Name: RH (NYSE:RH) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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RH, consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019	Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017
Net revenues	739,162)	772,499)	869,066)	991,620)	957,292)	902,741)	1,006,428)	988,859)	860,792)	812,436)	844,013)	709,282)	482,895)	664,976)	677,526)	706,514)	598,421)	670,891)	636,558)	640,798)	557,406)	670,295)	592,473)	615,326)	562,080)
Cost of goods sold	(391,617)	(403,093)	(448,288)	(468,402)	(458,709)	(447,237)	(501,174)	(501,183)	(453,815)	(427,308)	(435,683)	(376,863)	(283,241)	(381,903)	(393,360)	(411,556)	(365,607)	(408,190)	(382,047)	(369,198)	(345,371)	(411,622)	(378,148)	(409,513)	(391,824)
Gross profit	347,545)	369,406)	420,778)	523,218)	498,583)	455,504)	505,254)	487,676)	406,977)	385,128)	408,330)	332,419)	199,654)	283,073)	284,166)	294,958)	232,814)	262,701)	254,511)	271,600)	212,035)	258,673)	214,325)	205,813)	170,256)
Selling, general and administrative expenses	(248,305)	(257,201)	(250,528)	(288,804)	(293,295)	(237,738)	(232,715)	(238,688)	(219,089)	(201,512)	(297,109)	(195,851)	(164,201)	(182,093)	(194,929)	(190,977)	(164,181)	(159,463)	(207,495)	(186,225)	(158,434)	(189,553)	(171,163)	(193,690)	(163,360)
Income from operations	99,240)	112,205)	170,250)	234,414)	205,288)	217,766)	272,539)	248,988)	187,888)	183,616)	111,221)	136,568)	35,453)	100,980)	89,237)	103,981)	68,633)	103,238)	47,016)	85,375)	53,601)	69,120)	43,162)	12,123)	6,896)
Interest expense, net	(39,816)	(34,674)	(31,417)	(26,264)	(20,855)	(24,835)	(13,223)	(13,581)	(13,308)	(14,547)	(15,656)	(19,418)	(19,629)	(19,982)	(21,564)	(24,513)	(21,118)	(21,188)	(19,371)	(17,480)	(17,035)	(17,074)	(18,915)	(14,402)	(12,179)
Goodwill and tradename impairment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(20,459)	—)	—)	—)	—)	(32,086)	—)	—)	—)	(33,700)	—)	—)	—)
(Gain) loss on extinguishment of debt	—)	—)	—)	(23,462)	(146,116)	(7,354)	(18,513)	(3,166)	(105)	—)	—)	152)	—)	(569)	(6,857)	954)	—)	—)	—)	(917)	—)	—)	(4,880)	—)	—)
Other expense, net	653)	4,811)	(1,989)	(3,195)	343)	(2,778)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other expenses	(39,163)	(29,863)	(33,406)	(52,921)	(166,628)	(34,967)	(31,736)	(16,747)	(13,413)	(14,547)	(15,656)	(19,266)	(40,088)	(20,551)	(28,421)	(23,559)	(21,118)	(53,274)	(19,371)	(18,397)	(17,035)	(50,774)	(23,795)	(14,402)	(12,179)
Income (loss) before income taxes and equity method investments	60,077)	82,342)	136,844)	181,493)	38,660)	182,799)	240,803)	232,241)	174,475)	169,069)	95,565)	117,302)	(4,635)	80,429)	60,816)	80,422)	47,515)	49,964)	27,645)	66,978)	36,566)	18,346)	19,367)	(2,279)	(5,283)
Income tax (expense) benefit	(16,585)	20,491)	(36,162)	(56,397)	163,426)	(34,434)	(54,391)	(3,009)	(41,724)	(37,988)	(49,154)	(18,879)	1,423)	(11,996)	(8,353)	(16,665)	(11,793)	(13,837)	(5,234)	(2,936)	(8,507)	(18,085)	(6,216)	(5,583)	1,913)
Income (loss) before equity method investments	43,492)	102,833)	100,682)	125,096)	202,086)	148,365)	186,412)	229,232)	132,751)	131,081)	46,411)	98,423)	(3,212)	68,433)	52,463)	63,757)	35,722)	36,127)	22,411)	64,042)	28,059)	261)	13,151)	(7,862)	(3,370)
Share of equity method investments losses	(1,602)	4,063)	(1,922)	(2,821)	(1,375)	(1,320)	(2,313)	(2,486)	(2,095)	(888)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	41,890)	106,896)	98,760)	122,275)	200,711)	147,045)	184,099)	226,746)	130,656)	130,193)	46,411)	98,423)	(3,212)	68,433)	52,463)	63,757)	35,722)	36,127)	22,411)	64,042)	28,059)	261)	13,151)	(7,862)	(3,370)

A comprehensive review of the financial performance indicates a significant growth cycle followed by a recent period of contraction. Net revenues climbed from 562.1 million dollars in early 2017 to a peak exceeding 1 billion dollars in late 2021. This growth trajectory was interrupted by a sharp decline in May 2020, where revenues fell to 482.9 million dollars, followed by a rapid recovery. However, a downward trend emerged in 2022 and continued into early 2023, with revenues decreasing to 739.2 million dollars by April 2023.

Gross Profitability and Margin Trends: Gross profit exhibited strong expansion over several years, rising from 170.3 million dollars in April 2017 to a peak of 523.2 million dollars in July 2022. This growth reflects a period of scaling operations and pricing power. However, gross profit contracted significantly in the final three quarters of the analyzed period, falling to 347.5 million dollars by April 2023, mirroring the decline in net revenues.
Operating Efficiency and Expenses: Income from operations showed substantial growth, peaking at 272.5 million dollars in October 2021. Selling, general, and administrative expenses generally scaled with revenue but showed volatility, with a notable spike to 297.1 million dollars in October 2020. A marked compression in operating income is observed starting in late 2022, with the figure dropping to 99.2 million dollars by April 2023, suggesting that operating expenses did not decrease proportionally with the decline in revenue.
Net Income and Non-Operating Factors: Net income was characterized by significant volatility. While the company achieved strong profitability between 2020 and 2022, the results were frequently influenced by non-operating items. A significant peak in net income occurred in April 2022 (200.7 million dollars), which was largely driven by a substantial income tax benefit of 163.4 million dollars. By April 2023, net income declined to 41.9 million dollars.
Debt and Interest Obligations: Interest expenses remained relatively stable for several years but began a steady increase in late 2022. The net interest expense rose from approximately 13 million dollars per quarter in 2021 to 39.8 million dollars by April 2023. This upward trend indicates an increasing cost of debt service, which has placed additional pressure on the bottom line during the recent revenue downturn.

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RH (NYSE:RH)

Income StatementQuarterly Data

Income Statement
Quarterly Data