Restoration Hardware Holdings, Inc. Reports Record First Quarter Fiscal 2014 Financial Results

Restoration Hardware Holdings, Inc. (NYSE: RH) today announced financial results for the first quarter ended May 3, 2014.

First Quarter Highlights
  • Net revenues increased 22% on top of a 38% increase for the same period last year
  • Comparable brand revenue growth was 18% on top of 39% for the same period last year
  • Adjusted operating income increased 204% to $14.0 million; GAAP operating income of $4.8 million compared to $0.5 million for the same period last year
  • Adjusted net income increased 217% to $7.2 million; GAAP net income of $1.8 million compared to a net loss of $0.2 million for the same period last year
  • Adjusted diluted EPS increased 200% to $0.18; GAAP diluted EPS of $0.04 compared to break-even for the same period last year

Gary Friedman, Chairman and Chief Executive Officer, commented, “RH continued to outperform the home furnishings industry by a wide margin in the first quarter of 2014. Net revenues increased 22% on top of a 38% increase last year. Comparable brand revenues increased 18% on top of 39% last year – representing an industry-leading 57% increase over the two year period. These results are even more impressive considering the fact that we eliminated the mailing of our Fall 2013 Source Book. Additionally, we grew adjusted net income by 217% to $7.2 million and adjusted EPS grew 200% to $0.18, demonstrating the disruptive nature of the RH brand and the power of our multi-channel business model.”

Mr. Friedman added, “The business momentum and strong trends we are seeing thus far in 2014 give us further confidence in our financial outlook for the year. We are increasing our net revenue guidance for 2014 to grow in the range of 20% to 22%, and expect adjusted net income to grow in the range of 33% to 37%.”

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