Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 3, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35720 (Exact name of registrant as specified in its charter) Delaware 45-3052669 (State or other jurisdiction of ...

Exhibit 99.2 FIRST QUARTER 2025 FINANCIAL RESULTS AND SHAREHOLDER LETTER A LETTER FROM OUR CHAIRMAN AND CEO RH REPORTS FIRST QUARTER 2025 RESULTS FIRST QUARTER 2025 HIGHLIGHTS GAAP Net Revenues Increased 12% to $814M GAAP Operating Margin of 6.9%, Adjusted Operating Margin of 7.0% GAAP Operating Income of $56M, Adjusted Operating Income of $57M EBITDA Margin of 12.7%, Adjusted EBITDA Margin of 13.1% Please see the tables below for reconciliations of all GAAP to non-GAAP measures referenced in this press rel ...

RH RH will release earnings results for the first quarter, after the closing bell on Thursday, June 12.Analysts expect the Corte Madera, California-based company to report quarterly loss at 7 cents per share, versus a year-ago loss of 40 cents per share. RH projects to report quarterly revenue at $818.57 million, compared to $726.96 million a year earlier, according to data from Benzinga Pro.On May 20, RH named Lisa Chi as President and Co-Chief Merchandising & Creative Officer.RH shares fell 5.5% to close ...

What are your expectations for RH. Um, as we just mentioned, they source very heavily from Asia, specifically from China, and we saw those tariffs ramp up. Yeah, good morning.Look, this is going to be an interesting report, okay. And the numbers are always important, okay. Like, you know, with every company, but I think what's going to be more important here is commentary from RH and the company's management team about how they are dealing with tariffs.You know, this conversation across the all the companie ...

Costco And RH Add Extra Benefits For Their Most Valuable Membership Customers https://t.co/3bNwkTrION ...

Core Viewpoint - RH is set to report its first-quarter fiscal 2025 results on June 12, with expectations of revenue growth despite challenges in the luxury home furnishings sector [1][7]. Financial Performance - In the last reported quarter, RH's earnings and revenues missed the Zacks Consensus Estimate by 17.3% and 1.8%, respectively, but showed year-over-year increases of 10% and 119.4% [1]. - The adjusted operating margin for the last quarter was 11.3%, reflecting a 220 basis point increase [1]. - The consensus estimate for the upcoming quarter indicates a loss per share of 9 cents, widening from 6 cents, compared to a loss of 40 cents per share in the same quarter last year [4]. Revenue Expectations - The revenue estimate for the upcoming quarter is $818.9 million, representing a 12.6% increase from the previous year [4]. - RH anticipates revenue growth of 12.5-13.5% for the fiscal first quarter, driven by product rollouts and international expansion [9]. Margin Outlook - The company expects an adjusted operating margin between 6.5% and 7% and an adjusted EBITDA margin between 12.5% and 13% for the upcoming quarter [10]. - The anticipated figures indicate slight margin improvement, although start-up costs for international expansion are expected to negatively impact the operating margin by 160-200 basis points [10]. Market Conditions - RH's stock has declined by 18.2% over the past month, influenced by weak sales in the home furnishings sector and uncertainties in the housing market [11]. - The broader industry has also shown weakness, with other players like Lovesac, Williams-Sonoma, and Haverty Furniture experiencing declines [13]. Valuation - RH is currently trading at a forward price-to-earnings (P/E) ratio of 15.02X, which is a discount compared to peers like Lovesac and Williams-Sonoma, trading at 19.31X and 18.03X, respectively [14]. Strategic Initiatives - The company is focusing on product transformation plans for 2025, including the RH Outdoor and Interiors Sourcebooks, alongside international expansion efforts [9]. - Despite facing challenges, RH remains confident in sustaining revenue growth through ongoing strategic initiatives [8].

