by BOSTON HEIGHTS, Ohio — Lifestyle home furnishings retailer Arhaus has increased its revenue projections for 2024 amid what the company described as the strength of its product offerings and effectiveness of its marketing campaigns.
The company projects full-year 2024 revenues ranging from $1.27 billion, to $1.28 billion, up from $1.23 billion to $1.25 billion expectations previously. For the fourth quarter, it anticipates revenues of $343 million to $353 million.
“We are pleased with the momentum in our business in the fourth quarter, with demand comparable growth of approximately 6% despite a low-single-digit demand comp decline in October,” said Arhaus CEO and co-founder John Reed. “This performance reflects the strength of our product offerings and the effectiveness of our marketing campaigns. As a result of this momentum, we are raising our net revenue expectations for full year 2024 to $1.27 billion to $1.28 billion, an increase of approximately $35 million versus prior expectations. While comparable growth is expected to decline between 9% to 8% as we lap last year’s abnormal backlog deliveries, this reflects an improvement compared to our prior expectations.
“Looking ahead, we are excited about the opportunities for growth as we continue to source new product offerings, expand our showroom footprint, accelerate our brand awareness, and enhance our omni-channel capabilities while making the necessary investments to support our growth.”
The company also announced that Chief Financial Officer Dawn Phillipson is stepping down to pursue another career opportunity outside the furniture industry.
“On behalf of Arhaus, I want to thank Dawn for her significant contributions over the past nine years,” Reed said. “Her leadership has been instrumental in our company’s growth and success. Dawn is supported by a talented, experienced finance team that will continue to serve the company and its shareholders. We thank Dawn for all her efforts and wish her well in her new role.”
Dawn Phillipson added, “It has been a privilege to work as part of the Arhaus team and I am very proud of the milestones we have achieved over the past several years, along with the progress Arhaus has made, and will continue to make, in delivering incredible product and showroom experiences to its clients. Arhaus is well positioned to continue driving its growth initiatives with a strong balance sheet, clear strategic direction and dedicated team.”
The company is now searching for a replacement.
