Dec 13, 2022
RH Revenues Decline
RH (formerly Restoration Hardware) had net revenues of $869 million in the third quarter of 2022. This compares to net revenues of $1.006 billion in the third quarter of 2021. Gross margin contracted 50 basis points to 48.4 per cent in the quarter primarily due to fixed occupancy deleverage, partially offset by an increase in product margins. Adjusted operating margin was 20.8 per cent compared to 27.7 per cent in the prior year period. The company had adjusted net income of $147 million compared to $209 million last year.
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