Home décor superstore on a roll; ramps up expansion
At Home Group Inc. delivered a strong fourth quarter and full-year performance as it continues to build out its store portfolio.
The value home furnishings chain opened 26 stores last year, for a total of 149 locations in 34 states. It will open 31 stores in 2018. The company said it has the potential to grow to four times its current footprint.
At Home’s net income dropped to $9.9 million in the quarter ended January 27, compared to the $15.3 million in the year-ago period. The company cited non-cash charges of $16.7 million in tax expense triggered by the new tax act and a $2.4 million pre-tax impairment.
Net sales rose 25.2% to $293.7 million. The increase was driven by the net addition of 26 stores and a same-store sales increase of 5.7%. It was the chain’s 16th consecutive quarter of positive comp increases.
For the full year, At Home reported net income of $31.8 million, compared with $27.1 million for the previous year. Net sales increased 24.1% to $950.5 million. Same-store sales rose 6.5%
“We ended fiscal 2018 on a very strong note, delivering our 15thconsecutive quarter of over 20% net sales growth and our 16th consecutive quarter of positive comparable store sales increases,” said At Home chairman and CEO Lee Bird. “We expect fiscal 2019 to be another great year for At Home from both a top and bottom line perspective.”
To support its long-term store growth, At Home will open a second distribution center early next year.
The value home furnishings chain opened 26 stores last year, for a total of 149 locations in 34 states. It will open 31 stores in 2018. The company said it has the potential to grow to four times its current footprint.
At Home’s net income dropped to $9.9 million in the quarter ended January 27, compared to the $15.3 million in the year-ago period. The company cited non-cash charges of $16.7 million in tax expense triggered by the new tax act and a $2.4 million pre-tax impairment.
Net sales rose 25.2% to $293.7 million. The increase was driven by the net addition of 26 stores and a same-store sales increase of 5.7%. It was the chain’s 16th consecutive quarter of positive comp increases.
For the full year, At Home reported net income of $31.8 million, compared with $27.1 million for the previous year. Net sales increased 24.1% to $950.5 million. Same-store sales rose 6.5%
“We ended fiscal 2018 on a very strong note, delivering our 15thconsecutive quarter of over 20% net sales growth and our 16th consecutive quarter of positive comparable store sales increases,” said At Home chairman and CEO Lee Bird. “We expect fiscal 2019 to be another great year for At Home from both a top and bottom line perspective.”
To support its long-term store growth, At Home will open a second distribution center early next year.