Business
Arhaus Announces Third Quarter 2022 Financial Results
Net Revenue Up 57.4% with Comparable Growth of 54.3%Reaffirms Revenue Outlook and Raises Earnings Outlook for Full Year 2022 BOSTON HEIGHTS, Ohio, Nov. 10,
About this update from Arhaus, Inc.
[{"type":"text","content":"Net Revenue Up 57.4% with Comparable Growth of 54.3%Reaffirms Revenue Outlook and Raises Earnings Outlook for Full Year 2022 BOSTON HEIGHTS, Ohio, Nov. 10, 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 third quarter ended September 30, 2022. Third Quarter 2022 Highlights Net revenue increased 57.4% to $320 millionComparable Growth(1) of 54.3%Net and Comprehensive Income of $37 millionAdjusted Net Income of $38 millionAdjusted EBITDA increased 86.6% to $57 million Year-to-Date 2022 Highlights, through September 30 Net revenue increased 56.2% to $873 millionComparable Growth(1) of 53.5%Net and Comprehensive Income of $90 millionAdjusted Net Income of $95 millionAdjusted EBITDA increased 64.6% to $148 million 2022 Outlook Net revenue of $1,173 million to $1,193 millionComparable Growth(1) of 43% to 48%Net and Comprehensive Income of $109 million to $115 millionAdjusted EBITDA of $185 million to $192 million CEO Comments John Reed, Co-Founder and Chief Executive Officer, commented, “We delivered another quarter of strong growth in revenue and earnings driven by outstanding execution by our team in implementing our growth strategies and managing our profitability, an improving supply chain and continued demand growth. As our industry faces a dynamic environment with inflationary pressure and macroeconomic challenges, our results in the quarter reflect the strength of our business. “We are reaffirming our full year net revenue and comparable growth outlook for 2022 and raising our full year net income and adjusted EBITDA outlook. As we look to the future, we remain confident in our strategy and are focused on delivering long-term growth.” Third Quarter 2022 Results Net revenue increased 57.4% to $320 million, compared to $203 million in the third quarter of 2021. The increase was driven by strong demand in both Showroom and eCommerce channels, as well as continued improvements across our supply chain. Comparable growth(1) was 54.3% and demand comparable growth(2) was 15.8% in the third quarter of 2022. Income from operations increased to $47 million, compared to $16 million in the third quarter of 2021, primarily driven by higher net revenue. The benefit from hig...