Shares of luxury furniture retailer Arhaus, Inc. (NASDAQ: ARHS) plummeted by 5.04% on November 7, 2024, after the company reported lackluster third-quarter 2024 financial results and provided weaker-than-expected guidance for the upcoming quarter and full year.
In its Q3 2024 earnings report, Arhaus missed analysts' estimates on key metrics. The company reported net revenue of $319.1 million, missing the consensus estimate of $328.9 million by 3%. Additionally, Arhaus' earnings per share (EPS) of $0.07 fell short of the expected $0.08, representing a 9.1% miss. The company's EBITDA of $23.11 million also came in 14% below analysts' expectations of $26.88 million.
Arhaus' profitability metrics also declined compared to the same quarter last year, with gross margin falling to 38.6% from 46.5%, operating margin contracting to 3.3% from 7.3%, and EBITDA margin decreasing to 7.2% from 10.3%. Furthermore, the company reported a 9.2% year-on-year decline in same-store sales, reversing its longer-term positive trend.
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