Business
Arhaus Raises Fourth Quarter and Full Year 2024 Revenue Outlook
BOSTON HEIGHTS, Ohio, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Arhaus, Inc. (“Arhaus” or the “Company”) (NASDAQ: ARHS), a rapidly growing lifestyle brand and
About this update from Arhaus, Inc.
[{"type":"text","content":"BOSTON HEIGHTS, Ohio, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Arhaus, Inc. (“Arhaus” or the “Company”) (NASDAQ: ARHS), 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 2024 net revenue, comparable growth(1) and demand comparable growth(2). John Reed, Co-Founder and Chief Executive Officer, said, “We are pleased with the momentum in our business in the fourth quarter, with demand comparable growth(2) of approximately 6% despite a low-single-digit demand comp decline in October. This performance reflects the strength of our product offerings and the effectiveness of our marketing campaigns. As a result of this momentum, we are raising our net revenue expectations for full year 2024 to $1.27 billion to $1.28 billion, an increase of approximately $35 million versus prior expectations. While comparable growth(1) is expected to decline between 9% to 8% as we lap last year’s abnormal backlog deliveries, this reflects an improvement compared to our prior expectations. “Looking ahead, we are excited about the opportunities for growth as we continue to source new product offerings, expand our showroom footprint, accelerate our brand awareness, and enhance our omni-channel capabilities while making the necessary investments to support our growth.” Outlook The table below presents our updated expectations for selected full year 2024 financial results and implied fourth quarter 2024 expectations derived from the outlook. Full Year 2024Current GuidancePrevious GuidanceImplied Q4 2024Net revenue$1.27 billion to $1.28 billion$1.23 billion to $1.25 billion$343 million to $353 millionComparable growth(1)(9%) to (8%)(12%) to (11%)(7%) to (6%) The Company also announced today that Dawn Phillipson, Chief Financial Officer, is stepping down from her role to pursue another career opportunity outside of the home furnishings industry. “On behalf of Arhaus, I want to thank Dawn for her significant contributions over the past nine years,” said John Reed. “Her leadership has been instrumental in our company's growth and success. Dawn is supported by a talented, experienced finance team that will continue to serve the company and its shareholders. We thank Dawn for all her efforts and wish her well in her new role.” Dawn Ph...