Bob’s Discount Furniture Q3 revenue up double digits
Bob’s Discount Furniture maintained momentum during its third quarter, posting gains in net income and revenue.
The furniture retailer continued to expand its footprint during the quarter, opening 11 stores. The openings included its first-ever location in the Nashville market. The company expects to open 20 stores in its current fiscal year.
“We were particularly pleased with the performance of our newest stores, including our successful entry into the Nashville market, and remain confident in our ability to grow profitably while bringing Bob’s to new customers and market,” said Bill Barton, president and CEO.
[READ MORE: Bob’s Discount Furniture targets 500-plus stores by 2035]
Net income increased 28.8% to $41.7 million, or $0.31 per share, for the quarter ended Sept. 27, compared to $32.3 million, or $0.29 per share, in the year-ago period. Adjusted net income per share was $0.28.
Bob’s third-quarter net revenue increased 10.3% to $680.4 million, driven by new stores and comparable sales growth. Comparable sales rose 3.8%.
Comp sales growth was driven by higher average order value and increased e-commerce traffic, partially offset by lower in-store traffic.
Bob’s said received approval for $46.4 million in IEEPA tariff refunds through the third quarter. The company recognized $4.9 million of refunds related to previously sold inventory during the quarter.
“We delivered another strong quarter, with sales growth, market share gains and margin expansion underscoring the strength and resilience of our model,” said Barton. “Customers continue to respond to our combination of everyday value, differentiated products and omnichannel capabilities. Industry demand trends remained relatively stable during the quarter, while customers continued to respond to our value proposition.”
Bob’s reported its results the day after online home decor and furnishings retailer Wayfair Inc. posted its strongest sales growth since the pandemic.
Bob's reaffirmed its guidance for the full year, including net revenue of $2.60 billion to $2.625 billion and net income in the range of $145 million to $153 million.
The company ended the quarter with 229 stores in 28 states.
