Daily News
From Home Furnishing Business
RH 2Q Nets $30 Million
September 11,
2015 by in Financial Reports, Industry 
Lifestyle retailer Restoration Hardware (NYSE: RH) reported net income of $30 million for the second quarter ended Aug. 1 compared to net income of $36 million in the same quarter last year.
Second quarter net sales were $506.9 million, up 17 percent from $433.8 million in the same period last year.
Within the next three months, the retailer’s new initiatives—RH Modern and RH Teen—will be introduced, and the company is pinning big hopes on the introductions.
“The continued momentum of our core business, coupled with the launch of RH Modern and RH Teen, and the opening of four next generation Design Galleries later this year, gives us further confidence in our financial outlook for fiscal 2015,” said Gary Friedman, chairman and CEO. “We are increasing our adjusted net income guidance for fiscal 2015 to growth in the range of 33 percent to 37 percent - well above our long term target of mid to high twenties - and now expect net revenues to grow in the range of 16 percent to 17 percent. While still in the early stages of building RH into the leading home brand for the luxury customer, we are well on track towards our long-term goal of $4 billion to $5 billion in North American sales, mid-teens operating margins, significant free cash flow and industry-leading return on invested capital."
The complete earnings release is available online.