At Home Group Inc (NYSE:HOME) reported upbeat results for its second quarter. However, the company did not issue any guidance due to uncertainty surrounding COVID-19.
The Plano, Texas-based company opened one new store in the second quarter of fiscal 2021 and ended the quarter with 219 stores in 40 states. The Company has opened a net 15 stores since the second quarter of fiscal 2020, representing a 7.4% increase.
Net sales increased 50.5% to $515.2 million from $342.3 million in the quarter ended July 27, 2019 driven by 42.3% increase in comparable store sales and the net increase in open stores.
Gross profit increased 95.3% to $196.1 million from $100.4 million in the second quarter of fiscal 2020. Gross margin increased 880 basis points to 38.1% from 29.3% in the prior year period.
Net income was $89.4 million compared to $10.4 million in the second quarter of fiscal 2020.
EPS was $1.39 compared to $0.16 in the second quarter of fiscal 2020. Pro forma adjusted EPS was $1.41 compared to $0.18 in the second quarter of fiscal 2020.
CEO Lee Bird said, "We believe many of the key factors driving our strong performance have continued into the third quarter of fiscal 2020. To that effect, Q3 has started off exceptionally well with quarter-to-date comparable store sales relatively in line with Q2, as we continue to gain market share."
Shares dropped $5.65, or 17.7%, to $17.68.
