RH raises FY24 revenue growth view to 6.8%-7.2% from 5%-7%

Consensus $3.16B. Raises FY24 Demand growth view to 6.8%-7.2% from 5%-8%. Narrows Fy24 operating margin view to 11.5%-11.7% from 11%-12%. Narrows FY24 adjusted EBITDA margin view to 17.2%-17.4% from 17%-18%. The company states: “We have worked hard to destroy the former version of ourselves and are in the process of unleashing what we believe is an exponentially more inspiring and disruptive RH (RH) brand, inclusive of the most prolific product transformation and platform expansion in the history of our industry. We believe the important investments we are making during this depressed housing cycle are creating a level of strategic separation in our industry that rivals the most important brands in the world.”