Arhaus restates Q3 2023 financials due to landlord reimbursement accounting errors

Arhaus, Inc.

Audit committee concludes previously issued Q3 2023 unaudited financials should no longer be relied upon.
Errors incorrectly classified cash receipts from landlord reimbursements; balance sheet and cash flow statements affected.
Estimated impact: operating cash flow increase and investing cash flow decrease of $1M to $5M for nine months ended Sep 30, 2023.
Restatements also planned for annual periods 2021-2023 and Q1 2024; existing material weaknesses in internal controls cited.
Company will amend Q3 2023 Form 10-Q/A and file corrected March 31, 2024 quarterly report.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Arhaus, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

should no longer be relied upon due to the errors described below and should be restated.

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Source: SEC EDGAR

accession 0001875444-24-000057

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