Business
Arhaus Provides Fourth Quarter and Full Year 2022 Revenue Outlook Update
BOSTON HEIGHTS, Ohio, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Arhaus, Inc. (NASDAQ: ARHS; “Arhaus” or the “Company”), a rapidly growing lifestyle brand and
About this update from Arhaus, Inc.
[{"type":"text","content":"BOSTON HEIGHTS, Ohio, Jan. 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, announced certain updated expectations for the Company’s fourth quarter and full year 2022 net revenue, comparable growth(1) and demand comparable growth(2) in advance of management’s meetings with analysts and investors at the 25th Annual ICR Conference. John Reed, Co-Founder and Chief Executive Officer, commented, “We are encouraged by the outstanding performance and continued momentum in our business in the fourth quarter resulting in expected full year 2022 record net revenue exceeding $1 billion and expected comparable growth of approximately 51%. Demand comparable growth for the fourth quarter accelerated from the mid-single-digit range through early November to approximately 10% for the quarter overall and was approximately 13.5% for the full year. “Looking forward, while we are mindful of the current economic backdrop, we are excited about the multiple opportunities for growth that lie ahead as we expand our showroom footprint, accelerate our brand awareness, and continue to enhance our omni-channel and technology capabilities while making the necessary investments to support our growth and leverage our scale.” Outlook The table below presents our updated expectations for selected full year 2022 financial results and implied fourth quarter 2022 expectations derived from the outlook. Full Year 2022Current GuidancePrevious GuidanceImplied 4Q 2022Net revenue$1,223 to $1,228 million$1,173 to $1,193 million$351 to $356 millionComparable growth(1)51.0% to 51.4%43% to 48%45.5% to 46.5% ________________________ (1) Comparable growth is a key performance indicator and is defined as the year-over-year percentage change of the dollar value of orders delivered (based on purchase price), net of the dollar value of returns (based on amount credited to client), from our comparable Showrooms and eCommerce, including through our direct-mail catalog.(2) Demand comparable growth is a key performance indicator and is defined as the year-over-year percentage change of demand from our comparable Showrooms and eCommerce, including through our direct-mail catalog. About Arhaus Founded in 1986, Arhaus is a rapidly growing lifestyle ...