Business
Arhaus Announces Second Quarter 2023 Financial Results
Net Revenue Up with Strong Net Income and Adjusted EBITDARobust Demand Comparable Growth in the Second Quarter BOSTON HEIGHTS, Ohio, Aug. 09, 2023 (GLOBE
About this update from Arhaus, Inc.
[{"type":"text","content":"Net Revenue Up with Strong Net Income and Adjusted EBITDARobust Demand Comparable Growth in the Second Quarter BOSTON HEIGHTS, Ohio, Aug. 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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights Net revenue increased 2.2% to $313 millionComparable Growth(1) of (0.8)%Net and Comprehensive Income of $40 millionAdjusted Net Income of $40 millionAdjusted EBITDA increased 5.5% to $64 million Year-to-Date 2023 Highlights, through June 30 Net revenue increased 11.7% to $617 millionComparable Growth of 8.9%Net and Comprehensive Income of $74 millionAdjusted Net Income of $75 millionAdjusted EBITDA increased 29.4% to $119 million 2023 Outlook Updated Net revenue of $1,250 million to $1,290 millionComparable Growth(1) of (2)% to 1%Net and Comprehensive Income of $102.5 million to $112.5 millionAdjusted EBITDA of $187.5 million to $197.5 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “The second quarter of 2023 marks another quarter of exceptional demand comparable growth(2), up 11.6%. In July, our demand comparable growth was up high-single-digits. We also had another quarter of very strong earnings, despite lower than expected net revenue in the quarter. Net revenue was lower due to delivery delays as we scale our distribution and IT systems in response to the rapid and substantial growth we have experienced over the past few years. “We continue to execute on our Showroom expansion this year, adding three new Showrooms during the second quarter in Naperville, Illinois, Topanga, California and Grapevine, Texas, and we are very pleased with the strong performance of our new Showrooms. Last week we opened a new Showroom in Peabody, Massachusetts and expect to open six more over the balance of the year. \"With a successful first half of 2023 behind us, we are narrowing our full year 2023 net revenue outlook and increasing our net income and adjusted EBITDA outlook. “We are also announcing today that Tim Kuckelman, who has served as our Chief Operating Officer since September 2022, left the Company effective August 8, 2023. I would like to thank Tim for his contributions to Ar...