RH Q2 revenue $992M flat YoY, adj EPS $8.08; Q3 revenue outlook -15% to -18%

2023-Q2 EPS reported $17.70 revenue$1,948,912,000

GAAP net income $122M ($5.37 diluted EPS) vs $227M ($7.09) last year; adjusted net income $217M ($8.08) vs $252M ($8.48).
Adjusted operating margin 24.7% (down 190 bps); gross margin expanded 350 bps to 52.8% on pricing discipline.
Q3 net revenue guidance -15% to -18%; FY 2022 revenue -3.5% to -5.5%, adjusted operating margin 21-21.5%.
Repurchased 1M shares at ~$255 and $57M convertible notes for $82M cash in Q2.
RH England delayed to Spring 2023; RH Palo Alto to Q1 2023 amid macro headwinds.

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