Bob’s reported first post-IPO earnings while reaffirming aggressive national store expansion and long-term growth plans.
Manchester-based Bob’s Discount Furniture on Thursday reported its latest quarterly earnings since going public earlier this year, posting higher sales and reaffirming aggressive expansion plans even as profits declined due to debt refinancing and IPO-related costs.
The furniture retailer said first-quarter net revenue increased 8.5% to $578.1 million, up from $532.8 million a year earlier. Comparable sales rose 1.2%, driven by customers spending more per purchase in stores and online
Bob’s reported net income of $2.5 million, or 2 cents per diluted share, down from $13.1 million, or 12 cents per share, in the year-ago period. The company said results were impacted by costs tied to paying off debt following its February initial public offering, which raised about $331 million.
Expansion remains a central focus for the retailer, which has outlined plans to grow to more than 500 stores nationally by 2035.
Bob’s said it opened five new stores during the quarter and ended March with 214 locations across 26 states. The company still expects to open about 20 stores during fiscal 2026.
In February, Ch
ief Financial Officer Carl Lukach told Hartford Business Journal the company planned to fund long-term store growth through operating cash flow rather than IPO proceeds.
The company said it invested $23.3 million in capital expenditures during the quarter, primarily tied to its store expansion program.
“We have a long track record of opening new units every year in all economic cycles,” Lukach said at the time. “In good times and more challenging times, we’ve always reinvested in the business, opened new units and took market share along the way.”
Founded in Newington in 1991, Bob’s employs nearly 1,000 people in Connecticut.
Correction: An earlier version of this story incorrectly stated this was Bob’s Discount Furniture’s first quarterly earnings report as a public company. The company had previously reported quarterly results after its IPO.
