Upscale furniture retailer Restoration Hardware's stock pops on record revenue, boosted guidance
Thursday, 13 June 2019 RH (NYSE:RH) shares are building up after the upscale furniture maker posted record fiscal first-quarter revenue late Wednesday and bumped up its guidance. Restoration Hardware saw revenue increase 7.4% year over year to $598 million, its most ever in a quarter, beating the consensus estimate of $584.3 million. Earnings came in at $1.85 per share, easily beating Street estimates of $1.55 per share and 53% higher year over year. The stock surged 23.7% to $116.99 Thursday morning. READ: Morrisons and Amazon to expand home delivery service to more UK cities Following the strong results, the Corte Madera, California company is bolstering its outlook, raising it full-year revenue projection to between $2.64 billion and $2.66 billion up from between. $2.59 billion and $2.64 billion. That entire range tops the consensus estimate of $2.61 billion. Adjusted earnings were beefed up to between $8.76 and $9.27 per share from between $8.05 and $8.69, while analysts are calling for $8.40 per share. In the fourth quarter, RH expects to open two new furniture galleries in San Francisco and Charlotte. "We believe when you step back and consider: one, we are building a brand with no peer; two, we are creating a customer experience that cannot be replicated online; and three, we have total control of our brand from concept to customer, you realize what we are building is extremely rare in today’s retail landscape and, we would argue, will also prove to be equally valuable,” CEO Gary Friedman said. RH has galleries in the US and Canada with a selection of high-end indoor and outdoor furniture. Contact Andrew Kessel at [email protected] Follow him on Twitter @andrew_kessel
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