Finance

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.

Articles You May Like

Netflix blows past earnings estimates as subscribers jump 16%
P&G’s initial decline had nothing to do with earnings. The market later agreed
Trade ideas thread – Monday, 22 April, insightful charts, technical analysis, ideas
Gold Price Forecast: XAU/USD holds below $2,400 on Fed hawkish comments, eyes on geopolitical risks
Gold falls by Rs 1,284 at Rs 71,522/10 gm, silver at Rs 81,189/kg