Despite a colder spring selling season, At Home cruised through the first quarter as the retailer continued to gain sales and expand its store footprint.
For the first quarter ended April 28, At Home Group posted net income of $18.4 million, or 28 cents per diluted share, versus $10 million, or 16 cents per diluted share, in the previous first quarter. Adjusted net income, excluding one-time charges, was $20.1 million, or 31 cents per share, versus $12 million, or 19 cents per share, in the year-prior quarter. Adjusted earnings per share topped a MarketBeat-published consensus analyst estimate of 28 cents.
Net sales gained 20.9% to $256.2 million from the year-previous quarter, driven by the net addition of 27 stores since the year-earlier period and a comparable store sales increase of 0.9%. In the first quarter itself, At Home opened nine stores and relocated two, ending the quarter with 156 stores in 34 states.
Operating income was $24.2 million versus $21.3 million in the period a year before. Adjusted operating income was $26 million compared with $24 million in the year prior.
Lee Bird, At Home chairman and CEO, said, “We are very pleased to deliver our 16th consecutive quarter of over 20% net sales growth and our 17th consecutive quarter of positive comparable store sales increases, especially in light of a particularly wet and cold spring selling season. While the adverse weather was a headwind to our outdoor and seasonal categories, customers responded enthusiastically to our indoor and everyday merchandise, most notably in our warm weather markets. We ended the first quarter on a strong note and have generated positive momentum to date in the second quarter. As a result, we are reaffirming our top-line expectations and raising our profitability outlook for fiscal 2019. We continue to expect another great year for At Home and for customers that love our broad selection of value-priced, trend-right home décor.”