Arhaus, Inc. Reports First Quarter Financial Results for 2023

May 4, 2023  by HFBusiness Staff in Business Strategy, Industry   

First Quarter 2023 Highlights

~ Net revenue increased 23.7% to $305 million

~ Comparable Growth of 21.0%

~ Net and Comprehensive Income of $34 million

~ Adjusted Net Income of $34 million

~ Adjusted EBITDA increased 75.8% to $55 million

2023 Outlook Reaffirmed

~ Net revenue of $1,240 million to $1,300 million

~ Comparable Growth of (4)% to 1%

~ Net and Comprehensive Income of $95 million to $110 million

~ Adjusted EBITDA of $180 million to $195 million

John Reed, Co-Founder and Chief Executive Officer, commented, “We are very pleased with our first quarter 2023 performance and are reaffirming our full year 2023 outlook.”

“In addition to the notable performance in our revenue and earnings, our first quarter demand comparable growth⁽²⁾ was 5.6%, with growth in the first two months of the year up high-single-digits and flat in March. In April, our demand comparable growth was flat.”

Reed concluded, “We believe that our strong debt-free balance sheet positions us well to successfully navigate the current macroeconomic backdrop while simultaneously executing on the initiatives that underpin our long-term growth strategy, including multiple new Showroom projects and new systems upgrades.”