Artisanal furniture retailer Arhaus, Inc. (Nasdaq: ARHS) shares surged as much as 31% in early trade after the company posted stronger-than-expected sales and raised its full-year guidance.
Net revenue for the second quarter increased 66.4% to $306 million, almost entirely driven by comparable growth. Adjusted Ebitda jumped 76.4% to $60 million.
Taking the second quarter strength into account, the company now expects full-year net revenue of $1,173 million to $1,193 million, led by comparable growth of 43% to 48%. Adjusted Ebitda is expected to reach a range of $173 million to $180 million.
The guidance raise followed a similar increase after the company posted first quarter results.
“We are pleased with our continued strong financial performance in the second quarter. Net revenue, comparable growth, demand comparable growth, and profitability were above expectations, and our team executed with excellence, leveraging our supply chain investments and further shrinking delivery times,” said John Reed, Co-Founder and Chief Executive Officer. “I am incredibly proud of our team and all they continue to accomplish. Given our strong first half of the year performance, we are again increasing our full year outlook for 2022.”
Arhaus went public in November of 2021 on Nasdaq, when Exec Edge sister platform IPO Edge published a detailed analysis of the company.
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