At Home said it delivered the best quarter in the company’s history, as the home décor retailer seemed to regain its footing as it reopened stores following the shutdown during the coronavirus pandemic.
Net sales in the second quarter ended July 25 increased 50.5% to $515.2 million from $342.3 million in the previous second quarter. Sales were driven by a 42.3% increase in comparable store sales and the net increase in open stores. The increase in comparable store sales was driven by strong demand as the company reopened stores following the lifting of state and local restrictions related to COVID-19, and the continued rollout of omnichannel initiatives.
Net income was $89.4 million compared to $10.4 million in the second quarter of fiscal 2020. Earnings per share was $1.39 compared to $0.16 in the second quarter of fiscal 2020.
Lee Bird, chairman and CEO, At Home, said, “We delivered the best quarter in the company’s history in terms of comparable store sales, profitability and free cash flow, as well as our lowest leverage ratio since our IPO. We believe many of the key factors driving our strong performance have continued into the third quarter of fiscal 2020. To that effect, Q3 has started off exceptionally well with quarter-to-date comparable store sales relatively in line with Q2, as we continue to gain market share.”
Bird continued, “As a team, we are focused on putting At Home in a strong position to generate consistent and predictable results over the long term. Our revised long-term strategy put in place last year is yielding positive results this year, and we believe it will continue to propel us going forward. In addition, the recent completion of our debt refinancing provides us financial flexibility, addresses a key investor concern, and along with strong results, puts us in our best financial shape since going public four years ago.”