PR Newswire
PLANO, Texas, March 22, 2018
PLANO, Texas, March 22, 2018 /PRNewswire/ --
At Home Group Inc. (NYSE: HOME), the home décor superstore, today announced its financial results for the fourth quarter and fiscal year ended January 27, 2018.
Lee Bird, Chairman and Chief Executive Officer, stated: "We ended fiscal 2018 on a very strong note, delivering our 15th consecutive quarter of over 20 percent net sales growth and our 16th consecutive quarter of positive comparable store sales increases. Our full year net sales growth of 24% was propelled by the record performance of our fiscal 2018 class of new stores and a comparable store sales increase of 6.5%. Our merchandising and marketing initiatives, along with the broad appeal of our value price points, continue to resonate with customers. In addition to our top line performance, we invested in our top priorities of marketing and new store growth while driving consistent gross margins and meaningful adjusted operating margin1 expansion.
We expect fiscal 2019 to be another great year for At Home from both a top and bottom line perspective. With the potential to grow to four times our current footprint, we are in the early innings of progress on many long-term opportunities. As we further expand across both new and existing markets, we remain committed to executing on our strategies to increase brand awareness, elevate our in-store experience, and provide customers with fresh, trend-right home décor at a great value."
For the Thirteen Weeks Ended January 27, 2018
For the Fiscal Year Ended January 27, 2018
Balance Sheet Highlights as of January 27, 2018
Subsequent Events
Outlook & Key Assumptions
Chief Financial Officer Judd Nystrom stated: "We look forward to delivering another strong year of growth and progress on our strategic initiatives in fiscal 2019. Our outlook assumes net sales growth of 21% to 22%, pro forma adjusted net income growth of 30% to 36%, and a 20% effective tax rate driven by the recent changes to tax legislation and the accounting treatment for stock-based compensation. We expect that direct sourcing benefits, coupled with the fixed cost leverage inherent in our high-growth financial model, will enable us to invest in the future of our business through lower prices, incremental store labor, enhanced marketing programs, the largest planned new store class in our history, and a second distribution center to support our long-term plans." Below is an overview of our outlook and related assumptions for selected first quarter and fiscal year 2019 financial data.
For fiscal 2019, we expect:
For the first quarter of fiscal 2019, we expect:
_______________ | |
1 | Represents a non-GAAP financial measure. For additional information about non-GAAP measures, including reconciliations to the most directly comparable financial measures presented in accordance with GAAP, please see "Non-GAAP Measures" below. |
2 | Projected adjusted operating income and pro forma adjusted net income exclude pre-tax non-cash stock-based compensation costs related to the special one-time IPO bonus grant of approximately $1.2 million and $2.4 million, respectively, for the first quarter and fiscal year 2019. |
Conference Call Details
A conference call to discuss the fourth quarter and fiscal 2018 financial results is scheduled for today, March 22, 2018, at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-0789 (international callers please dial 201-689-8562) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call, together with related materials, will be available online at investor.athome.com.
A recorded replay of the conference call will be available within two hours of the conclusion of the call and can be accessed both online at investor.athome.com and by dialing 844-512-2921 (international callers please dial 412-317-6671). The pin number to access the telephone replay is 13675732. The replay will be available until March 29, 2018.
Terminology
We define certain terms used in this release as follows:
"Adjusted EBITDA" means net income before interest expense, net, loss from extinguishment of debt, income tax provision and depreciation and amortization, adjusted for the impact of certain other items permitted by our debt agreements, including certain legal settlements and consulting and other professional fees, relocation and employee recruiting incentives, management fees and expenses, stock-based compensation expense and non-cash rent.
"Adjusted Net Income" means our net income, adjusted for impairment charges, loss on extinguishment of debt, initial public offering related non-cash stock-based compensation expense, transaction costs related to our initial public offering and the registration of shares of our common stock on behalf of our Sponsors, losses incurred due to the modification of debt and tax impacts associated with the Tax Act.
"adjusted operating income" means operating income adjusted for impairment charges, certain one-time expenses associated with our IPO and the registration of shares of our common stock on behalf of our Sponsors as well as non-cash stock-based compensation costs related to a special one-time IPO bonus grant.
