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FollowingCore Points
International expansion brings profit pressure
Competitors 'performance demonstrates category resilience
RH releases its second quarter financial report outlook for fiscal year 2026: Expected downgrades and valuation pressures
Luxury home retailer RH will release its financial results for the second quarter of fiscal 2026 after the close of U.S. stocks on Thursday, September 10. The Wall Street Consensus expects the company's revenue to reach $914.2 million, a 1.7% increase from the same period last year. Earnings per share are forecast for 42 cents, down sharply from a forecast of 79 cents a month ago.
Company guidance shows that adjusted EBITDA margins will be between 11.5% and 13%, a range that is affected by expansion-related start-up expenses, adding 380 basis points to costs. RH shares have fallen 22.4% in the past 30 days and are currently trading at $142.39, below the analyst consensus target price of $178.06.
The luxury homewares company is preparing to announce its financial performance for the second quarter of fiscal 2026 after the market closes on Thursday, September 10. The stock is currently trading at $142.39 per share, well below the average Wall Street target price of $178.06. In the past month, the company's share price has experienced a 22.4% decline.
Analyst consensus expects quarterly revenue to reach US$914.2 million, a year-on-year increase of 1.7%. For reference, RH earnings per share for the same period last year were $2.93. Wall Street's current forecast for earnings per share is 42 cents. This marks a sharp drop from prevailing's estimate of 79 cents a month ago, signaling a rapid deterioration in expectations ahead of the report's release.
In the past two years, RH has repeatedly failed to meet revenue forecasts. In the last four quarters, RH's average earnings surprise rate was minus 12.8%. In the previous quarter, RH achieved revenue of $800.3 million, a year-on-year decrease of 1.7%. The company's adjusted loss per share was $1.97, better than the expected loss of $2.13.
International growth brings earnings headwinds
Bottom line performance is another key area of concern. Company guidance expects second-quarter adjusted EBITDA margins to be between 11.5% and 13%. Included in this outlook is a 380 basis point reduction in profit margins due to pre-release and start-up fees related to global market penetration.
Management stated that these costs are mainly non-recurring and should be reduced in the second half of the fiscal year. Stores in Paris and Milan are on the uphill slope, while London could become an important catalyst to boost international business momentum.
Retailers continue to develop their trade projects and advance high-end customization services through the RH Bespoke Furniture and RH Couture Upholstery divisions.
Competitors show strong category performance
Arhaus achieved second-quarter revenue growth of 7.4%, beating forecasts by 4.9%, and its share price rose 16.6% after the announcement. Williams-Sonoma achieved revenue expansion of 6.7%, exceeding forecasts by 1.6%.
The results of these competitors demonstrate the overall resilience of the household goods industry. Thursday's results will reveal whether RH can keep up with the momentum in this category.
Despite the cautious environment, Zacks forecast system expects RH to exceed earnings estimates. The company has favorable earnings ESP (expected price change) and the Zacks rating shows a higher than typical probability of outperforming the market.
Wall Street analysts tracking RH have generally maintained stable estimates over the past month, which means expectations for results are in line with management's guidance.
The contribution of RH Real Estate, backlog order fulfillment and more store launches is expected to be felt during most of the second half of fiscal 2026. 
