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RH shares jump after furniture retailer reports earnings, sales beat

RH shares jump after furniture retailer reports earnings, sales beat


RH shares jump after furniture retailer reports earnings, sales beat

Jason Kempin | Getty Images Entertainment | Getty ImagesThe furniture retailer RH, formerly Restoration Hardware, on Wednesday reported fourth-quarter earnings and sales that topped Wall Street estimates, as it continued to see robust demand for its high-end furniture and home wares.CEO Gary Friedman said the momentum is expected to continue into this year, too, with revenue forecast to grow between 15% and 20% year over year in 2021. That includes expected sales growth of at least 50% in the first quarter, he said.”The fact that we have a booming housing market, a record stock market, low interest rates, the expectation of a rebound in the economy and jobs market, combined with the recent further acceleration in our demand trends, has us feeling more rather than less optimistic,” Friedman said in a letter to shareholders.RH shares shot up more than 9% in after-hours trading.Here’s how the company did for its quarter ended Jan. 30 compared with what was expected by analysts, which were polled by Refinitiv:Earnings per share: $5.07 vs. $4.76 expectedRevenue: $813 million vs. $798 million expectedIt reported net income of $130.19 million, or $4.31 per share, up from $68.43 million, or $2.66 per share, a year earlier. Excluding one-time charges, it earned $5.07 per share, better than the $4.76 expected by analysts.Net revenue grew to $812.44 million from $664.98 million a year earlier. Adjusting for cost of goods sold and inventory charges associated with product recalls, the company reported revenue of $812.62 million, topping the $798 million anticipated by analysts.In fiscal 2020, RH’s sales climbed 8% to $2.850 billion.RH shares are up more than 375% over the past 12 months, as of Wednesday’s market close. It has a market cap of $9.3 billion.Find the full press release from RH here.This story is developing. Check back for updates.

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