At Home Group (HOME) Tops Q2 EPS by 10c, Revenues Beat

At Home Group (NYSE: HOME) reported Q2 EPS of $1.41, $0.10 better than the analyst estimate of $1.31. Revenue for the quarter came in at $515.24 million versus the consensus estimate of $514.97 million.

• Delivers Q2 net sales increase of 50.5% and comparable store sales1 increase of 42.3%
• Achieves Q2 net income of $89.4 million, EPS of $1.39 and Adjusted EBITDA1 of $159.7 million
• Total liquidity of $305.8 million; Net Debt1 to Adjusted EBITDA1 ratio of 1.4x on a trailing twelve months basis
• On August 20, 2020, issued $275 million of Senior Secured Notes due 2025; Repaid term loan in full
• On August 28, 2020, extended the maturity of ABL Facility by three years to 2025

Lee Bird, Chairman and Chief Executive Officer, stated, “We delivered the best quarter in the Company’s history in terms of comparable store sales, profitability and free cash flow, as well as our lowest leverage ratio since our IPO. We believe many of the key factors driving our strong performance have continued into the third quarter of fiscal 2020. To that effect, Q3 has started off exceptionally well with quarter-to-date comparable store sales relatively in line with Q2, as we continue to gain market share.”

Mr. Bird continued, “As a team, we are focused on putting At Home in a strong position to generate consistent and predictable results over the long term. Our revised long-term strategy put in place last year is yielding positive results this year, and we believe it will continue to propel us going forward. In addition, the recent completion of our debt refinancing provides us financial flexibility, addresses a key investor concern, and along with strong results, puts us in our best financial shape since going public four years ago.”

Outlook & Key Assumptions

Given the unprecedented and continued uncertainty related to COVID-19, the Company is not providing third quarter and fiscal year 2021 guidance at this time.

For earnings history and earnings-related data on At Home Group (HOME) click here.

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