Luxury Retailer RH Stock Falls After Q1 Results: Here's Why - RH (NYSE:RH)

　　RH RH shares are falling after the company reported its first-quarter financial results Thursday. Here's a look at the key figures from the report.

　　The Details:RH reported quarterly losses of 40 cents per share which missed the analyst consensus estimate of losses of 12 cents by 233.33%.

　　Quarterly sales came in at $726.96 million which beat the analyst consensus estimate of $724.7 million and is a 1.65% decrease from sales of $739.16 million from the same period last year.

　　Demand was up 3% in the quarter, slightly below the companys guidance, which RH attributed to softening growth as interest rates exceeded 7%.

　　“We are pleased to report that our demand trends inflected positive in the first quarter and continue to build momentum despite operating in the most challenging housing market in three decades,” said Gary Friedman,CEO of RH.

　　“We believe our investments in the most prolific product transformation and platform expansion in our history has positioned RH to gain significant market share in North America while building the foundation for our long-term global expansion across the United Kingdom, Europe, Australia and the Middle East over the next several years.”

　　Outlook: RH sees second-quarter demand growth in the range of 9% to 10% and revenue growth of between 3% and 4%. The company expects demand growth in the range of 12% to 14% and revenue growth of between 8% and 10% on a year-over-year basis.

　　RH forecasted it will end the year with an increased backlog of approximately $110 million to $130 million due to revenue lagging demand throughout fiscal year 2024.

　　RH Price Action:According to Benzinga Pro, RH shares are down 9.40% after-hours at $251.00 at the time of publication Thursday.

　　Photo: Courtesy of RH

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