Business
Arhaus Announces Fourth Quarter and Full Year 2021 Financial Results
Achieves Full Year Records for Revenue and Earnings BOSTON HEIGHTS, Ohio, March 30, 2022 (GLOBE NEWSWIRE) -- Arhaus, Inc. (NASDAQ: ARHS; “Arhaus” or the
About this update from Arhaus, Inc.
[{"type":"text","content":"Achieves Full Year Records for Revenue and Earnings\nBOSTON HEIGHTS, Ohio, March 30, 2022 (GLOBE NEWSWIRE) -- Arhaus, Inc. (NASDAQ: ARHS; “Arhaus” or the “Company”), a rapidly growing lifestyle brand and omni-channel retailer of premium artisan-crafted home furnishings, reported financial results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Highlights Net revenue increased 46.3% to $238 millionComparable Growth(1) of 40.5%Net and Comprehensive Income of $7 millionAdjusted Net Income of $17 millionAdjusted EBITDA increased 14.0% to $33 million Full Year 2021 Highlights Net revenue increased 57.1% to $797 millionComparable Growth(1) of 51.0%Net and Comprehensive Income of $37 millionAdjusted Net Income of $83 millionAdjusted EBITDA increased 77.0% to $123 million Full Year 2022 Outlook Highlights Net revenue of $1,130 million to $1,170 millionComparable Growth(1) of 35% to 45%Net and Comprehensive Income of $70 million to $80 millionAdjusted EBITDA of $145 million to $155 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “2021 was a monumental year for Arhaus. In addition to our record financial performance, we achieved significant operational accomplishments this past year including the opening of a nearly 500,000 square foot distribution center and upholstery production facility in North Carolina, the start of a 230,000 square foot expansion of our distribution and corporate office facility in Ohio, the launch of a new website to enhance our client experience and analytic capabilities, and our transition to a public company with the November initial public offering of our Class A common stock. I am so proud of all that our team accomplished in 2021, and we are even more excited about the significant opportunities that lie ahead. “2022 is off to a strong start and we feel well positioned to deliver on our financial and operational goals in 2022. Supply chain constraints are beginning to ease on both the inbound and outbound side and we believe lead times will continue to improve. While raw material and transportation costs continue to be above historical averages, they are in-line with our expectations, positioning us to deliver on our goals for the year.” Fourth Quarter 2021 Results Net revenue increased 46.3% to $238 million, compared to $163 million in the f...