Jason Kempin | Getty Images Entertainment | Getty Images
The 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 as much as 8% 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 expected
- Revenue: $813 million vs. $798 million expected
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.
