<div id="readability-page-1">Guidance boost: RH now expects 2026 revenue growth of 4.5%-8% and $300M-$400M free cash flow, citing stronger-than-expected Q1 performance. Growth drivers: Second-half acceleration is tied to backlog reduction, new store growth, and the RH Estates luxury concept rollout across all galleries. Margin pressures: International expansion preopening costs will cut margins by up to 270 basis points for the year, with Q2 margins also under pressure.</div>

<p>RH 上调了 2026 年的展望，预计收入增长为 4.5%-8%，自由现金流为 3 亿至 4 亿美元，这得益于强于预期的第一季度业绩。预计下半年增长将加速，原因包括订单积压减少、新店开业以及 RH Estates 豪华概念的推出。然而，国际扩张的预开支预计将使全年利润率降低最多 270 个基点，第二季度的利润率也面临压力</p>

尽管 RH 在第一季度出现亏损并面临利润率压力，但公司仍上调了 2026 年的展望