<p>RH（RH）召开了第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>享受 TipRanks Premium 50% 折扣，安心投资</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
<p>RH 最近的财报电话会议描绘了强劲增长和乐观的前景，尽管面临重大挑战。公司报告了强劲的收入和市场份额增长，这得益于战略投资和国际扩张。然而，会议也强调了持续的困难，例如高债务水平和关税的不可预测影响，这些因素影响了利润率和运营成本。总体而言，情绪是积极的，重点在于克服障碍并抓住增长机会。</p>
<h2>收入增长</h2>
<p>RH 报告第三季度收入增长 9%，在两年基础上实现了令人印象深刻的 18% 增长。这一增长突显了 RH 品牌在挑战性市场环境中的强劲表现。公司维持如此增长的能力证明了其战略举措和市场定位的有效性。</p>
<h2>自由现金流</h2>
<p>公司在第三季度产生了 8300 万美元的自由现金流，使得年初至今的总额达到 1.98 亿美元。RH 仍在按计划实现其全年自由现金流目标，预计在 2.5 亿至 3 亿美元之间，反映出强大的现金管理和运营效率。</p>
<h2>市场份额增长</h2>
<p>RH 在过去两年中实现了显著的市场份额增长，范围从 12 到 28 个百分点。这些增长主要得益于高端设计展厅和国家品牌，展示了公司在奢侈品市场细分中的竞争优势和吸引力。</p>
<h2>国际扩张</h2>
<p>RH 巴黎的开业被强调为最美丽的零售体验之一，标志着公司国际扩张战略的重要一步。RH 还在为 RH 米兰和 RH 伦敦的开业做准备，进一步巩固其在关键全球市场的存在。</p>
<h2>运营利润率影响</h2>
<p>本季度的调整后运营利润率为 11.6%，略低于指导中点的 12.5%。这一短缺归因于高于预期的关税支出，这对公司来说一直是一个持续的挑战。</p>
<h2>关税挑战</h2>
<p>关税对 RH 造成了重大挑战，扰乱了供应链，导致产品延迟，并提高了价格。公司在过去十个月中面临了 16 次不同的关税公告，突显了这些外部因素的波动性和不可预测性。</p>
<h2>高债务水平</h2>
<p>RH 在本季度末的净债务为 24.27 亿美元，这在不确定的市场中可能对财务稳定构成风险。尽管公司已将净债务从上个季度减少了 8500 万美元，但高债务水平仍然是一个可能影响未来财务灵活性的担忧。</p>
<h2>前瞻性指导</h2>
<p>展望未来，RH 预计第四季度收入增长为 7% 至 8%，调整后的运营利润率为 12.5% 至 13.5%，调整后的 EBITDA 利润率为 18.7% 至 19.6%。对于 2025 财年，公司预计收入增长为 9% 至 9.2%，调整后的运营利润率为 11.6% 至 11.9%，调整后的 EBITDA 利润率为 17.6% 至 18%。这些预测反映了公司对其战略方向和应对持续挑战能力的信心。</p>
<p>总之，RH 的财报电话会议突显了强劲的增长轨迹和战略乐观，尽管面临来自关税和高债务水平的重大挑战。公司的强劲收入增长、市场份额提升和国际扩张努力彰显了其韧性和未来成功的潜力。投资者和市场观察者将密切关注 RH 如何继续管理这些挑战，同时抓住增长机会。</p>

<p>RH 的第三季度财报电话会议强调了尽管面临挑战，但公司依然实现了强劲的增长和乐观的前景。公司报告收入增长 9%，自由现金流为 8300 万美元，并且市场份额显著提升。国际扩张仍在继续，包括 RH 巴黎、米兰和伦敦。然而，高负债水平和关税对利润率产生影响。前瞻性指引预计将持续增长。总体而言，RH 对其战略方向保持信心</p>

