<p>RH ((RH)) 已召开第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>为代理商介绍 TipRanks MCP</h3>
<ul>
<li>将机构级市场数据直接传递到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
<p>RH 最近的财报电话会议在乐观与谨慎之间取得了平衡，管理层在清晰的运营超预期和更高的多年度展望的同时，对短期利润率压力发出了明确警告。高管们强调了公司在奢侈家居用品和新概念方面的长期潜力，但承认国际启动成本、疲软的房地产市场和高额的积压订单将在未来几个季度对业绩产生影响。</p>
<h2>第一季度超预期信号显示运营韧性</h2>
<p>RH 以强于预期的表现开启了新的一年，报告第一季度收入为 8.003 亿美元，调整后的 EBITDA 利润率为 7.1%。这两个指标均高于公司自身指引的上限，向投资者提供了尽管面临困难的宏观环境，业务仍能执行的证据。</p>
<h2>尽管利润率承压，仍提高 2026 财年目标</h2>
<p>在电话会议上，管理层将 2026 财年的指引提高至 4.5%–8.0% 的收入增长、14.2%–16.0% 的调整后 EBITDA 利润率，以及 3 亿至 4 亿美元的调整后自由现金流。值得注意的是，这些目标已经考虑了来自国际开业和启动成本的约 270 个基点的 EBITDA 阻力，表明对基础盈利能力的信心。</p>
<h2>RH Estates 和全球画廊瞄准高端市场</h2>
<p>一个主要的战略亮点是 RH Estates 的推出，专注于定制家具和 RH Couture 家具，同时在马德里和米兰开设新画廊，并即将在伦敦开业。管理层预计 Estates 将为下半年的收入增加约 500 个基点，或大约 1 亿美元，并显著扩大 RH 在高端奢侈品市场的覆盖范围。</p>
<h2>下半年增长加速的蓝图</h2>
<p>为了从大致持平的上半年业绩过渡到下半年约 12% 的增长，RH 制定了详细的三部分计划。公司预计将通过减少积压订单带来 4.5 个百分点的增长，通过新店开业带来 2.5 个百分点的增长，以及通过 RH Estates 和其他新概念带来约 5 个百分点的增长。</p>
<h2>在知识产权和独家产品组合中建立防御护城河</h2>
<p>管理层强调，65%–80% 的 RH Estates 产品系列受到专利申请或其他保护的覆盖，强化了品牌的差异化。最近收购的 Dmitriy &amp; Co. 和 Joseph Jeup，以及独家采购，旨在为 RH 提供独特的高端产品，竞争对手难以复制或获取。</p>
<h2>减杠杆和资产出售以增强资产负债表</h2>
<p>公司重申，降低杠杆仍然是核心优先事项，目标是在 2029 年前实现无债务。RH 计划通过变现资产来支持这一目标，预计在未来两年内每年进行约 2 亿至 2.5 亿美元的资产出售，并已整合 100% 的八处阿斯彭物业以加快这一进程。</p>
<h2>积压订单和关税影响影响短期前景</h2>
<p>积压订单和特殊订单的余额比一年前高出约 7500 万美元，相当于收入的约 4.5%，并占用了管道中的需求。这一增长主要源于关税驱动的资源和物流转变，管理层强调其展望并不依赖于任何额外的关税相关退款。</p>
<h2>国际启动成本压制利润率</h2>
<p>公司明确表示，国际和新画廊的开业前成本对盈利能力构成了严重的短期拖累。这些费用使第一季度调整后的 EBITDA 减少了约 450 个基点，预计第二季度的利润率将受到约 380 个基点的影响，并预计在整个 2026 财年将造成约 270 个基点的拖累。</p>
<h2>宏观经济和房地产疲软影响需求</h2>
<p>高管们指出，宏观环境严峻和房地产市场疲软，指出英国可能面临的压力甚至超过美国。他们警告说，与住房相关的需求的复苏可能在今年不会出现，这可能限制短期销售，即使 RH 推出新概念和新店。</p>
<h2>高建设成本延迟投资回报</h2>
<p>RH 还承认，后疫情时代的建筑通货膨胀使项目成本远高于最初预期，尤其是在国际和旗舰位置。这些高于计划的资本支出在需求疲软时出现，延长了从过去投资中实现完全运营杠杆的时间。</p>
<h2>执行失误和一次性摩擦</h2>
<p>一些业绩阻力源于内部时机和执行问题，包括营销和目录发布的时间晚于计划，以及与资源和运输相关的供应链延误。管理层还承认，考虑到随后的利率上升，过去的股票回购时机看起来不太理想。</p>
<h2>指引信号谨慎乐观</h2>
<p>展望未来，RH 指引第二季度收入增长为温和的 0.5%–2.5%，调整后的 EBITDA 利润率为 11.5%–13%，仍然受到约 380 个基点的开业前成本的负担。对于整个 2026 财年，公司目标为 4.5%–8% 的收入增长和 14.2%–16% 的利润率，寄希望于积压订单转化、新店、RH Estates、稳定的资产出售和持续的减杠杆来推动下半年的反弹。</p>
<p>此次电话会议描绘了一家愿意忍受短期痛苦以实现长期定位的公司，重金投资于全球旗舰店和差异化产品，既带来了风险也带来了潜在的回报。对于投资者而言，关键问题是 RH 是否能够执行其基于积压订单的下半年加速计划，并在房地产市场仍然疲软的情况下管理成本压力，以及 Estates 概念是否能如管理层预期的那样强大。</p>

<p>RH 报告了第一季度的盈利超出预期，收入为 8 亿美元，并提高了 2026 财年的指引，目标为 4.5%-8% 的收入增长和 14.2%-16% 的 EBITDA 利润率。管理层强调了通过 RH Estates 和新画廊在奢侈品领域的战略扩展，但警告称，由于国际初创成本、高昂的建设费用和疲软的房地产市场，短期内将面临利润压力。公司计划通过资产出售在 2029 年前实现无债务，同时应对关税影响和积压延迟</p>

