PR Newswire
PLANO, Texas, Sept. 5, 2017
PLANO, Texas, Sept. 5, 2017 /PRNewswire/ --
At Home Group Inc. (NYSE: HOME), the home décor superstore, today announced its financial results for the second quarter ended July 29, 2017.
Lee Bird, Chairman and Chief Executive Officer, stated: "We are pleased to report 23% net sales growth and a 7.8% comparable store sales increase in the second quarter of fiscal 2018, which represents our 13th consecutive quarter of over 20% net sales growth and 14th consecutive quarter of positive comparable store sales increases. Customers continue to respond positively to our trend-relevant assortment of home décor at a compelling value, driving growth in both new and existing stores across a wide range of geographies, price points, everyday and seasonal merchandise. Our broad-based strength drove a 35% increase in pro forma adjusted net income1 and pro forma adjusted EPS1 of $0.18 while also enabling us to continue investing in the future of our business through lower prices, brand awareness and direct sourcing."
For the Thirteen Weeks Ended July 29, 2017
For the Twenty-six Weeks Ended July 29, 2017
Balance Sheet Highlights as of July 29, 2017
Fiscal 2018 Outlook & Key Assumptions
Chief Financial Officer Judd Nystrom stated: "We are very pleased with the strength of our business in the second quarter, and we are on track to deliver another year of strong financial and operational results, including our fourth consecutive year of over 20% net sales growth. Given our year-to-date performance, we are raising our fiscal 2018 net sales outlook to $916 million to $923 million from $906 million to $913 million, driven in part by an annual comparable store sales increase of approximately 3.5%. We remain focused on reinvesting in our long-term growth opportunities such as direct sourcing while increasing incentive compensation for our hard-working team members. We are pleased to be reiterating our fiscal 2018 pro forma adjusted EPS outlook of $0.73 to $0.75 despite this reinvestment as well as some third quarter headwinds related to Hurricane Harvey." Below is an overview of our outlook for selected fiscal 2018 financial data and related assumptions:
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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 pro forma adjusted net income for fiscal 2018 excludes an estimated pre-tax adjustment of $10.7 million in non-cash stock-based compensation related to the special one-time IPO bonus grant.
Conference Call Details
A conference call to discuss the second quarter fiscal 2018 financial results is scheduled for today, September 5, 2017, 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 13667902. The replay will be available until September 12, 2017.
Terminology
We define certain terms used in this release as follows:
"Adjusted EBITDA" means net income before interest expense, net, 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, costs associated with new store openings, relocation and employee recruiting incentives, management fees and expenses, stock-based compensation expense and non-cash rent.
"Adjusted Net Income" means net income adjusted for certain one-time expenses associated with our IPO, non-cash stock-based compensation related to a special one-time IPO bonus grant, the tax impact of such adjustments and losses incurred due to the modification of debt.
"adjusted operating income" means operating income adjusted for certain one-time expenses associated with our IPO and non-cash stock-based compensation 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 non-cash stock-based compensation 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.
"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" means diluted shares outstanding on a pro forma basis after giving effect to the shares of common stock issued in the 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 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 2018, 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 28, 2017, as filed with the Securities and Exchange Commission ("SEC") on April 5, 2017, 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, the home décor superstore, is focused on providing customers with the broadest assortment of home décor products to suit every room, every style and every budget. With a wide assortment of over 50,000 items throughout our stores, At Home enables customers to express themselves and create a home that reflects their personality and style. Our differentiated merchandising strategy allows us to identify trends and then value engineer products to provide the aesthetics our customers want at attractive price points. Our highly efficient operating model seeks to drive growth and profitability while minimizing operating risk, ultimately allowing us to deliver exceptional value to our customers. We utilize a flexible and disciplined real estate strategy that enables us to successfully open and operate stores across a wide range of formats and markets. We believe that our broad and comprehensive offering and compelling value proposition combine to create a leading destination for home décor. As of September 5, 2017, At Home operates 137 stores in 33 states and is headquartered in Plano, Texas. For more information, visit investor.athome.com.
-Financial Tables to Follow-
AT HOME GROUP INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | | |||||||||
| | | | | | | | | | |
| | July 29, 2017 | | January 28, 2017 | | July 30, 2016 | | |||
Assets | | | | | | | | | | |
Current assets: | | | | | | | | | | |
Cash and cash equivalents | | $ | 9,895 | | $ | 7,092 | | $ | 8,145 | |
Inventories, net | | | 272,791 | | | 243,795 | | | 212,604 | |
Prepaid expenses | | | 5,164 | | | 6,130 | | | 4,423 | |
Other current assets | | | 5,937 | | | 1,860 | | | 5,553 | |
Total current assets | | | 293,787 | | | 258,877 | | | 230,725 | |
Property and equipment, net | | | 439,279 | | | 340,358 | | | 324,122 | |
Goodwill | | | 569,732 | | | 569,732 | | | 569,732 | |
Trade name | | | 1,458 | | | 1,458 | | | 1,440 | |
Debt issuance costs, net | | | 2,015 | | | 1,202 | | | 1,442 | |
Restricted cash | | | 619 | | | 482 | | | 392 | |
Noncurrent deferred tax asset | | | 40,681 | | | 40,735 | | | 14,726 | |
Other assets | | | 328 | | | 549 | | | 5,116 | |
Total assets | | $ | 1,347,899 | | $ | 1,213,393 | | $ Werbung Mehr Nachrichten zur Home Federal Bancorp, Inc. Aktie kostenlos abonnieren
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