At Home Group (HOME) Tops Q3 EPS by 8c

At Home Group (NYSE: HOME) reported Q3 EPS of $0.71, $0.08 better than the analyst estimate of $0.63. Revenue for the quarter came in at $469.96 million versus the consensus estimate of $469.77 million.

• Delivers Q3 net sales increase of 47.5% and comparable store sales1 increase of 44.1%
• Achieves Q3 net income of $47.1 million and Q3 EPS of $0.71 compared to $(14.6) million and $(0.23), respectively, in the prior year period
• Increases Q3 Adjusted EBITDA1 by 184.9% to $93.8 million
• Lowers long-term debt to $314.5 million and improves leverage ratio1 to 0.9x

Lee Bird, Chairman and Chief Executive Officer, stated, “We not only delivered record comps of 44% in the third quarter, but also generated strong earnings flow through as well as excellent free cash flow. Our leverage ratio of 0.9x is our lowest ever as a public company and reflects continued strength in our business and the significant transformation of our balance sheet. Our inventory position is improving meaningfully, and fourth quarter performance to date has remained strong as our customers continue to find joy in refreshing their homes and decorating for the holidays.”

Mr. Bird continued, “Longer term, I couldn’t be more excited about our ability to expand our market share in a large, highly fragmented and growing industry. We have the potential to grow our store base nearly three times larger, and our real estate opportunities are only getting stronger. We also believe we can drive revenue per store significantly higher through both our in-store and omnichannel strategies. With our unique, value-oriented offering, talented team members, and growing loyalty base, we can be the home décor retailer of choice for years to come.”

Outlook & Key Assumptions

Given the unprecedented and continued uncertainty related to COVID-19, the Company is not providing formal guidance at this time.

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

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