RH RH shares are climbing after the company reported its second-quarter financial results after Thursday's closing bell. Here's a look at the details from the report.
The Details: RH, a home furnishings company, reported quarterly earnings of $1.69 per share, which beat the analyst consensus estimate of $1.56 by 8.33%. Quarterly sales of $829.65 million beat the consensus estimate of $824.52 million and represent growth of 3.64% over the same period last year.
The company will host a conference call to discuss the results at 5 p.m. ET Thursday.
“We are pleased to report that demand was up 7% in the second quarter and has continued to inflect positive, gaining momentum each month with July finishing up 10%. Demand accelerated into the third quarter with August up 12% and product margins inflecting positive despite operating in the most challenging housing market in three decades,” commented CEO Gary Friedman.
“Our investments in the most prolific product transformation and platform expansion in our history are now resulting in RH gaining significant market share in North America while building the foundation for our long-term global expansion across Europe, Australia and the Middle East over the next decade.”
Read Next: What’s Going On With Micron Stock?
Outlook: RH adjusted its third-quarter revenue growth forecast to a range of 7% to 9% and fiscal-year revenue growth forecast to a range of 5% to 7%.
RH Price Action: According to Benzinga Pro, RH shares are up 20.43% after-hours at $309.89 at the time of publication Thursday.
Read Also:
Image: Courtesy of RH
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
