Home décor superstore At Home Group (NYSE: HOME) reported quarterly earnings of 3 cents per share, which missed the analyst consensus estimate of 4 cents. This is a 90.32-percent decrease over earnings of 31 cents per share from the same period last year.
At Home reported quarterly sales of $306.264 million, which beat the analyst consensus estimate of $303.27 million. This is a 19.56-percent increase over sales of $256.161 million the same period last year.
At Home cuts FY2020 adjusted EPS guidance from $1.02-$1.08 to 67 cents-74 cents, and sales from $1.39 billion-$1.41 billion To $1.37 billion-$1.39 billion compared to a $1.4 billion estimate.
“It was a challenging first quarter as we faced unusually adverse weather across a majority of our markets, resulting in comparable store sales below our expectations,” said Lee Bird, CEO of At Home in a press release.
“However, favorability in new store weeks and the solid productivity of our non-comp stores enabled us to deliver nearly 20 percent net sales growth and adjusted earnings per share at the low end of our outlook range. Because of the challenging weather, we have already taken swift markdown actions in order to sell through the necessary product at lower than expected margins and head into the fall in a cleaner inventory position."
At Home's stock traded down 35 percent to $11.35 per share in Thursday's pre-market session.
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