Diego Thomazini
Arhaus (NASDAQ:ARHS) reported revenue growth of 57.4% in Q3 to $320M.
The retailer said the sizzling growth was driven by strong demand in both Showroom and eCommerce channels, as well as continued improvements across thesupply chain. Comparable growth was up 54.3% during the quarter and demand comparable growth was 15.8% compared to a year ago.
Income from operations almost tripled to $47M in Q3 from $16M a year ago. The benefit from higher net revenue was partially offset by variable expense related to the increased net revenue, including higher product, transportation and variable rent expense, as well as higher credit card fees related to increased interest rates and demand.
Adjusted EBITDA increased 86.6% to $57M during the quarter.
CEO update: “We delivered another quarter of strong growth in revenue and earnings driven by outstanding execution by our team in implementing our growth strategies and managing our profitability, an improving supply chain and continued demand growth. As our industry faces a dynamic environment with inflationary pressure and macroeconomic challenges, our results in the quarter reflect the strength of our business.”
Looking ahead, ARHS sees revenue of $1.173B to $1,193B vs. consensus of $1.19B.
Shares of Arhaus (ARHS) skyrocketed 29.17% in premarket action on Thursday to $11.78 on very light volume.
Image and article originally from seekingalpha.com. Read the original article here.