<p>Rh ((RH)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>RH（RH）召开了第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，安心投资</h3>
</div><ul>
<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>The latest earnings call from RH painted a picture of robust growth and optimism, despite facing significant challenges. The company reported strong revenue and market share gains, driven by strategic investments and international expansion. However, the call also highlighted ongoing difficulties, such as high debt levels and the unpredictable impacts of tariffs, which have affected margins and operational costs. Overall, the sentiment was positive, with a focus on overcoming obstacles and capitalizing on growth opportunities.</p>
<div class="lb-trans"><p>RH 最近的财报电话会议描绘了强劲增长和乐观的前景，尽管面临重大挑战。公司报告了强劲的收入和市场份额增长，这得益于战略投资和国际扩张。然而，会议也强调了持续的困难，例如高债务水平和关税的不可预测影响，这些因素影响了利润率和运营成本。总体而言，情绪是积极的，重点在于克服障碍并抓住增长机会。</p>
</div><h2>Revenue Growth</h2>
<div class="lb-trans"><h2>收入增长</h2>
</div><p>RH reported a 9% increase in revenue for the third quarter, with an impressive 18% growth on a two-year basis. This growth underscores the strong performance of the RH brand, even amid challenging market conditions. The company’s ability to maintain such growth is a testament to its strategic initiatives and market positioning.</p>
<div class="lb-trans"><p>RH 报告第三季度收入增长 9%，在两年基础上实现了令人印象深刻的 18% 增长。这一增长突显了 RH 品牌在挑战性市场环境中的强劲表现。公司维持如此增长的能力证明了其战略举措和市场定位的有效性。</p>
</div><h2>Free Cash Flow</h2>
<div class="lb-trans"><h2>自由现金流</h2>
</div><p>The company generated $83 million in free cash flow during the third quarter, contributing to a year-to-date total of $198 million. RH remains on track to achieve its full-year free cash flow target of between $250 million and $300 million, reflecting strong cash management and operational efficiency.</p>
<div class="lb-trans"><p>公司在第三季度产生了 8300 万美元的自由现金流，使得年初至今的总额达到 1.98 亿美元。RH 仍在按计划实现其全年自由现金流目标，预计在 2.5 亿至 3 亿美元之间，反映出强大的现金管理和运营效率。</p>
</div><h2>Market Share Gains</h2>
<div class="lb-trans"><h2>市场份额增长</h2>
</div><p>RH achieved significant market share gains over the past two years, ranging from 12 to 28 points. These gains were primarily driven by high-end design showrooms and national brands, showcasing the company’s competitive edge and appeal in the luxury market segment.</p>
<div class="lb-trans"><p>RH 在过去两年中实现了显著的市场份额增长，范围从 12 到 28 个百分点。这些增长主要得益于高端设计展厅和国家品牌，展示了公司在奢侈品市场细分中的竞争优势和吸引力。</p>
</div><h2>International Expansion</h2>
<div class="lb-trans"><h2>国际扩张</h2>
</div><p>The opening of RH Paris was highlighted as one of the most beautiful retail experiences, marking a significant step in the company’s international expansion strategy. RH is also preparing for the openings of RH Milan and RH London, further solidifying its presence in key global markets.</p>
<div class="lb-trans"><p>RH 巴黎的开业被强调为最美丽的零售体验之一，标志着公司国际扩张战略的重要一步。RH 还在为 RH 米兰和 RH 伦敦的开业做准备，进一步巩固其在关键全球市场的存在。</p>
</div><h2>Operating Margin Impact</h2>
<div class="lb-trans"><h2>运营利润率影响</h2>
</div><p>The adjusted operating margin for the quarter was 11.6%, slightly below the guidance midpoint of 12.5%. This shortfall was attributed to higher than expected tariff expenses, which have been a persistent challenge for the company.</p>
<div class="lb-trans"><p>本季度的调整后运营利润率为 11.6%，略低于指导中点的 12.5%。这一短缺归因于高于预期的关税支出，这对公司来说一直是一个持续的挑战。</p>
</div><h2>Tariff Challenges</h2>
<div class="lb-trans"><h2>关税挑战</h2>
</div><p>Tariffs have posed significant challenges for RH, disrupting supply chains, causing product delays, and increasing prices. The company has faced 16 different tariff announcements over the past ten months, highlighting the volatile and unpredictable nature of these external factors.</p>
<div class="lb-trans"><p>关税对 RH 造成了重大挑战，扰乱了供应链，导致产品延迟，并提高了价格。公司在过去十个月中面临了 16 次不同的关税公告，突显了这些外部因素的波动性和不可预测性。</p>
</div><h2>High Debt Levels</h2>
<div class="lb-trans"><h2>高债务水平</h2>
</div><p>RH ended the quarter with net debt of $2.427 billion, a potential risk to financial stability in uncertain markets. While the company has reduced its net debt by $85 million from the previous quarter, the high debt levels remain a concern that could impact future financial flexibility.</p>
<div class="lb-trans"><p>RH 在本季度末的净债务为 24.27 亿美元，这在不确定的市场中可能对财务稳定构成风险。尽管公司已将净债务从上个季度减少了 8500 万美元，但高债务水平仍然是一个可能影响未来财务灵活性的担忧。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指导</h2>
</div><p>Looking ahead, RH projects fourth-quarter revenue growth of 7% to 8%, with an adjusted operating margin of 12.5% to 13.5% and an adjusted EBITDA margin of 18.7% to 19.6%. For the fiscal year 2025, the company expects revenue growth of 9% to 9.2%, an adjusted operating margin of 11.6% to 11.9%, and an adjusted EBITDA margin of 17.6% to 18%. These projections reflect the company’s confidence in its strategic direction and ability to navigate ongoing challenges.</p>
<div class="lb-trans"><p>展望未来，RH 预计第四季度收入增长为 7% 至 8%，调整后的运营利润率为 12.5% 至 13.5%，调整后的 EBITDA 利润率为 18.7% 至 19.6%。对于 2025 财年，公司预计收入增长为 9% 至 9.2%，调整后的运营利润率为 11.6% 至 11.9%，调整后的 EBITDA 利润率为 17.6% 至 18%。这些预测反映了公司对其战略方向和应对持续挑战能力的信心。</p>
</div><p>In conclusion, RH’s earnings call highlighted a robust growth trajectory and strategic optimism, despite facing significant challenges from tariffs and high debt levels. The company’s strong revenue growth, market share gains, and international expansion efforts underscore its resilience and potential for future success. Investors and market watchers will be keen to see how RH continues to manage these challenges while capitalizing on growth opportunities.</p>
<div class="lb-trans"><p>总之，RH 的财报电话会议突显了强劲的增长轨迹和战略乐观，尽管面临来自关税和高债务水平的重大挑战。公司的强劲收入增长、市场份额提升和国际扩张努力彰显了其韧性和未来成功的潜力。投资者和市场观察者将密切关注 RH 如何继续管理这些挑战，同时抓住增长机会。</p>
</div>

RH 的财报电话会议：在挑战中实现增长