<p>Rh ((RH)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>RH ((RH)) 已召开第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Introducing TipRanks MCP for Agents</h3>
<div class="lb-trans"><h3>为代理商介绍 TipRanks MCP</h3>
</div><ul>
<li>Deliver institutional-grade market data directly into Claude, ChatGPT, Cursor, and other MCP-compatible AI tools.</li>
<li>Designed for personal research, portfolio monitoring, and AI-assisted investment workflows.</li>
</ul>
<div class="lb-trans"><ul>
<li>将机构级市场数据直接传递到 Claude、ChatGPT、Cursor 和其他兼容 MCP 的 AI 工具中。</li>
<li>旨在个人研究、投资组合监控和 AI 辅助投资工作流程。</li>
</ul>
</div><p>RH’s latest earnings call balanced optimism with caution as management paired a clear operating beat and a higher multi‑year outlook with blunt warnings on near‑term margin pressure. Executives leaned into the company’s long‑term potential in luxury home furnishings and new concepts, but acknowledged that international start‑up costs, a soft housing market, and elevated backorders will weigh on results in the coming quarters.</p>
<div class="lb-trans"><p>RH 最近的财报电话会议在乐观与谨慎之间取得了平衡，管理层在清晰的运营超预期和更高的多年度展望的同时，对短期利润率压力发出了明确警告。高管们强调了公司在奢侈家居用品和新概念方面的长期潜力，但承认国际启动成本、疲软的房地产市场和高额的积压订单将在未来几个季度对业绩产生影响。</p>
</div><h2>Q1 Beat Signals Operational Resilience</h2>
<div class="lb-trans"><h2>第一季度超预期信号显示运营韧性</h2>
</div><p>RH opened the year with a stronger‑than‑expected performance, reporting first‑quarter revenue of $800.3 million and an adjusted EBITDA margin of 7.1%. Both metrics landed above the high end of the company’s own guidance, giving investors evidence that the business can execute despite a difficult macro backdrop.</p>
<div class="lb-trans"><p>RH 以强于预期的表现开启了新的一年，报告第一季度收入为 8.003 亿美元，调整后的 EBITDA 利润率为 7.1%。这两个指标均高于公司自身指引的上限，向投资者提供了尽管面临困难的宏观环境，业务仍能执行的证据。</p>
</div><h2>Raised FY26 Targets Despite Margin Drags</h2>
<div class="lb-trans"><h2>尽管利润率承压，仍提高 2026 财年目标</h2>
</div><p>On the call, management raised fiscal 2026 guidance to revenue growth of 4.5%–8.0%, an adjusted EBITDA margin of 14.2%–16.0%, and adjusted free cash flow of $300 million to $400 million. Notably, these targets already bake in a roughly 270‑basis‑point EBITDA headwind from international pre‑opening and start‑up costs, suggesting confidence in the underlying earnings power.</p>
<div class="lb-trans"><p>在电话会议上，管理层将 2026 财年的指引提高至 4.5%–8.0% 的收入增长、14.2%–16.0% 的调整后 EBITDA 利润率，以及 3 亿至 4 亿美元的调整后自由现金流。值得注意的是，这些目标已经考虑了来自国际开业和启动成本的约 270 个基点的 EBITDA 阻力，表明对基础盈利能力的信心。</p>
</div><h2>RH Estates and Global Galleries Aim Upmarket</h2>
<div class="lb-trans"><h2>RH Estates 和全球画廊瞄准高端市场</h2>
