At Home Group Inc. (NYSE:HOME) Q3 2020 Earnings Conference Call - Final Transcript

Dec 04, 2019 • 04:30 pm ET


At Home Group Inc. (NYSE:HOME) Q3 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the At Home Third Quarter Fiscal 2020 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to your host, Mr. Arvind Bhatia, Vice President of Investor Relations. Thank you. You may begin.

Arvind Bhatia

Thank you, Deven. Good afternoon, everyone and thank you for joining us today for At Home's third quarter fiscal year 2020 earnings results conference call. On the call today are Chairman and Chief Executive Officer, Lee Bird; President and Chief Operating Officer, Peter Corsa; and Chief Financial Officer, Jeff Knudson. After the team has made their formal remarks, we will open the call to questions.

Before we begin, I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements about our outlook and assumptions for financial performance for fiscal years 2020 and 2021 and our long-term growth targets as well as statements about the markets in which we operate, expected new store openings, real estate strategy, potential growth opportunities, future capital expenditures, future cash flows and the impact of tariffs are forward-looking statements.

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those are referred to in At Home's press release issued today and in filings that At Home makes with the SEC. The forward-looking statements made today are as of the date of this call and At Home does not undertake any obligation to update any forward-looking statement.

Finally, the speakers may refer to certain adjusted or non-GAAP financial measures on this call, such as adjusted EBITDA, adjusted operating income, adjusted net income, and adjusted earnings per share. A reconciliation schedule showing the GAAP versus non-GAAP financial measures is available in At Home's press release issued today. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of the website at In addition, from time to time, At Home expects to provide certain supplemental materials or presentations for investor reference on the Investor Relations page of its website.

I will now turn the call over to Lee. Lee?

Lewis L. Bird

Thank you, Arvind. Good afternoon, everyone and thank you for joining us to discuss our results for the third quarter of fiscal 2020. We delivered a healthy third quarter performance with nearly all of our guided metrics exceeding our expectations. Strong new store productivity drove more than 19% sales growth, representing our 23rd straight quarter of at least high teens revenue growth. We continued our West Coast expansion with stores in Kennewick, Washington and Riverside, California. We also opened new stores in Wisconsin, Nebraska and Chicago suburbs and we expanded along the East Coast from Ellington Florida to Turnersville, New Jersey. Overall, our total sales outperformance helped drive Q3 adjusted operating margin and adjusted