Daily News
From Home Furnishing Business
Arhaus, Inc. Releases Third Quarter Financial Results
November 2,
2023 by HFBusiness Staff in Business Strategy, Industry 
Arhaus, Inc., a rapidly growing lifestyle brand and omni-channel retailer of premium artisan-crafted home furnishings, reported financial results for the third quarter ended September 30, 2023.
Third Quarter 2023 Highlights
Net revenue of $326 million
Comparable Growth(1) of (2.1)%
Net and Comprehensive Income of $20 million
Adjusted Net Income of $20 million
Adjusted EBITDA of $34 million
Year-to-Date 2023 Highlights, through September 30
Net revenue of $944 million
Comparable Growth(1) of 4.8%
Net and Comprehensive Income of $94 million
Adjusted Net Income of $95 million
Adjusted EBITDA of $152 million
2023 Outlook Updated
Net revenue of $1,265 million to $1,285 million
Comparable Growth(1) of (1)% to 1%
Net and Comprehensive Income of $112.5 million to $117.5 million
Adjusted EBITDA of $192.5 million to $197.5 million
CEO Comments
John Reed, Co-Founder and Chief Executive Officer, commented,
“We are very pleased with our third quarter financial performance and are raising the midpoint of our full year outlook for net revenue, net income and adjusted EBITDA. We had another exceptional quarter of demand comparable growth(2) in the third quarter, up 11.7%.”
“We experienced strong demand across all regions, products and channels. Our new product launches in September have been incredibly well received by our clients, and these industry-leading product designs elevated both our fall catalog and the look and feel of our inspirational Showrooms.”
“Our new Showroom expansions continue to progress this year. To date, we have opened six new Showrooms, most recently a location in West Hartford, Connecticut.”
“We are opening showrooms in Coral Gables, Florida and Huntington Station, New York, followed by three new California Showroom locations in December. We are thrilled with the strong performance of our new Showrooms and excited to add these great new locations to our Showroom portfolio.”
“As we close out this year and begin to look to 2024, we are focused on continuing to expand our collections of heirloom quality, artisan-crafted furniture, growing our Showroom footprint with several more exciting new locations to come in 2024, and improving our systems and making the necessary investments to support our growth for many years into the future.”