Business
Arhaus Announces Second Quarter 2022 Financial Results
Net Revenue Up 66.4% with Comparable Growth of 65.2%Demand Comparable Growth of 22.5%Raising Full Year 2022 Outlook to Reflect Q2 Outperformance BOSTON
About this update from Arhaus, Inc.
[{"type":"text","content":"Net Revenue Up 66.4% with Comparable Growth of 65.2%Demand Comparable Growth of 22.5%Raising Full Year 2022 Outlook to Reflect Q2 Outperformance BOSTON HEIGHTS, Ohio, Aug. 11, 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 second quarter ended June 30, 2022. Second Quarter 2022 Highlights Net revenue increased 66.4% to $306 millionComparable Growth(1) of 65.2%Net and Comprehensive Income of $37 millionAdjusted Net Income of $39 millionAdjusted EBITDA increased 76.4% to $60 million Year-to-Date 2022 Highlights, through June 30 Net revenue increased 55.5% to $553 millionComparable Growth of 53.1%Net and Comprehensive Income of $53 millionAdjusted Net Income of $56 millionAdjusted EBITDA increased 53.4% to $92 million 2022 Outlook Raised Net revenue of $1,173 million to $1,193 millionComparable Growth(1) of 43% to 48%Net and Comprehensive Income of $92 million to $98 millionAdjusted EBITDA of $173 million to $180 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “We are pleased with our continued strong financial performance in the second quarter. Net revenue, comparable growth, demand comparable growth(2), and profitability were above expectations, and our team executed with excellence, leveraging our supply chain investments and further shrinking delivery times. Strong demand trends throughout the quarter reflect our beautiful new product assortments that are resonating with our clients, including our new Outdoor collections, our inspirational showrooms and our new website experience. “During the quarter we opened two new showrooms in Colorado Springs, Colorado and in White Plains, New York. Our new showrooms continue to perform incredibly well and are driving increased brand awareness as we continue to execute our growth strategy, moving from 80 showrooms today to what we believe will be 165 total traditional showrooms over time. Our target is to add five to seven new traditional showrooms per year for the foreseeable future. We are also excited to announce we have been so pleased with our Design Studio performance to date that we are planning to open two to three additional Design Studios in the next several months. “I am in...