RH Q2 revenue rises 3.6% to $830 million, but net income falls to $29 million
RH reported second-quarter fiscal 2024 net revenues of $830 million, up 3.6% from a year earlier, but net income fell to $29 million from $76.5 million and diluted EPS fell to $1.45 from $3.36. The company also revised its full-year fiscal 2024 forecast, now calling for revenue growth of 5% to 7% and adjusted operating margin of 11% to 12%, which matters to shareholders because it sets the outlook for the rest of the year.
- Q2 net revenues were $830 million, up 3.6%, while income from operations fell to $96 million from $151 million.
- Net income was $29 million versus $76.5 million a year earlier; diluted EPS was $1.45 versus $3.36.
- Full-year fiscal 2024 forecast: demand growth of 8% to 10%, revenue growth of 5% to 7%, adjusted operating margin of 11% to 12%, adjusted EBITDA margin of 17% to 18%.
- Third-quarter forecast: revenue growth of 7% to 9% and adjusted operating margin of 15% to 16%; the company expects year-end backlog of about $80 million to $100 million.