Business
Arhaus Announces Third Quarter 2021 Financial Results
Strong Revenue Growth with Both Retail and eCommerce up 69% Compared to Third Quarter 2020 BOSTON HEIGHTS, Ohio, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Arhaus,
About this update from Arhaus, Inc.
[{"type":"text","content":"Strong Revenue Growth with Both Retail and eCommerce up 69% Compared to Third Quarter 2020\nBOSTON HEIGHTS, Ohio, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Arhaus, Inc. (NASDAQ: ARHS; “Arhaus” or the “Company”), a rapidly growing lifestyle brand and omni-channel retailer of premium home furnishings, reported financial results for the third quarter ended September 30, 2021. John Reed, Co-Founder and Chief Executive Officer, commented, “We are extremely pleased with our third quarter results and underlying trends in our business. During the third quarter, we generated record quarterly revenue and continued to see very strong demand for our products. In the quarter, net revenue increased 68.7%, comparable growth was 61.3%, net and comprehensive income was up 1736.9%, adjusted EBITDA increased 215.3%, and we ended the quarter with 77 total showrooms across 28 states. “At a time when consumers are investing in their homes and looking for more functional living spaces, our globally curated assortment of hand-crafted products made by leading artisan vendors around the world is clearly resonating with consumers. We have an incredible team of people dedicated to building the Arhaus brand, and we are making investments across the organization to scale our business and capitalize on the strong demand trends. We believe we are in a position to significantly increase our showroom footprint and drive profitable long-term growth.” Third Quarter 2021 Results Net revenue increased 68.7% to $203 million, compared to $121 million in the third quarter of 2020. The increase was driven primarily by increased demand in both Showroom and eCommerce channels as well as the delivery of orders in the backlog as our supply chain begins to catch up with client demand. Comparable growth(1) in the quarter was 61.3%, compared to a decrease of 3.7% in the third quarter of 2020. Income from operations increased 281.9% to $16 million, compared to $4 million in the third quarter of 2020, primarily driven by the increase in net revenue and associated leverage of fixed costs, partially offset by higher product and transportation costs related to the increased net revenue, higher SG&A expenses to support the growth of the business, higher commissions in our Showrooms related to strong demand, and one-time initial public offering (\"IPO\") expenses. Net and comprehensive incom...