Restoration +12.1% AH on FQ1 beat, strong guidance

Restoration Hardware (RH) expects FQ2 revenue of $443M-$453M and EPS of $0.62-$0.64 vs. a consensus of $452.1M and $0.61. FY15 (ends Jan. '15) guidance is for revenue of $1.86B-$1.89B and EPS of $2.24-$2.30, above a consensus of $1.85B and $2.20.

Comparable brand revenue +18% Y/Y in FQ1 vs. +24% in FQ4. Direct revenue (48% of total) +24% vs. +33%. Retail store count fell by 1 Q/Q and Y/Y to 69.

Gross margin was 34%, -310 bps Q/Q and +20 bps Y/Y. SG&A spend was 32.7% of revenue, down from 33.6% a year ago.

Shares are making new highs AH.

FQ1 results, PR

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