Q1 Net Revenues Increased 22%; Comparable Brand Revenue Growth of 18%;
Adjusted Diluted EPS Increased 200% to $0.18
Company Increases Fiscal 2014 Guidance to Net Revenue Growth Between 20%
and 22% from 18% to 20%, Adjusted Diluted EPS Guidance to Range of $2.24 to
$2.30 from $2.14 to $2.22
CORTE MADERA, Calif.--(BUSINESS WIRE)-- 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."