RH reports record Q1 revenue $957M (+11% YoY); guides FY22 rev growth 0-2% amid demand softening

2022-Q1 EPS reported $12.16 revenue$957,292,000

Q1 GAAP net income $201M (up 54% YoY); GAAP diluted EPS $12.16 vs $4.19; adjusted diluted EPS $7.78 vs $4.89.
Q1 gross margin 52.1% (+480bps); adjusted operating margin 24.7% (+210bps).
FY22 guidance: revenue 0-2% growth (vs +32% in FY21); Q2 rev down 1-3%; adj operating margin 23-24% (vs 25.6%).
Demand softening since Ukraine invasion; company cites macro uncertainty and will shed less valuable market share.
Board authorized additional $2.0B share repurchase (plus $450M remaining); CEO says shares undervalued.

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