At Home Group Inc. (NYSE:HOME) Q3 2021 Earnings Conference Call - Final Transcript

Dec 01, 2020 • 04:30 pm ET


At Home Group Inc. (NYSE:HOME) Q3 2021 Earnings Conference Call - Final Transcript


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Greetings and welcome to the At Home Third Quarter Fiscal Year 2021 Earnings Conference Call. [Operator Instructions]

I would now like to turn this conference over to your host, Mr. Arvind Bhatia, Vice President, Investor Relations. Please go ahead, sir.

Arvind Bhatia

Good afternoon everyone and thank you for joining us today for At Home's third quarter fiscal year 2021 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 within the meaning of the Federal Securities laws. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause our actual results or performance to differ materially from such statements. Known risks and uncertainties are referred to in At Home's press release issued today and in our SEC filings, including our Annual Report on Form 10-K and subsequent reports.

The forward-looking statements made today are as of the date of this call or other specified dates and At Home does not undertake any obligation to update any forward-looking statements except as required by law. Any discussion during this call of our results for the current quarter to date are subject to variability and may not be indicative of our results or trends for any full reporting period.

Finally, the speakers may refer to certain non-GAAP financial measures on this call. A reconciliation schedule showing the comparable 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

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

Lewis L. Bird

Thanks, Arvind. I hope all of you are staying safe and healthy. Along with the rest of our team, I'd like to express my heartfelt gratitude for those who will continue to serve on the front lines and our hope for a swift end to the current health crisis.

With respect to the third quarter, I'm pleased to report the highest ever comp and the best Q3 in our history as a public company. Our Q3 comp growth was a record 44% and our total sales were $470 million, up more than 47%. Our new non-comp store performance was also strong reflecting the successful execution of our real estate strategy. These stores are performing well above our expectations in terms of sale, profits and return on investment.

Q3 GAAP EPS of $0.71 was significantly above our preliminary expectations of $0.58 to $0.62 due to stronger-than-expected flow-through. Our leverage ratio at the end of Q3 was 0.9 times, our lowest ratio ever as a public company, beating the record of 1.4 times that was achieved just last quarter. This was