Business
Arhaus Announces Second Quarter 2024 Financial Results
Net Revenue of $310 million, Net Income of $22 million and Adjusted EBITDA of $40 millionOpened Five New Showrooms in the Second QuarterLowering Full Year
About this update from Arhaus, Inc.
[{"type":"text","content":"Net Revenue of $310 million, Net Income of $22 million and Adjusted EBITDA of $40 millionOpened Five New Showrooms in the Second QuarterLowering Full Year 2024 Outlook BOSTON HEIGHTS, Ohio, Aug. 08, 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 financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Highlights Net revenue of $310 millionComparable growth(1) of (7.1)%Net and comprehensive income of $22 millionAdjusted EBITDA of $40 million Year-to-Date 2024 Highlights, through June 30 Net revenue of $605 millionComparable growth of (8.3)%Net and comprehensive income of $37 millionAdjusted EBITDA of $69 million 2024 Outlook Updated Net revenue of $1.25 billion to $1.29 billionComparable growth of (11.0)% to (8.0)%Net and comprehensive income of $55 million to $75 millionAdjusted EBITDA(8) of $125 million to $145 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “Our team delivered another quarter of solid operational execution, with several new showroom openings, successful new product development and important strategic investments to support our long term growth. “We have opened 8 new Showrooms in 6 states so far this year and are on pace to meet our goal of opening nine to eleven new Showrooms in 2024. We recently celebrated an important milestone, opening our 100th Showroom. I want to thank our teams across Arhaus for their efforts in this achievement. We have many years of growth ahead as we work toward our long term goal of 165 Traditional Showrooms and up to 100 Design Studios, allowing us to capitalize on our tremendous brand awareness opportunity. “Total demand(2) in the second quarter increased mid-single-digits. We continue to be very pleased with the performance of our new showrooms and our new showroom economics. “In the second quarter we saw demand comparable growth(3) soften to (3%). We have experienced tremendous growth over the past several years with second quarter demand comparable growth increases of 8.6% on a two-year stacked(4) basis and 31.1% on a three-year stacked(5) basis. I am so proud of the team’s execution while growing exponentially over the last several years and look forward to continuing to bu...