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RH (RH+3.37%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports an increase in consolidated net revenues to $811.7 million, up from $751.2 million in the same quarter the previous year. This increase is attributed to higher revenue in RH's core business and new gallery openings.
Gross profit for the quarter rose to $361.3 million, although the gross margin decreased slightly to 44.5% from 45.3% due to higher occupancy costs and inventory transfer expenses.
Selling, general, and administrative expenses decreased to $259.9 million from $289.2 million, primarily due to reduced advertising costs and lower corporate expenses.
Net income for the quarter was $33.2 million, compared to a net loss of $2.2 million in the prior year, reflecting improved operating income and reduced expenses.
The company reported cash provided by operating activities of $35.9 million, with cash used in investing activities amounting to $189.5 million, primarily for capital expenditures on new galleries and infrastructure.
RH's total debt as of November 2, 2024, was $2.6 billion, with $190 million outstanding under its asset-based credit facility and $1.9 billion under its term loan.
The filing details strategic initiatives, including product elevation, gallery transformation, and global expansion, with new locations opened in Europe and plans for further international growth.
RH did not repurchase any shares under its share repurchase program during the quarter, with $201 million remaining available for future repurchases.
The company continues to focus on its long-term strategies of product elevation, platform expansion, and cash generation, while navigating macroeconomic challenges and shifts in consumer spending.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RH quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.