At Home continued its positive growth momentum in the first quarter, with a jump in net sales and comps as the home décor retailer continues to expand.
For the first quarter ended April 29, net sales increased 23.1% to $211.8 million from $172.1 million in the previous first quarter. Comparable store sales increased 5.8%. Net income in the first quarter of the retailer’s fiscal 2018 was $10 million compared to $7.3 million in the first quarter of fiscal 2017. Earnings per share was $0.16 compared to $0.14 in the first quarter of fiscal 2017.
The company opened seven new stores in the first quarter and closed one store for rebuilding, which will reopen later this fiscal year. At Home ended the quarter with 129 stores in 31 states.
Lee Bird, chairman and CEO, At Home, said, “We are pleased to have started fiscal 2018 on a very positive note by delivering a 23% net sales increase, a 32% increase in pro forma adjusted net income and pro forma adjusted EPS of $0.19. This was our 12th consecutive quarter of over 20% net sales growth driven by broad-based success across new and existing stores, geographies and product categories. Comparable store sales increased 5.8%, representing our 13th consecutive quarter of positive comparable store sales growth. This strength and consistency demonstrates how well the At Home value proposition continues to resonate with customers as we expand our brand in both new and existing markets.”
He continued, “It is still early in the year, but we feel very good about our first quarter performance and are raising our top line expectations and the midpoint of our fiscal 2018 EPS outlook. We continue to pursue many exciting initiatives to drive sales and earnings performance in fiscal 2018, and the entire At Home team remains committed to constantly elevating our customer experience with exciting marketing campaigns, a compelling merchandise assortment at value pricepoints and an ever-improving in-store environment.”