RH Q1 revenue $727M, adjusted op margin 6.5%; maintains FY demand growth guidance 12-14%

2024-Q1 EPS reported -$0.20 revenue$726,960,000

Q1 net revenues $727M; GAAP operating margin 7.5%, adjusted 6.5%; adjusted EBITDA margin 12.3%.
Demand up 3% in Q1; FY demand growth guided 12-14%, revenue growth 8-10% (52-wk basis).
Q2 demand growth guided 9-10%, revenue growth 3-4%; adjusted op margin 11-12%.
Backlog expected to increase ~$110-130M by year-end; international expansion a ~200bp margin drag.
CEO cites challenging housing market but sees momentum from product transformation and new galleries.

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