By Dean Seal
Arhaus raised its full-year revenue outlook as business picked up in the final stretch of 2024, and separately said its chief financial officer is stepping down.
The home furnishings retailer said Wednesday that CFO Dawn Phillipson is leaving to pursue another career opportunity outside of the home furnishings industry. An external search for her successor is under way.
The Boston Heights, Ohio-based company also said it now expects $1.27 billion to $1.28 billion in revenue for fiscal 2024, up from previous guidance for $1.23 billion to $1.25 billion.
The company had forecast $1.33 billion to $1.37 billion in fiscal 2024 revenue when it reported the prior year's results in March. Arhaus slashed that target to $1.25 billion to $1.29 billion after second-quarter results were released in August, and trimmed it further following third-quarter results in November.
Chief Executive John Reed said the business picked up momentum in the final quarter of the year, with comparable sales growth of about 6% despite a small decline in October.
The company is now on track for an 8% to 9% decline in full-year comparable sales, which is better than its previous outlook for an 11% to 12% drop and comes as the company laps abnormal backlog deliveries a year ago.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 08, 2025 18:00 ET (23:00 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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