"adjusted SG&A" means selling, general and administrative expenses adjusted for certain one-time expenses associated with our IPO and the registration of shares of our common stock on behalf of our Sponsors as well as non-cash stock-based compensation costs related to a special one-time IPO bonus grant.
"comparable store sales" means, for any reporting period, the change in period-over-period net sales for the comparable store base, beginning with stores on the second day of the sixteenth full fiscal month following the store's opening. When a store is being relocated or remodeled, we exclude sales from that store in the calculation of comparable store sales until the second day of the sixteenth full fiscal month after it reopens. In this release, "two-year comparable store sales basis" refers to the sum of the increase in comparable store sales for each of the current and preceding fiscal years.
"EPS" means diluted earnings per share.
"GAAP" means accounting principles generally accepted in the United States.
"pro forma adjusted net income" means Adjusted Net Income adjusted for interest on indebtedness repaid during the periods presented, the tax impact of adjustments to Adjusted Net Income and the normalization of income tax rates to reflect comparability between periods.
"pro forma adjusted EPS" means pro forma adjusted net income divided by pro forma diluted weighted average shares outstanding.
"pro forma diluted weighted average shares outstanding" for fiscal 2017 means diluted shares outstanding on a pro forma basis after giving effect to the shares of common stock issued in our IPO as if it had occurred at the beginning of the periods presented.
"Store-level Adjusted EBITDA" means Adjusted EBITDA, adjusted further to exclude the impact of costs associated with new store openings and certain corporate overhead expenses, which we do not consider in our evaluation of the ongoing performance of our stores from period to period.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by our use of forward-looking terminology such as "anticipate", "are confident", "assumed", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "on track", "plan", "potential", "predict", "seek", "should", or "vision", or the negative thereof or other variations thereon or comparable terminology. In particular, statements about our outlook and assumptions for financial performance for fiscal 2019, as well as statements about the markets in which we operate, expected new store openings, our real estate strategy, potential growth opportunities and future capital expenditures and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions or future events or performance contained in this document are forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those factors described in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended January 27, 2018 and other reports that we file with the Securities and Exchange Commission ("SEC"), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements contained in this release are not guarantees of future performance and our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate, may differ materially from the forward-looking statements contained in this release. In addition, even if our results of operations, financial condition and liquidity, and events in the industry in which we operate, are consistent with the forward-looking statements contained in this release, they may not be predictive of results or developments in future periods.
Any forward-looking statement that we make in this release speaks only as of the date of such statement. Except as required by law, we do not undertake any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this document.
About At Home Group Inc.
At Home (NYSE:HOME), the home decor superstore, offers more than 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor. At Home is headquartered in Plano, Texas, and currently operates 151 stores in 34 states. For more information, please visit us online at investor.athome.com.
-Financial Tables to Follow-
AT HOME GROUP INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| |||||||
| | January 27, 2018 | | January 28, 2017 | | ||
Assets | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | | $ | 8,525 | | $ | 7,092 | |
Inventories, net | | | 269,844 | | | 243,795 | |
Prepaid expenses | | | 7,911 | | | 6,130 | |
Other current assets | | | 13,701 | | | 1,860 | |
Total current assets | | | 299,981 | | | 258,877 | |
Property and equipment, net | | | 466,263 | | | 340,358 | |
Goodwill | | | 569,732 | | | 569,732 | |
Trade name | | | 1,458 | | | 1,458 | |
Debt issuance costs, net | | | 1,978 | | | 1,202 | |
Restricted cash | | | — | | | 482 | |
Noncurrent deferred tax asset | | | 33,561 | | | 40,735 | |
Other assets | | | 316 | | | 549 | |
Total assets | | $ | 1,373,289 | | $ | 1,213,393 | |
Liabilities and Shareholders' Equity | | | | | | | |
Current liabilities: | | | | | | | |
Accounts payable | | $ | 79,628 | | $ | 58,425 Werbung Mehr Nachrichten zur Home Federal Bancorp, Inc. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |