RH (NYSE:RH), the parent company of Restoration Hardware, after Thursday’s close reported second quarter 2023 revenue of $800 million, down from $992 million a year earlier but better than the Zacks Consensus estimate of $770.1 million.
The luxury home-furnishings company’s adjusted earnings per share (EPS) for the period, meanwhile, came in at $3.93, exceeding expectations of $2.63.
“We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs and the current outlook is for rates to remain unchanged until the second quarter of 2024," RH CEO Gary Friedman said in a statement.
Looking ahead, RH sees 3Q 2024 revenue of $740 million to $760 million, shy of the $772.87 million consensus forecast.
The company also raised the low end of its full year 2024 revenue guidance to $3.04 billion to $3.1 billion, versus the $3.07 billion consensus.
Shares of RH fell 8% in Thursday’s after-hours session but have gained 46% year to date.
Contact Sean at sean@proactiveinvestors.com