One home goods retailer has seen its sales soar during the coronavirus pandemic, with consumers flocking to its website and stores for new patio furniture and office accessories. And it has big goals to grow, while many retailers are slimming down, or some in its category like Pier 1 Imports are going out of business entirely.
The CEO of Plano, Texas-based At Home told CNBC’s Kelly Evans Friday afternoon that the company could grow from the 219 locations it has today to more than 600 shops nationwide.
“We’re a growth company,” Chief Executive Lee Bird said. “We’ve been growing almost 20% … for the past seven years.”
While some have been struggling through the Covid-19 crisis and seen sales tumble, At Home’s business is booming, according to a recent preliminary earnings report.
Earlier this week, At Home released preliminary, unaudited results for its latest quarter ended July 25. It said quarterly same-store sales are expected to be up 42%. And At Home’s second-quarter net income is forecast to be least $82 million, with sales amounting to about $515 million.
“We think this is going to last for some time,” Bird said Friday about people investing in their homes. “People are going to feel a lot more comfortable staying at home than being out. … After 9/11, people stayed at home … and that was a multi-year benefit for our industry.”
At Home shares have soared more than 123% this year. The company has a market cap of $778.6 million.