Restoration Hardware Q1 Results Top Estimates; Boosts FY14 Outlook

(RTTNews) - Home furnishings retailer Restoration Hardware Holdings, Inc. (RH) reported net income for the first quarter of $1.8 million or $0.04 per share, compared to a net loss of $0.2 million or $0.00 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $7.2 million or $0.18 per share, up from $2.3 million or $0.06 per share in the prior year quarter.

Net revenues for the first quarter rose 22% to $366.25 million from $301.34 million a year ago. Comparable brand revenue growth, which includes direct, increased 18% in the first quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.11 per share on revenue of $347.73 million for the first quarter. Analysts' estimates typically exclude special items.

Looking forward to the second quarter, the company forecasts net revenues in the range of $443 million to $453 million and adjusted earnings of of $0.62 to $0.64 per share. Analysts currently expect the company to earn $0.61 per share on revenue of $452.11 million for the second quarter.

For the fiscal year ending January 31, 2015, the company now forecasts net revenue of$1.86 billion to $1.89 billion and adjusted earnings of $2.24 to $2.30 per share. Previously, the company forecast net revenues of $1.83 billion to $1.86 billion and adjusted earnings in of $2.14 to $2.22 per share.

Analysts currently expect the company to earn $2.20 per share on revenue of $1.85 billion for the fiscal year 2014.