Restoration Hardware Misses Earnings: Why is it Climbing?
$Restoration Hardware(RH.US$ climbed 17% Thursday after releasing earnings Wednesday evening, coming in below expectations. Stephen Guilfoyle, moomoo Contributor and TheStreet.com writer attributed the stark climb, despite low EPS, to a predicted reversal of the negative revenue growth the firm felt in the past year.
RH revenue fell 15% in 2023, and in forward looking statements the firm projected a 12-14% growth rate in '24. The firm reported EPS $0.72/share, compared to expecations of $1.17/share, on $738M in revenue.
"We have positioned the RH brand to gain significant market share in 2024 and beyond while building the foundation for a global expansion across the United Kingdom, Europe, Australia, and the Middle East over the next several years," CEO Gary Friedman said in the earnings call. "While aggressively investing in the downturn has put pressure on short-term results, it also positioned us to capitalize on the long-term opportunities that present themselves during times of disruption and dislocation."
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