Business
Arhaus Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter Net Revenue Up 49.6% with Comparable Growth of 47.0% Full Year Net Revenue Up 54.2% with Comparable Growth of 51.6% BOSTON HEIGHTS, Ohio, March
About this update from Arhaus, Inc.
[{"type":"text","content":"Fourth Quarter Net Revenue Up 49.6% with Comparable Growth of 47.0% Full Year Net Revenue Up 54.2% with Comparable Growth of 51.6% BOSTON HEIGHTS, Ohio, March 09, 2023 (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, 2022. Fourth Quarter 2022 Highlights Net revenue increased 49.6% to $356 millionComparable Growth(1) of 47.0%Net and Comprehensive Income of $47 millionAdjusted Net Income of $48 millionAdjusted EBITDA increased 126.4% to $74 million Full Year 2022 Highlights Net revenue increased 54.2% to $1,229 millionComparable Growth(1) of 51.6%Net and Comprehensive Income of $137 millionAdjusted Net Income of $142 millionAdjusted EBITDA increased 81.1% to $223 million Full Year 2023 Outlook Highlights Net revenue of $1,240 million to $1,300 millionComparable Growth(1) of (4)% to 1%Net and Comprehensive Income of $95 million to $110 millionAdjusted EBITDA of $180 million to $195 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “I am so proud of the tremendous accomplishments of the Arhaus team in 2022. We achieved over $1.2 billion in net revenue, up 54% from 2021, with net income of $137 million and adjusted EBITDA of $223 million, an 81% increase over 2021. “Our remarkable fourth quarter performance was driven in large part by the investments in our supply chain and distribution infrastructure that enabled us to accelerate delivery of product in the backlog we had previously expected to deliver in 2023. This resulted in stronger than expected net revenue and earnings performance in the quarter, and most importantly, drove better delivery times and delighted our clients. “As we look to 2023, the year is off to a strong start, with demand comparable growth(2) in the first two months of the quarter up high-single-digits. We are very pleased to be continuing to invest in the business for growth this year, and these investments along with the uncertain macroeconomic backdrop and the pull-forward of backlog delivery into late 2022, are expected to temporarily weigh on net revenue and profitability. “Notably, we are most excited about our expected showroom enhancements in 2023 that include...