The high-end furniture company said its earnings per share rose a whopping 200% in the fiscal first quarter from the prior year to 18 cents, excluding some items. Consensus had called for 7 cents less in earnings per share. Management also raised full-year earnings guidance.
? Nancy Kross (@NancyKross) Jun. 12 at 07:54 AM
The outperformance echoes the earlier results of luxury brands like Tiffany's (TIF). The high-end diamond retailer also had a beat-and-raise quarter. Nordstrom (JWN) and Bloomingdale's owner Macy's (M) are two other brands that have topped expectations this earnings season.
Restoration's results were strong across the board. The company said net revenues increased 22% to $366.3 million. Growth slowed from last year's 38% net revenue jump, but still soundly beat Wall Street's consensus estimate of $348.49 million.
Restoration raised its outlook for the fiscal year. Management guided to net revenues in the range of $1.86 billion and $1.89 billion. It expects adjusted net income in the range of $91.9 million to $94.3 million. EPS, excluding some items, should be in the range of $2.24 to $2.30. The new EPS range easily topped consensus calls for $2.20. The stock rose more than 14% in premarket trading to $81.74.
Investors anticipated that analysts would release a barrage of upgrades Thursday.