RH Class A

RH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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RH Earnings: Sales and Margin Expansion Set to Return Despite a Still Weak Housing Backdrop

Jaime M Katz

Jun 12, 2026

RH's first-quarter sales fell 1.7% to $800 million, hurt by an increase of $75 million in backorder and special-order balances. An adjusted EBITDA margin of 7% (down 600 basis points) was primarily pressured by 450 basis points of preopening and startup costs for international expansion.

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RH Class A

RH Earnings: Sales and Margin Expansion Set to Return Despite a Still Weak Housing Backdrop

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