At Home has released its preliminary unaudited results for the third quarter, pointing to strong comparable store sales growth.
Preliminary unaudited results for the third quarter ended October 24 include net sales of approximately $470 million, representing 47% growth year-over-year. Comparable store sales increased approximately 44%. The retailer’s Insider Perks program grew 42% year-over-year to 8.3 million members.
Earnings per share are expected to be $0.58 to $0.62, including a $0.04 impact of debt refinancing costs, as compared to EPS of $0.23 and adjusted EPS of $0.00 in the third quarter of fiscal 2020. Total liquidity (cash plus availability under its existing credit facility) is expected to be more than $350 million. The company also anticipates significant improvement in leverage ratio to its lowest level since its initial public offering.
Lee Bird, chairman and CEO, At Home, said, “At Home’s third quarter comparable store sales growth of 44% established a new high watermark for our business, even higher than our record second quarter. We believe we are continuing to gain meaningful market share and emerge as a major winner in the home décor space. The successful execution of our At Home 2.0 strategies, including EDLP+ campaigns, category reinventions, loyalty program expansion and omnichannel offerings, along with our healthy balance sheet, leave us well-positioned to thrive. We also expect to remain a beneficiary of favorable macro trends such as nesting and de-urbanization.”
Bird continued, “Looking ahead, our exciting new holiday assortment is now available in stores as well as online for curbside pickup and local delivery. Our new partnership with Postmates through Pickup will expand our local delivery platform and add speed and convenience for our customers, just in time for a busy holiday season.”