RH has reported its first quarter 2025 financial results, highlighting a 12% increase in GAAP net revenues, reaching $814 million. The company achieved a GAAP operating margin of 6.9%, with adjusted operating margin slightly higher at 7.0%. Operating income was reported at $56 million, with an adjusted operating income of $57 million. EBITDA margin stood at 12.7%, while the adjusted EBITDA margin was reported at 13.1%. The company also generated positive free cash flow of $34 million during the quarter. RH attributes its growth to substantial investments in elevating and expanding its product and platform, leading to significant market share gains. The company reported strong demand trends, particularly at RH England, where the Gallery experienced a 47% increase and online demand rose by 44% in the first quarter. The results underscore RH's strategic positioning for continued growth over the next decade, despite challenges such as tariff uncertainty and a challenging housing market.
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