</div><p>A major strategic highlight was the launch of RH Estates, centered on bespoke furniture and RH Couture upholstery, alongside new galleries in Madrid and Milan and an upcoming London opening. Management expects Estates to add about 500 basis points, or roughly $100 million, to second‑half revenue and to significantly expand RH’s reach in the high‑end luxury segment.</p>
<div class="lb-trans"><p>一个主要的战略亮点是 RH Estates 的推出，专注于定制家具和 RH Couture 家具，同时在马德里和米兰开设新画廊，并即将在伦敦开业。管理层预计 Estates 将为下半年的收入增加约 500 个基点，或大约 1 亿美元，并显著扩大 RH 在高端奢侈品市场的覆盖范围。</p>
</div><h2>Blueprint for Second‑Half Growth Acceleration</h2>
<div class="lb-trans"><h2>下半年增长加速的蓝图</h2>
</div><p>To bridge from roughly flat first‑half results to about 12% growth in the second half, RH laid out a detailed three‑part plan. The company is counting on 4.5 percentage points of growth from reducing its backlog, 2.5 points from new store openings, and about 5 points from RH Estates and other new concepts.</p>
<div class="lb-trans"><p>为了从大致持平的上半年业绩过渡到下半年约 12% 的增长，RH 制定了详细的三部分计划。公司预计将通过减少积压订单带来 4.5 个百分点的增长，通过新店开业带来 2.5 个百分点的增长，以及通过 RH Estates 和其他新概念带来约 5 个百分点的增长。</p>
</div><h2>Defensive Moat in IP and Exclusive Product Mix</h2>
<div class="lb-trans"><h2>在知识产权和独家产品组合中建立防御护城河</h2>
</div><p>Management highlighted that 65%–80% of the RH Estates assortment is covered by patent pendings or other protections, reinforcing the brand’s differentiation. Recent acquisitions such as Dmitriy &amp; Co. and Joseph Jeup, along with exclusive sourcing, are designed to give RH a unique high‑end offering that rivals cannot easily copy or access.</p>
<div class="lb-trans"><p>管理层强调，65%–80% 的 RH Estates 产品系列受到专利申请或其他保护的覆盖，强化了品牌的差异化。最近收购的 Dmitriy &amp; Co. 和 Joseph Jeup，以及独家采购，旨在为 RH 提供独特的高端产品，竞争对手难以复制或获取。</p>
</div><h2>Deleveraging and Asset Sales to Strengthen Balance Sheet</h2>
<div class="lb-trans"><h2>减杠杆和资产出售以增强资产负债表</h2>
</div><p>The company reiterated that reducing leverage remains a core priority, with a stated goal of being debt‑free by 2029. RH plans to support this by monetizing assets, targeting roughly $200 million to $250 million of asset sales annually over the next two years, and has consolidated 100% ownership of eight Aspen properties to speed that process.</p>
<div class="lb-trans"><p>公司重申，降低杠杆仍然是核心优先事项，目标是在 2029 年前实现无债务。RH 计划通过变现资产来支持这一目标，预计在未来两年内每年进行约 2 亿至 2.5 亿美元的资产出售，并已整合 100% 的八处阿斯彭物业以加快这一进程。</p>
</div><h2>Backorders and Tariff Fallout Cloud Near Term</h2>
<div class="lb-trans"><h2>积压订单和关税影响影响短期前景</h2>
