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Morningstar‘s Stock Analysis RH

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Revenue Slowdown Should Prove Transitory at RH Given Robust Pipeline of Opportunities

Jaime M. Katz, CFA Senior Equity Analyst

Business Strategy and Outlook

| Jaime M. Katz, CFA |

RH has gained share in the fragmented $118 billion (U.S. Census) domestic furniture and home furnishing market in recent years, curating differentiated offerings from specialized global artisans. The firm has broadened its brand awareness by expanding into underserved categories including modern, teen, and hospitality, where few peers have scale, helping capture incremental market share from boutique competitors. Brand equity should remain stable given the pace of tailored store buildouts, category expansions, and consistency of pricing, but the diverse end-market expansions RH is pursuing could make it difficult to capture a cost advantage. Entry into $200 billion hotel industry and $1.7 trillion domestic housing market should help support high-single-digit top line growth over the longer term.

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Company Profile RH

Business Description

RH is a luxury retailer operating in the $118 billion domestic furniture and home furnishing industry. The firm offers merchandise across many categories including furniture, lighting, textiles, bath, decor, children, and is growing the presence of its hospitality business (with 14 restaurant locations). RH innovates, curates, and integrates products, categories, services, and businesses across channels and brand extensions (RH Teen, RH Modern, and Waterworks, for example). RH is fully integrated across store, Web, and catalog channels, and is positioned to broaden its total addressable market over the next decade with its World of RH digital platform (highlighting offerings outside of home furnishings), along with future offerings in contemporary, antique, bespoke furniture, and more.

Contact
15 Koch Road, Suite K
Corte Madera, CA, 94925
T +1 415 924-1005
Industry Specialty Retail
Most Recent Earnings Jul 31, 2022
Fiscal Year End Jan 29, 2023
Employees 6,500

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