’s offer extreme value on brand-name products in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more. It currently operates more than 460 stores in 29 states.
