RH provides tariff impact update; QTD total demand up 17%; FY25 FCF outlook $250M-$350M

Q4 net revenues up 18% YoY; quarter-to-date total demand up 17%, RH Brand demand up 20%.
Majority of China production resourced to Vietnam at better-than-pre-tariff pricing.
Vietnam indicated desire to cut tariffs to zero; if US reciprocates, Vietnam sourcing accretive to margins.
Introduces FY2025 free cash flow outlook of $250M to $350M.
Believes no major furniture retailer has material sourcing advantages; RH's reporting more transparent.

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