'There's clearly, you know, a consumer shift that's happening and you know people are holed up at home,' RH CEO Gary Friedman told CNBC's Jim Cramer.
RH, formerly known as Restoration Hardware, posted a top- and bottom-line beat in its fiscal 2020 second-quarter report as the company capitalized on the stay-at-home environment, CEO Gary Friedman told CNBC's Jim Cramer after the Corte Madera, Calif.-based company reported earnings.
RH reported revenue of $709 million in the quarter ended Aug. 1, a 0.4% tick up from a year ago, but a turnaround from the 20% revenue decline the company saw in its first fiscal quarter. The company recorded profits of $4.90 per share, smashing the $3.41 estimate in Factset. That trend, however, can be ephemeral, Friedman said. Long term, RH is looking to grow net revenue by 8% to 12% and adjusted net income by 15% to 20%. The company expects the increased spending on home decor will continue through 2021.
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