What happened
Shares of At Home (HOME) have popped today, up by 11% as of 2:45 p.m. EST, after the company updated its guidance for the fourth quarter and fiscal 2020. At Home provided the update ahead of presenting at an investor conference.
So what
Net sales and comparable-store sales in the fourth quarter are expected to come in near the high end of the company's previously provided guidance, which called for revenue of $385 million to $393 million and comps of negative 4% to negative 6%. The home furnishings retailer had cut its outlook for fiscal 2020 last month, citing "weaker performance in our Christmas offering."
Image source: Getty Images.
That should also put fiscal 2020 sales and comps near the high end of its outlook. At Home previously forecast fiscal 2020 revenue of $1.352 billion to $1.36 billion, with comps of negative 2% to negative 2.6%. The company is boosting the low end of its adjusted earnings per share guidance for both the fourth quarter and fiscal 2020. Fourth-quarter adjusted EPS is now expected to be $0.33 to $0.36, with 2020 adjusted EPS of $0.53 to $0.56.
Now what
"We are pleased with the improved performance of our business and remain on track to exit the fiscal year with a healthy inventory position and significant improvement in annual free cash flow," CEO Lee Bird said in a statement. "We look forward to sharing our fiscal 2020 results and fiscal 2021 outlook during our fourth quarter earnings call in late March."
Bird and CFO Jeff Knudson are set to present at the ICR Conference for investors later this afternoon at 4:30 p.m. EST.
