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At Home Group Inc. Announces Fourth Quarter Fiscal 2021 Financial Results

Delivers Q4 net sales increase of 41.3% to $562.0 million and comparable store sales increase of 30.8%
Achieves record Q4 net income of $72.7 million and EPS of $1.08
Drives Q4 Adjusted EBITDA1 increase of 94.4% to $119.6 million
Delivers Fiscal 2021 net sales increase of 27.3% to $1.737 billion and comparable store sales increase of 19.4%
Lowers long-term debt to $314.3 million and improves leverage ratio1 to 0.5x from 3.2x last year

Plano, Texas, March 23, 2021 -- At Home Group Inc. (NYSE: HOME), the home décor superstore, today announced its financial results for the fourth quarter and fiscal year ended January 30, 2021, both of which contained one additional week (“53

rd week”).

Lee Bird, Chairman and Chief Executive Officer, stated, “The fourth quarter was a very strong finish to a transformational year for At Home. We delivered comps of nearly 31% for the quarter, leading to record-setting full year comps above 19% and free cash flow improvement of more than $400 million. We achieved these results despite unprecedented challenges during the year, including mandated store closures and inventory constraints, a clear testament to our compelling value proposition, competitive positioning and incredibly dedicated team members. Our unmatched breadth and depth of assortment at everyday low prices, low-cost structure and omnichannel focus remain key differentiators for us.”

Mr. Bird continued, “As we look forward, we have never been more confident in our ability to capture the large opportunity ahead. We are in the early innings of many exciting initiatives, and we remain focused on delivering strong and consistent results. We are prioritizing our efforts in three key areas: new customer retention and growth, optimizing our inventory position, and the enhanced execution of our At Home 2.0 strategy. With the resumption of new store openings, we have reignited a key growth engine on our long-term journey to 600+ stores. We believe the tailwinds of strong home sales, nesting and de-urbanization are likely to continue over the foreseeable future, and we are excited to be a key player taking share in a large and growing industry.”

For the Fourteen Weeks Ended January 30, 2021

The Company opened no new stores in the fourth quarter of fiscal 2021 and ended the quarter with 219 stores in 40 states. The Company opened a net seven stores since the fourth quarter of fiscal 2020, representing a 3.3% increase.
Net sales increased 41.3% to $562.0 million from $397.7 million in the fourth quarter of fiscal 2020 primarily due to comparable store sales growth and the favorable impact of the 53rd week. Excluding the impact of the 53rd week, fourth quarter fiscal 2021 net sales increased 33.4%. Comparable store sales increased 30.8% driven by strong demand and the continued rollout of our strategic initiatives.
Net sales in the 53rd week of fiscal 2021 were $31.4 million. The Company estimates that the 53rd week contributed $15.9 million to gross profit, $11.6 million to operating income and Adjusted EBITDA1, and $0.14 of EPS to the fourth quarter and fiscal year 2021.
Gross profit increased 91.5% to $218.4 million from $114.1 million in the fourth quarter of fiscal 2020. Gross margin increased 1,020 basis points to 38.9% from 28.7% in the prior year period primarily driven by product margin expansion, leverage on our occupancy costs and depreciation expense as a result of increased sales, and lower freight expenses incurred when stores were closed at the onset of the COVID-19 pandemic.
Selling, general and administrative expenses (“SG&A”) increased 56.9% to $115.9 million from $73.8 million in the prior year period. As a percentage of net sales, SG&A increased 200 basis points to 20.6% from 18.6%, primarily due to increased incentive compensation and advertising expenses year over year, partially offset by operating leverage on higher sales.
Operating income was $100.3 million compared to a $209.1 million operating loss in the fourth quarter of fiscal 2020, which included a non-cash goodwill impairment charge of $250.0 million. Adjusted operating income1 increased to $100.3 million from $38.2 million in the prior year period. Adjusted operating margin1 increased 830 basis points to 17.9% from 9.6% driven by the gross margin and SG&A factors described above, including an estimated 120 basis point favorable impact from the 53rd week.

1


The following information was filed by At Home Group Inc. (HOME) on Tuesday, March 23, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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