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Jun 30, 2024
Arhaus Q2 2024 Earnings Report
Reported net revenue of $310 million and net income of $22 million.
Key Takeaways
Arhaus reported second quarter net revenue of $310 million and net income of $22 million. The company opened five new showrooms and is adjusting expectations for the second half of the year, lowering the full year outlook due to consumer and demand comparable growth trends.
Net revenue was $310 million.
Comparable growth was (7.1)%.
Net and comprehensive income was $22 million.
Adjusted EBITDA was $40 million.
Arhaus
Arhaus
Forward Guidance
Arhaus is adjusting its expectations for the second half of the year and lowering its full year outlook. Net revenue is expected to be $1.25 billion to $1.29 billion, comparable growth of (11.0)% to (8.0)%, net income of $55 million to $75 million, and adjusted EBITDA of $125 million to $145 million.
Positive Outlook
- Company plans to open nine to eleven new Showrooms in 2024.
- The company also plans to renovate, relocate and expand several locations.
- Strong, debt-free balance sheet allows the company to continue to invest in industry-leading growth.
- Company will continue to expand showroom footprint.
- Company will continue to increase brand awareness and invest to drive operational efficiency.
Challenges Ahead
- Consumer and demand comparable growth trends have softened.
- Full year outlook has been lowered.
- Comparable growth is expected to be (11.0)% to (8.0)%.
- Net income is expected to be $55 million to $75 million.
- Adjusted EBITDA is expected to be $125 million to $145 million.