At Home advanced its sales performance in the fourth quarter and fiscal year as it continues to expand its store footprint.
For the fourth quarter ended January 27, the At Home Group posted net income of $9.9 million, or 15 cents per diluted share, versus $15.3 million, or 25 cents per dilute share, in the year-earlier period. With one-time financial impacts excluded, adjusted net income was $32.3 million, or 50 cents per diluted share, versus $17.4 million, or 28 cents per diluted share, in the year-prior period.
Adjusted diluted earnings per share topped a MarketBeat-published analyst average estimate of 35 cents.
Comparable store sales advanced 5.7% in the quarter year over year. Net sales for the quarter were $293.7 million versus $234.5 million in the year-previous period.
In the full fiscal year, At Home recorded net income of $31.8 million, or 50 cents per diluted share, versus $27.1 million, or 48 cents per diluted share, in the year earlier. Adjusted net income was $59.8 million, or 94 cents per diluted share, versus $36.5 million, or 59 cents per diluted share, in the year prior.
Comparable store sales gained 6.5% year over year. Net sales in the fiscal year were $950.5 million versus $765.6 million in the year previous.
Lee Bird, At Home chairman and CEO, said, “We ended fiscal 2018 on a very strong note, delivering our 15th consecutive quarter of over 20% net sales growth and our 16th consecutive quarter of positive comparable store sales increases. Our full year net sales growth of 24% was propelled by the record performance of our fiscal 2018 class of new stores and a comparable store sales increase of 6.5%. Our merchandising and marketing initiatives, along with the broad appeal of our value pricepoints, continue to resonate with customers. In addition to our top-line performance, we invested in our top priorities of marketing and new store growth while driving consistent gross margins and meaningful adjusted operating margin expansion.”
Bird added, “We expect fiscal 2019 to be another great year for At Home from both a top- and bottom-line perspective. With the potential to grow to four times our current footprint, we are in the early innings of progress on many long-term opportunities. As we further expand across both new and existing markets, we remain committed to executing on our strategies to increase brand awareness, elevate our in-store experience, and provide customers with fresh, trend-right home décor at a great value.”