In the report, we detailed progress on our long-standing commitment, including responsibly sourced cotton and wood, waste diversion, and increased fair trade premium. We remain committed to prioritizing sustainability, diversity, philanthropy, and worker well-being as key differentiators for our business. We are thrilled to announce the recent publication of our 2021 impact report highlighting the progress and fulfillment of our industry-leading ESG goals.
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We remain optimistic and excited about the potential of this business as there is no one else providing the full suite of services and offerings that we do. To drive the B2B growth, we are focused on the continued development of our sales team and expansion of our contract-grade product assortment. And in our commercial office pipeline, we are encouraged to see the momentum continue as companies return to the office and workspaces are reimagined. In hospitality, we continue to gain market share through renovations and new builds, leveraging our diverse fleet of brands. In sports and entertainment, we are excited to service our first collegiate sports facility at San Diego State New Snapdragon Stadium. We continue to grow in this space by focusing on diversifying our product pipeline across a range of industry verticals. Our B2B business had another terrific quarter driving a 32% increase in demand in Q2 and it is well on track to becoming a $1 billion business this year. And now I want to highlight one of our opportunities, business to business. These differentiators set us apart as a leader in the industry. Our digital-first but not digital-only channel strategy and our values rooted in sustainability, diversity, equity, and inclusion, which are becoming even more fundamental to purchasing decisions for many customers. We continue to win because of our key differentiators, which include our in-house design capabilities with inspirational, exclusive, sustainable and high-quality products at compelling price points.
All of this creates an environment that is ripe for disruption and for us to take market share. And with the arrival of the millennial generation for the household creation stage, this is a huge opportunity for ongoing market share gains for us, while the rest of the players try to catch up.Īt the same time, our digital-first but not digital-only channel strategy provides a competitive edge in scaling the business into the future compared to both retail and marketplace only players. Our industry is large and fragmented with more than half of sales from small brick-and-mortar retailers that do not have sophisticated e-commerce capabilities. Our positioning in the industry is a competitive strength. I'm very proud of this performance, especially given the macroeconomic backdrop and the strong compares we are up against, all while delivering an impressive 41.1% comp on a two-year basis.Īnd it is this continued outperformance that gives us the confidence to reiterate our 2022 guidance and longer-term outlook today. Our performance was driven by three factors: strong order fulfillment, positive demand comps and our successful continued elimination of sitewide promotions. We continue to demonstrate our ability to perform by offering high-quality, differentiated and sustainable products that our customers know and love.
These impressive results reflect the strength of our multi-brand portfolio, the success of our growth initiatives and the ongoing execution of the team. Q2 marked another quarter of strong performance, delivering an 11.3% comp on the top line and earnings growth of over 19% to $3.87 per share. I'm excited to share our second quarter earnings today. This call should also be considered in conjunction with our periodic and annual filings with the SEC. A reconciliation of non-GAAP measures to the most directly comparable GAAP measure, along with an explanation of how and why we use those measures, appears in exhibit one to the press release we issued earlier today. Those measures should not be considered replacements for and should be read together with our GAAP results.
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The company undertakes no obligation to publicly update or revise any of these statements to reflect events or circumstances that may arise after today's call.Īdditionally, we will refer to certain non-GAAP financial measures. Although we believe these statements reflect our best estimate and all available information, we cannot make any assurances that these statements will materialize, and actual results may differ significantly from our expectations. I'd like to remind you that during this call, we will make forward-looking statements with respect to future events and financial performance, including guidance for fiscal '22 and our long-term outlook.
Good afternoon, and thank you for joining our second quarter earnings call.
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