Group 1 - The upcoming report from RH is expected to show a quarterly loss of $0.09 per share, which is an increase of 77.5% compared to the same period last year [1] - Analysts forecast revenues of $818.24 million for the quarter, representing a year-over-year increase of 12.6% [1] - The consensus EPS estimate has been revised 0.1% higher over the last 30 days, indicating a collective reevaluation by analysts [1][2] Group 2 - Analysts predict that the total number of RH galleries will reach 67, down from 71 in the same quarter last year [4] - The estimated total leased selling square footage at the end of the period is projected to be 1,507.50 Ksq ft, compared to 1,432 Ksq ft in the same quarter last year [5] - The consensus estimate for the number of RH Design Galleries is 35, up from 33 in the same quarter last year [5] Group 3 - The consensus for the number of RH Baby & Child and Teen Galleries is 2, down from 3 a year ago [6] - The estimated total store count at the end of the period is 84, compared to 85 in the same quarter last year [6] - Analysts estimate that the number of RH Legacy Galleries will be 26, down from 34 in the same quarter last year [7] Group 4 - Over the past month, RH shares have recorded a return of -18.2%, while the Zacks S&P 500 composite has changed by +6.3% [7] - Based on its Zacks Rank 3 (Hold), RH is expected to perform in line with the overall market in the upcoming period [7]

Group 1 - RH, formerly known as Restoration Hardware, has transitioned from a mid-market furniture store to a high-end home goods brand since 2010 [1] - The company's next phase involves creating an "attainable fantasy" lifestyle for its customers [1] Group 2 - Building Benjamins is a free investment newsletter associated with Tradition Investment Management, LLC, which is led by founder Benjamin Halliburton [1] - Halliburton has a notable background in investment management, having been recognized as "PSN Manager of the Decade" for both All-Cap and Dividend Value categories in different decades [1] - He has a strong educational background with an MBA from Duke's Fuqua School of Business and is a Chartered Financial Analyst [1]

Group 1: Earnings Reports - Oracle and Adobe are expected to provide insights into the tech sector, while RH will reflect trends in the high-end consumer space [1] Group 2: Inflation Focus - The upcoming CPI and PPI reports will be crucial in determining if prices are rising due to tariffs implemented in early April [2] - Recent PCE report showed the lowest figures in months, leading some investors to speculate about a potential Federal Reserve rate cut [2] Group 3: Treasury Auctions - U.S. Treasury auctions for 3-Year, 10-Year, and 30-Year bonds are gaining attention due to recent dollar weakness and rising bond yields [3] Group 4: Apple WWDC - Investors are closely monitoring Apple's annual Worldwide Developers Conference (WWDC) for potential AI integration announcements, as the stock is down approximately 20% year to date [4] Group 5: Market Outlook - The market is positioned to approach new all-time highs, with a potential record if Apple performs well at WWDC, U.S.–China trade discussions progress, and inflation remains contained [5] - The market is currently just over 2% off its peak, indicating that one or two positive catalysts could drive it to record highs [5] Group 6: Boxabl Investment Opportunity - Boxabl is raising $1 billion to scale production of its foldable tiny homes, priced at $60,000 each, targeting a $5 trillion global opportunity [6] - The company has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market [6] - Boxabl's innovative manufacturing approach is inspired by assembly line techniques, aimed at making homeownership more accessible [6]

Core Viewpoint - Target and RH are facing significant challenges in a turbulent economic environment, with both companies experiencing substantial stock price declines in 2025, but they remain industry leaders with potential for recovery [1][2]. Target - Target's stock is down 31% year to date, with net sales declining by 2.8% year over year in Q1, and adjusted EPS of $1.30 reflecting a 36% decline from the previous year, missing Wall Street estimates [5][6]. - The company is adapting by increasing promotional efforts and shifting its sales mix to attract value-conscious shoppers, with e-commerce sales growing by 4.7% year over year [6][7]. - Target maintains profitability with a projected adjusted EPS between $7 and $9 for 2025, and offers a quarterly dividend of $1.12 per share, yielding 4.8% [7][8]. RH - RH, a leader in premium home furnishings, has seen its stock fall 58% in 2025 due to concerns over tariffs affecting its supply chain, primarily sourced from Asia [1][11]. - Despite the challenges, RH reported an 18% year-over-year growth in comparable net revenue for Q4 of fiscal 2024, with a projected revenue increase of 11% for 2025 [12]. - The company is optimistic about long-term growth potential and is working to diversify its supply chain, which could lead to a rebound in stock price if tariff uncertainties are resolved [11][13]. Investment Considerations - While Target offers a high-yield dividend, RH may present a better investment opportunity due to its unique position in the luxury market and potential for significant long-term growth [8][15]. - RH's forward P/E ratio is 16, compared to Target's 12, indicating that Target may offer better value despite its dividend yield [8].