RH boosted its full-year sales outlook noting pent-up demand in the housing and renovation markets as it said the economic reopening could unleash a “Roaring Twenties type of consumer exuberance”.
RH, previously known as Restoration Hardware, reported record revenues of $860.8m for the fiscal first quarter, the company said Wednesday. Revenues were up 78 per cent compared to the same period last year and topped expectations of nearly $758m, according to a Refinitiv survey of Wall Street analysts.
The company swung to a profit, reporting net income of $130.7m or earnings of $4.19 a share, compared with a loss of $3.2m or 17 cents a share in the year ago quarter. Adjusted earnings per share jumped to $4.89 per share, eclipsing analyst estimates of $4.10 a share.
The luxury home furnishings retailer said it expects to be net debt-free by the end of this fiscal year and raised its revenue growth outlook to a range of 25 per cent to 30 per cent, up from its previous outlook of 15 per cent to 20 per cent. That puts the company’s estimates at $3.5bn for the year.
“The unmasking…
