Business
Arhaus Announces Fourth Quarter and Full Year 2023 Financial Results
Full Year 2023 Record Net Revenue of $1.3 BillionAnnounces Special Cash Dividend and Full Year 2024 Guidance BOSTON HEIGHTS, Ohio, March 07, 2024 (GLOBE
About this update from Arhaus, Inc.
[{"type":"text","content":"Full Year 2023 Record Net Revenue of $1.3 BillionAnnounces Special Cash Dividend and Full Year 2024 Guidance BOSTON HEIGHTS, Ohio, March 07, 2024 (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 unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Highlights Net revenue of $344 millionComparable growth(1) of (6.8)%Net and comprehensive income of $31 millionAdjusted net income of $31 millionAdjusted EBITDA of $51 million Full Year 2023 Highlights Net revenue of $1.3 billionComparable growth(1) of 1.4%Net and comprehensive income of $125 millionAdjusted net income of $126 millionAdjusted EBITDA of $203 million Full Year 2024 Outlook Highlights Net revenue of $1.33 billion to $1.37 billionComparable growth(1) of (4.0)% to (2.0)%Net and comprehensive income of $95 million to $105 millionAdjusted EBITDA of $185 million to $200 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “Our vision as the premium home furnishing destination in the U.S. is to stand for impeccable design, incomparable craftsmanship, inspirational presentation and responsibly sourced home furnishings that are artisan-made to last for generations. In our endeavor to provide high quality, livable luxury furnishings, we delivered another outstanding year in 2023, with record net revenue of approximately $1.3 billion, net income of $125 million, and adjusted EBITDA of $203 million. We ended the year with over $223 million in cash and cash equivalents and a debt-free balance sheet. “Our Showroom growth was tremendous in 2023, with eleven new Showroom openings and eight renovation, relocation and expansion project completions. We are excited to continue to expand our brand awareness as we introduce the Arhaus Showroom experience to many more new clients across the U.S. “Our growth momentum and strategic investments continue in 2024, when we expect to add approximately nine to eleven new Showrooms: four to six Traditional Showroom formats, two Design Studios, and three outlets, along with several renovation, relocation and expansion projects. “We have introduced incredible new product to start 2024, building on the significant success we have s...