At Home Group in strong finish to ‘transformational’ year
At Home Group Inc. reported a 31% increase in fourth-quarter same-store sales as home décor sales continue to thrive during the pandemic.
The value home goods retailer’s net sales increased 41.3% to $562.0 million for the quarter ended Jan. 30, which contained one additional week, from $397.7 million in the year-ago period primarily due to comparable store sales growth and the favorable impact of the 53rd week. Excluding the impact of the extra week, fourth-quarter fiscal 2021 net sales increased 33.4%. Comparable store sales increased 30.8%.
Net income totaled $72.7 million compared to a $224.1 million net loss in the fourth quarter of fiscal 2020. Adjusted net income was $72.6 million compared to $23.9 million in the prior-year period.
“The fourth quarter was a very strong finish to a transformational year for At Home,” said chairman and CEO Lee Bird. We delivered comps of nearly 31% for the quarter, leading to record-setting full-year comps above 19% and free cash flow improvement of more than $400 million. We achieved these results despite unprecedented challenges during the year, including mandated store closures and inventory constraints, a clear testament to our compelling value proposition, competitive positioning and incredibly dedicated team members.”
For the full year, net sales increased 27.3% to $1,737 billion, driven by comparable-store sales growth and the net increase in open stores. Excluding the impact of the 53rd week in fiscal 2021, net sales increased 25.0%
At Home’s net loss improved to $149.7 million from $214.4 million in fiscal 2020.
“As we look forward, we have never been more confident in our ability to capture the large opportunity ahead,” Bird said. We are in the early innings of many exciting initiatives, and we remain focused on delivering strong and consistent results.”
Bird added that the company is prioritizing its efforts in three key areas: new customer retention and growth, optimizing its inventory position, and the enhanced execution of its At Home 2.0 strategy.
“With the resumption of new store openings, we have reignited a key growth engine on our long-term journey to 600+ stores,” Bird said. “We believe the tailwinds of strong home sales, nesting and de-urbanization are likely to continue over the foreseeable future, and we are excited to be a key player taking share in a large and growing industry.”
At Home ended the quarter with 219 stores in 40 states.