Bob’s Discount Furniture reported solid second-quarter results in line with expectations as it continues to expand its footprint, particularly in the Southeastern US and broaden its appeal across a wide range of incomes.
The retailer, which went public earlier this year, reaffirmed its full-year outlook along with plans to open approximately 20 new stores this year, representing 10 per cent year-over-year growth. Bob’s opened four stores during the quarter, bringing year-to-date openings to nine.
The openings included the chain’s first two stores in South Carolina, marking its entry into its 27th state. Bob’s also opened two stores in the Charlotte area, increasing its North Carolina footprint to eight locations. Another store is planned for the back half of the year.
“Looking ahead, our development pipeline remains on track with a number of openings planned around Labor Day, including our entry into Tennessee with four new stores,” President and CEO Bill Barton said on the company’s earnings call.
Bob’s, which had a total of 218 locations at the end of the second quarter, continues to see a clear path to more than 500 stores by 2035, Barton told analysts.
