Restoration Hardware(RH.US) rose more than 14% before the market opened, as it achieved profitability in Q3.

Market IntelFriday, Dec 13, 2024 9:40 am ET

1min read

Restoration Hardware(RH.US) jumped over 14% before the market opened on Friday, trading at $437.25. On the news, RH achieved profitability in the third quarter as its revenue increased due to strong demand for its own furniture brand. The company reported a net profit of $33.2 million, or $1.66 per share, in the three months ended November 2, compared with a loss of $2.2 million, or 12 cents per share, a year ago. Adjusting for one-time items, the company's EPS was $2.48. Analysts polled by FactSet expected an adjusted EPS of $2.65. Revenue rose 8.1% to $81.17 million, below Wall Street's expectations of $81.22 million.

"Our business is on an upswing, with third-quarter demand up 13% despite the worst real estate market in 30 years," said CEO Gary Friedman.

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