RH furniture retailer (HR) – Get a report raised its revenue forecast for its second fiscal quarter and posted better-than-expected results after the bell on Wednesday.
For the first quarter of fiscal 2021 ended May 1, RH reported revenue of $ 860.8 million, up 78% from $ 482.9 million a year ago. The consensus of FactSet analysts called $ 751.5 million last quarter.
Customer demand has skyrocketed during the pandemic.
Net income totaled $ 130.656 million, or $ 4.19 per share, last quarter, compared with a loss of $ 3.212 million, or 17 cents per share, last year when the pandemic closed many stores HR. Analysts are forecasting $ 4.10 per share for the last quarter.
Adjusted earnings were $ 4.89 per share, down from $ 1.27 a year earlier and higher than analysts’ estimate of $ 4.03 per share.
âBased on current business trends, we are raising our revenue growth outlook for fiscal 2021 to be 25% to 30% compared to our previous outlook of 15-20%,â the company said in a statement. communicated. “We are now expecting an adjusted operating margin in the range of 23.5% to 24.3%, an increase of 170 to 250 basis points from our previous outlook.”
The company cited several factors for its continued optimism, including “a strong housing and renovation market, with both pent-up demand and a long tail, a record stock market, low interest rates and the reopening of several major parts of our economy “.
RH stock was recently $ 654.89, up 7% after-market. They have climbed 30% in the past six months.
HR earnings also exceeded expectations in the fourth quarter.