Arhaus, Inc. has raised its net revenue outlook for the fourth quarter and full year 2024, citing a momentum in its business and strong product offerings. The company now expects full year 2024 net revenue to be in the range of $1.27 billion to $1.28 billion, representing an increase of approximately $35 million compared to prior expectations.
The company anticipates a demand comparable growth of approximately 6% for the fourth quarter, despite a low-single-digit demand comp decline in October. This performance is attributed to the strength of its product offerings and the effectiveness of its marketing campaigns.
When comparing the updated guidance to the previous outlook, the following changes are observed:
- Net revenue for full year 2024 has been raised from $1.23 billion to $1.25 billion to the new range of $1.27 billion to $1.28 billion.
- Comparable growth is expected to improve, with the decline narrowing from between 12% to 11% to the new range of between 9% to 8%.
Furthermore, the company announced the departure of Dawn Phillipson, Chief Financial Officer, who is stepping down to pursue another career opportunity outside of the home furnishings industry. An external search for her successor is actively underway.
Founded in 1986, Arhaus, Inc. is a lifestyle brand and omni-channel retailer of premium home furnishings, offering an exclusive assortment of sustainably sourced products. The company operates over 100 showrooms and design center locations across the United States and provides in-home design services in addition to its online and ecommerce capabilities. Today the company's shares have moved 0.0% to a price of $9.46. For the full picture, make sure to review Arhaus's 8-K report.
