Restoration Hardware pops after sales forecast beats expectations
The high-end furniture retailer said it saw first-quarter net revenues in a range of $530 million to $545 million, beating the forecast for $485.1 million according to Bloomberg.
For the fourth quarter, Restoration Hardware reported adjusted earnings per share of $0.68 and net revenues of $586.7 million, both in line with its earlier guidance.
"We made several strategic investments and changes to our business last year, which temporarily depressed financial results in the short term, that we believe will strengthen our brand and position the business for accelerated growth in fiscal 2017 and beyond," said Gary Friedman, the company's CEO, in the earnings statement.
After lowering its outlook on full-year EPS last quarter, the company attributed weakness to slow sales around the election and late delivery of its Fall 2016 catalogs.
Restoration Hardware shares gained 10% in after-hours trading. They rose 2% in the 12 months through Tuesday's market close.
- CEO says he tried to hire an AI researcher from Meta, and was told to 'come back to me when you have 10,000 H100 GPUs'
- We bought a house in Japan for $30,000. We'll have more land than we could afford in the US, and our kids will be more independent.
- Rumors Prince William is having an affair with Rose Hanbury are flooding social media again after Stephen Colbert waded into 'Katespiracy'
- Mutual funds stress test: What it means for you
- Businesses should not be built on model, but out of passion: Peyush Bansal
- Delhi world's most polluted capital, Begusarai top polluted metro says IQAir
- COVID-19 vaccine can slash risk of post-infection heart failure by half, study finds
- Stock markets close higher in volatile trade ahead of key Fed policy meeting