For the fourth quarter ended January 28, the At Home Group posted net income of $15.3 million, or 25 cents per diluted share, versus $58.8 million, or $1.12 per diluted share, in the period the year before.
Adjusted net income, without the effects of one-time charges and benefits, was $17.4 million, or 28 cents per share, versus $8.6 million, or 14 cents per share, in the fiscal 2016 period. Adjusted net income per diluted share exceeded a MarketBeat analyst average estimate of 26 cents.
Comparable store sales gained 7.1%. Net sales in the quarter were $234.5 million versus $185.5 million in the period a year prior. Operating income was $29.3 million as compared with $19.7 million in the year-previous quarter. Adjusted operating income was $31.9 million versus $19.8 million in the quarter a year earlier.
For the full fiscal year, At Home posted net income of $27.1 million, or 48 cents per diluted share, versus $3.6 million, or seven cents per diluted share, in the year before. Adjusted net income was $36.5 million, or 59 cents per diluted share, versus $25.4 million, or 41 cents per share, in fiscal 2016.
Comps advanced 3.7%. Net sales in the full year were $765.6 million versus $622.2 million in the period a year prior. Operating income was $72.7 million as compared with $62.2 million in the year-previous. Adjusted operating income was $78.8 versus $62.6 million in the year earlier.
“We are pleased to report results for our 11th consecutive quarter of over 20% net sales growth and our 12th consecutive quarter of positive comparable store sales growth,” said Lee Bird, At Home president and CEO. “Our fourth quarter outperformance was driven by strong new store results accompanied by a 7.1% comparable store sales increase as we further elevated our holiday assortment and capitalized on an inventory opportunity identified earlier in the year, both of which were well-received by our customers. Our unparalleled in-store home décor assortment, together with our compelling value pricepoints, are resonating with our customers now more than ever. Looking ahead to the upcoming year, we have robust marketing and merchandising plans in place and a pipeline of store opportunities we are very excited about. Our long-term growth runway is substantial with potential to increase store count to nearly five times our current footprint. We have a young brand that has significant room to grow and a value proposition that is increasingly relevant in today’s retail environment. We are focused on disciplined execution and building on our progress in fiscal 2018.”
At Home operates 123 locations in 30 states.
