For the fiscal 2021 first quarter ended May 1, RH posted revenue of $860.8 million, up a whopping 78% from $482.9 million a year ago. The FactSet analyst consensus called for $751.5 million in the latest quarter.
Customer demand has soared during the pandemic.
Net income totaled $130.656 million, or $4.19 a share, in the latest quarter, swinging from a loss of $3.212 million, or 17 cents a share, last year, when the pandemic closed down many RH stores. Analysts forecast $4.10 per share for the latest quarter.
Adjusted profit registered $4.89 a share, up from $1.27 a year earlier and above the analyst estimate of $4.03 a share.
“Based on current business trends, we are raising our outlook for revenue growth in fiscal 2021 to a range of 25% to 30% versus our prior outlook of 15% to 20%,” the company said in a statement. “We now expect adjusted operating margin in the range of 23.5% to 24.3%, an increase of 170 to 250 basis points versus our prior outlook.”
The company cited several factors for its continued optimism including "a strong housing and renovation market, both with pent up demand and a long tail, a record stock market, low interest rates and the reopening of several large parts of our economy."
RH shares recently stood at $654.89, up 7% in after-hours trading. They have climbed 30% in the past six months.