Arhaus Shares Up After Announcing Fourth Quarter and Full Year 2021 Financial Results
Mar 30, 2022 By MarketDepth
Arhaus, Inc. (NASDAQ: ARHS) shares jumper more than 18% after the Company reported financial results for the fourth quarter and full year ended December 31, 2021. For fourth quarter 2021 Arhaus reported net revenue increase of 46.3% to $238 million, compared to $163 million in the fourth quarter of 2020. The increase was driven primarily by increased demand in both Showroom and eCommerce channels as well as the delivery of orders in the backlog as our supply chain continues to catch up with client demand.
Revenue Up Over 50%
For full year net revenue in 2021 increased 57.1% to $797 million, compared to $507 million in 2020. The increase was driven primarily by increased demand in both Showroom and eCommerce channels as well as the delivery of orders in the backlog as our supply chain began to catch up with client demand. Net revenue from eCommerce increased 60.1% to $144 million.
Record Financial Performance
“2021 was a monumental year for Arhaus. In addition to our record financial performance, we achieved significant operational accomplishments this past year including the opening of a nearly 500,000 square foot distribution center and upholstery production facility in North Carolina, the start of a 230,000 square foot expansion of our distribution and corporate office facility in Ohio, the launch of a new website to enhance our client experience and analytic capabilities, and our transition to a public company with the November initial public offering of our Class A common stock. I am so proud of all that our team accomplished in 2021, and we are even more excited about the significant opportunities that lie ahead.”
Supply Chain Eases
“2022 is off to a strong start and we feel well positioned to deliver on our financial and operational goals in 2022. Supply chain constraints are beginning to ease on both the inbound and outbound side and we believe lead times will continue to improve. While raw material and transportation costs continue to be above historical averages, they are in-line with our expectations, positioning us to deliver on our goals for the year.”