Shares of Restoration Hardware (RH) have slipped today following its earnings release, which saw the retailer beat earnings forecasts but miss on revenue.
Brandon Schulman for The Wall St Jefferies’ John Marrin doesn’t understand the fuss:
The later distribution of the Spring catalog had a larger-than-anticipated detriment to sales around the July 4th promotional event, but a very strong gross-margin performance more than made up the difference as EPS came in well ahead. Guidance for the back half looks very good, particularly for 3Q as management cited a business acceleration late in 2Q and into Aug/Sept. The shares were down in the after hours but we believe they will bounce back
tomorrow.
As of yet, they haven’t. Shares of Restoration Hardware have dropped 3.6% to $79.15 at 12:46 p.m.
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