RH Class A

RH: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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RH Earnings: Higher Investments Cause Friction for Near-Term Profit Expansion, Shares Attractive

Jaime M Katz

Apr 1, 2026

RH's fourth-quarter sales growth of 3.7% and operating margin of 11.5% were behind its outlook of 7%-8% and 12.5%-13.5%, respectively. Further, its first-quarter forecast of a 2%-4% sales decline and a 5.5%-6.6% EBITDA margin indicates demand variability and high international costs will persist.

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RH Class A

RH Earnings: Higher Investments Cause Friction for Near-Term Profit Expansion, Shares Attractive

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