RH stock rebounded in Wednesday's expanded session after the retailer formerly known as Restoration Hardware beat Wall Street expectations for the quarter and raised its forecast to match analyst-estimated consensus.
Stocks rose 11% after hours after rising 0.1% in the regular session to close at $ 576.96. Stocks are up 22% over the past 12 months, compared to a 27% gain for the S&P 500 index
The company reported net income of $ 184.1 million, or $ 5.88 per share, for the third quarter, compared to $ 46.4 million or $ 1.64 per share for the same period last year. Adjusted earnings were $ 7.03 per share compared to $ 6.20 per share for the same period last year.
Revenue rose to $ 1.01 billion from $ 844 million in the year-ago quarter.
Analysts polled by FactSet had forecast earnings of $ 6.61 per share on sales of $ 981.9 million.
“Although we consider a conservative view of sales in the fourth quarter to be advisable due to the uncertainties surrounding the new virus variant, the opening of our new San Francisco Gallery postponed to spring and the ongoing delays in deliveries and ports, the power of our operating model is what gives us the confidence that we will raise our outlook for the 2021 financial year for the third time this year, ”the company said in a statement.
RH expects sales growth of 32 to 33%, or $ 3.76 to $ 3.79 billion, for fiscal 2021. Previously, RH had forecast a 31% to 33% increase. Analysts expect sales of 3.76 billion US dollars.