Shares of Arhaus, Inc. (NASDAQ: ARHS), a leading luxury furniture retailer, plunged as much as 6.8% in premarket trading on Wednesday after the company reported disappointing third-quarter 2024 financial results and provided weaker-than-expected guidance for the upcoming quarter and full year.
Arhaus reported Q3 2024 net revenue of $319.1 million, missing analysts' estimates of $328.9 million by 3%. The company's earnings per share (EPS) of $0.07 also fell short of the consensus estimate of $0.08, marking a 9.1% miss. Additionally, Arhaus' Q3 2024 EBITDA of $23.11 million came in 14% below analysts' expectations of $26.88 million.
The company's 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, Arhaus reported a 9.2% year-on-year decline in same-store sales, reversing its longer-term positive trend.
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