Fast-growing home decor retailer delivers another strong quarter
At Home reported its 15th consecutive quarter of same-store sales growth as its value-driven store-based home decor model shows no signs of losing momentum. The company also raised its full year outlook.
At Home on Wednesday reported that its net sales grew 24.8% to $213.0 million in its third quarter, ended October 29, driven by the net addition of 22 stores since the year-ago period. Same-store sales increased 7.1%. Excluding the net impact of Hurricanes Harvey and Irma, the company estimate that comparable store sales would have increased 8.3%.
Net income in the quarter was $2.4 million compared to a net loss of $1.9 million in the prior year period, which included a $2.7 million loss on extinguishment of debt in the third quarter of fiscal 2017.
"Our new store growth of 18%, combined with our merchandising and marketing initiatives, drove net sales growth of 25% and our 14th consecutive quarter of over 20% percent net sales growth," said chairman and CEO Lee Bird. "Additionally, we delivered our 15th consecutive quarter of positive comparable store sales increases with 7.1% growth, marking our third straight quarter of acceleration on a two-year comparable store sales basis."
At Home raised its fiscal 2018 pro forma adjusted EPS outlook to $0.77 to $0.79 from the $0.73 to $0.75 previously provided.
It expects sales of $939 million to $944 million, representing annual growth of 23%, based on 28 gross and 26 net new store openings and an assumed comparable store sales increase of 5.7% to 6.0%.
"Driven by our top line outperformance and industry-leading profitability, we more than doubled year-over-year pro forma adjusted EPS to $0.07, enabling us to raise our full year outlook while continuing to reinvest in the expansion of our business," Bird said.
As of November 29, 2017, At Home operates 149 stores in 34 states and is headquartered in Plano, Texas.
At Home on Wednesday reported that its net sales grew 24.8% to $213.0 million in its third quarter, ended October 29, driven by the net addition of 22 stores since the year-ago period. Same-store sales increased 7.1%. Excluding the net impact of Hurricanes Harvey and Irma, the company estimate that comparable store sales would have increased 8.3%.
Net income in the quarter was $2.4 million compared to a net loss of $1.9 million in the prior year period, which included a $2.7 million loss on extinguishment of debt in the third quarter of fiscal 2017.
"Our new store growth of 18%, combined with our merchandising and marketing initiatives, drove net sales growth of 25% and our 14th consecutive quarter of over 20% percent net sales growth," said chairman and CEO Lee Bird. "Additionally, we delivered our 15th consecutive quarter of positive comparable store sales increases with 7.1% growth, marking our third straight quarter of acceleration on a two-year comparable store sales basis."
At Home raised its fiscal 2018 pro forma adjusted EPS outlook to $0.77 to $0.79 from the $0.73 to $0.75 previously provided.
It expects sales of $939 million to $944 million, representing annual growth of 23%, based on 28 gross and 26 net new store openings and an assumed comparable store sales increase of 5.7% to 6.0%.
"Driven by our top line outperformance and industry-leading profitability, we more than doubled year-over-year pro forma adjusted EPS to $0.07, enabling us to raise our full year outlook while continuing to reinvest in the expansion of our business," Bird said.
As of November 29, 2017, At Home operates 149 stores in 34 states and is headquartered in Plano, Texas.