Restoration Hardware (NYSE:RH) earnings for fiscal first quarter of 2020 have RH stock down on Friday. That’s due to its adjusted earnings per share (EPS) of $1.27 missing Wall Street’s estimate of $1.55. Its revenue of $482.9 million also comes in below analysts’ estimates of $563.06 million.
Here’s what else went wrong for Restoration Hardware in its most recent earnings report.
- Adjusted per-share earnings are down 35.5% from $1.97 during the same time last year.
- Revenue for the quarter comes in 19.3% lower than the $598.42 million from the fiscal first quarter of 2019.
- Operating income of $35.45 million is a 48.4% decline year-over-year from $68.63 million.
- The Restoration Hardware earnings report also includes a net loss of $3.21 million.
- That’s a negative switch from the company’s net income of $35.72 million from the same period of the year prior.
Gary Friedman, chairman and CEO of Restoration Hardware, said this about the earnings:
“The first quarter presented challenges that were unimaginable when the quarter began and I am proud of the way Team RH quickly improvised, generating equally unimaginable results during what has been one of the most disruptive business environments of our lifetime. The power of our multi-channel platform, plus the strength of our membership model enabled us to engage with our customers virtually and not chase demand through promotions, while continuing to elevate and enhance the RH brand.”
Restoration Hardware doesn’t provide a specific outlook in its earnings report. Even so, the company says it’s seeing a strong rebound during the second quarter of the year.
RH stock was down about 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.