RH (NYSE:RH) shares are trading higher Friday after the company posted better-than-expected second-quarter financial results following Thursday's closing bell.
The Details:
RH, the home furnishing company, also known as Restoration Hardware, beat analyst expectations for the second quarter on the top and bottom lines and expects third-quarter revenue growth from 7% to 9%.
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RH's CEO Gary Friedman attributed the growth to the company's investment in new product lines and platform expansion which increased its market share in the U.S. and laid a foundation for future growth overseas.
"We are pleased to report that demand was up 7% in the second quarter and has continued to inflect positive, gaining momentum each month with July finishing up 10%. Demand accelerated into the third quarter with August up 12% and product margins inflecting positive despite operating in the most challenging housing market in three decades," said Friedman.
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