Executive Summary

• Restoration Hardware reported 4Q17 adjusted revenues of $669.7 million, up 13.5% year over year but below the $672.4 million consensus estimate. Adjusted EPS was $1.69, above the $1.56 consensus estimate and up from $0.68 in the year-ago quarter.
• Comp sales were up 2%, topping the 18% decline reported in the year-ago quarter, yet below the 7% consensus estimate.
• The company expects FY18 adjusted EPS of $5.45–$6.20, versus the consensus estimate of $5.56. Revenues are expected to be $2.53–$2.57 billion, representing growth of 5%–7% and versus the $2.59 billion consensus estimate.