Top HR revenue forecast for the first quarter of 2021
Luxury furniture retailer RH’s share price soared on Wednesday under a long-term deal after the company beat analysts’ first-quarter earnings and sales estimates. exercise.
RH also raised its outlook for the full year, building on momentum in the luxury home category, to exceed its second quarter sales forecast.
In a letter to shareholders, CEO Gary Friedman said the rest of the year would be “definitely two and a half stories” for the retail industry. Breaking the cover-up can lead to the fashionable consumer frenzy of the 1920s. “
The company’s share price ultimately rose more than 7%.
Here is a comparison of HR performance for the quarter through May 1 against analysts’ expectations, using Refinitiv’s estimates.
- Earnings per share: $ 4.89 adjusted, expected value $ 4.10
- Revenue: $ 758 million, expected at $ 681 million
RH’s net income in the first quarter was $ 130.7 million, or $ 4.19 per share, compared to $ 3.2 million, or a loss of 17 cents per share, in the prior year quarter. Excluding the one-time adjustment, earnings per share were $ 4.89, higher than expected at $ 4.10.
Revenue increased 78%, from $ 843 million the previous year to $ 861 million. It also exceeded expectations of $ 758 million.
Friedman said the strength in the housing and home improvement market, record equity markets, low interest rates and the recovery in the US economy are all good signs for the company in the coming quarters.
RH has raised its revenue growth outlook for fiscal 2021 from 25% to 30%, but previously it was 15% to 20%. Analysts were targeting a 19.7% year-over-year increase.
RH expects revenue to increase 35% to 37% for the second quarter of the year. Analysts were aiming for a 27.2% increase.
The company is preparing to launch a global expansion from the UK in spring 2022. We also plan to develop new services in areas such as landscape architecture to drive future growth. Currently, he is an interior design consultant.
The HR share price has risen approximately 37% to date. The company has a market capitalization of approximately $ 13 billion.
Click here for the full HR earnings press release.