At Home has revealed certain preliminary unaudited results for the fourth quarter and fiscal year ended January 25, 2020, with net sales and comps above the high end of its previous outlook.
Preliminary fourth quarter net sales are expected to be $397.7 million with comparable store sales down 3.1%. Pro forma adjusted earnings per share is approximately $0.37.
Preliminary net sales for fiscal 2020 is expected to be $1.365 billion with comp store sales down 1.7%. Pro forma adjusted earnings per share is approximately $0.57.
Lee Bird, chairman and CEO, At Home, said, “We are pleased with the comparable store sales improvement we delivered in the back half of the fourth quarter, our healthy inventory position to end the year and the $100-plus million improvement in free cash flow we made during fiscal 2020. Looking ahead to fiscal 2021 and beyond, our business strategy is centered around offering great products at great values. Our team is laser-focused on key initiatives to drive improvement in comps, profitability and free cash flow, including our new EDLP+ merchandising strategy, a sharper focus on category reinventions, enhancing our loyalty program, reducing new store cannibalization, and launching buy-online pick-up in store.”
Bird continued, “We are also closely monitoring the impact of the coronavirus outbreak on our supply chain and consumer demand while prioritizing the health of our team members and customers. Given the fluid nature of the situation, we look forward to sharing an update on current trends during our upcoming earnings call on March 24, 2020.”