At Home said it is emerging from the pandemic in a healthy position, reporting certain preliminary unaudited results for the second quarter ended July 25 including a comparable store sales increase of approximately 42%.
Preliminary net sales came in at $515 million and net income was at least $82 million. Net sales in the second quarter of 2019 were $342.3 million and net income was $10.4 million.
Total liquidity— cash plus more than $250 million of availability under the company’s existing credit facility— was more than $280 million, including approximately $33 million in its net proceeds from sale leaseback transactions. In July 2020, At Home sold three of properties, one each in Grand Chute, WI, Cincinnati, OH, and Lutz, FL, for a total of approximately $33 million, and leased back the properties.
Lee Bird, chairman and At Home CEO, stated, “We are emerging from this pandemic stronger and even better positioned, and we believe we are gaining meaningful market share. As a home décor category killer, we are becoming the go-to place for consumers looking for a one-stop shop that offers a wide and deep assortment, compelling everyday low prices, the convenience of omnichannel shopping and safe social distancing afforded by our large store format.”
Bird added, “Our business continued to be strong following the initial re-opening period that was likely impacted by pent-up demand and stimulus spending. Our momentum continued despite competitor re-openings, liquidations and a resurgence in coronavirus cases in certain markets. We expect to report the best quarter in our history as a public company in terms of comparable store sales, sales and profitability, and the lowest leverage ratio. At the same time, we remain excited about the large, untapped opportunity in front of us.”