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At Home Comp Gains Drive Q2 Sales

At Home continued its streak of comparable store sales growth in a positive second quarter. The retailer also appointed a new chief financial officer.

In the second quarter, the company reported a net loss of $10.1 million, or 16 cents per share, compared to net income of $9.5 million, or 15 cents per share but adjusted net income of $22.6 million, or 34 cents per share, versus $11.1 million, or 18 cents per share, in the year-earlier period.

Comparable store sales in the quarter increased 2.8% year over year. Net sales increased 24.3% to $288.5 million versus the year-prior quarter. Operating loss was $11.8 million versus operating income of $20.3 million, but adjusted operating income was $31.6 million compared to $23 million in the year-before period.

Lee Bird, At Home chairman and CEO said, “As we celebrate two years as a public company, we are very pleased to deliver solid top line results and outstanding profitability for the second quarter of fiscal 2019. Exceptional new store productivity and our 18th consecutive quarter of positive comparable store sales increases drove net sales above our expectations and enabled us to deliver our 17th consecutive quarter of over 20% top line growth. We also significantly expanded gross margin and more than doubled pro forma adjusted net income to $22.6 million while continuing to invest for the long term through strategic in-store projects as well as brand awareness and direct sourcing initiatives. The continued momentum in our business and the customer response to our broad, value-priced offering in both new and existing markets position us well to continue to successfully expand our store footprint and drive sustainable long-term top and bottom line growth.”

In addition, At Home has appointed a new chief financial officer. Jeffery Knudson comes to At Home from CVS Health, where he was svp/finance and retail controller. He replaces Judd Nystrom, who is leaving At Home to explore early-stage growth opportunities, according to the company.