</div><p>Backorder and special‑order balances are running about $75 million higher than a year ago, equating to roughly 4.5% of revenue and tying up demand in the pipeline. The increase stems largely from tariff‑driven resourcing and logistics shifts, and management stressed that its outlook does not rely on any additional tariff‑related refunds.</p>
<div class="lb-trans"><p>积压订单和特殊订单的余额比一年前高出约 7500 万美元，相当于收入的约 4.5%，并占用了管道中的需求。这一增长主要源于关税驱动的资源和物流转变，管理层强调其展望并不依赖于任何额外的关税相关退款。</p>
</div><h2>International Start‑Up Costs Hammer Margins</h2>
<div class="lb-trans"><h2>国际启动成本压制利润率</h2>
</div><p>The company was explicit that international and new‑gallery pre‑opening costs are a serious short‑term drag on profitability. These expenses shaved about 450 basis points off Q1 adjusted EBITDA, are expected to hit Q2 margins by roughly 380 basis points, and represent an estimated 270‑basis‑point drag for the full fiscal 2026 year.</p>
<div class="lb-trans"><p>公司明确表示，国际和新画廊的开业前成本对盈利能力构成了严重的短期拖累。这些费用使第一季度调整后的 EBITDA 减少了约 450 个基点，预计第二季度的利润率将受到约 380 个基点的影响，并预计在整个 2026 财年将造成约 270 个基点的拖累。</p>
</div><h2>Macro and Housing Weakness Weigh on Demand</h2>
<div class="lb-trans"><h2>宏观经济和房地产疲软影响需求</h2>
</div><p>Executives pointed to a challenging macro environment and soft housing markets, noting the U.K. may be under even more pressure than the U.S. They warned that a recovery in housing‑linked demand may not materialize this year, which could limit near‑term sales even as RH rolls out new concepts and stores.</p>
<div class="lb-trans"><p>高管们指出，宏观环境严峻和房地产市场疲软，指出英国可能面临的压力甚至超过美国。他们警告说，与住房相关的需求的复苏可能在今年不会出现，这可能限制短期销售，即使 RH 推出新概念和新店。</p>
</div><h2>High Build Costs Delay Payoff from Investments</h2>
<div class="lb-trans"><h2>高建设成本延迟投资回报</h2>
</div><p>RH also acknowledged that post‑COVID construction inflation has driven project costs well above initial expectations, especially for international and flagship locations. These higher‑than‑planned capital outlays hit at a time of weaker demand, extending the timeline for achieving full operating leverage from past investments.</p>
<div class="lb-trans"><p>RH 还承认，后疫情时代的建筑通货膨胀使项目成本远高于最初预期，尤其是在国际和旗舰位置。这些高于计划的资本支出在需求疲软时出现，延长了从过去投资中实现完全运营杠杆的时间。</p>
</div><h2>Execution Missteps and One‑Time Frictions</h2>
<div class="lb-trans"><h2>执行失误和一次性摩擦</h2>
</div><p>Some performance headwinds stem from internal timing and execution issues, including later‑than‑planned marketing and catalog drops and supply chain delays tied to resourcing and transportation. Management also conceded that the timing of past share repurchases looks less than ideal in hindsight, given the subsequent rise in interest rates.</p>
<div class="lb-trans"><p>一些业绩阻力源于内部时机和执行问题，包括营销和目录发布的时间晚于计划，以及与资源和运输相关的供应链延误。管理层还承认，考虑到随后的利率上升，过去的股票回购时机看起来不太理想。</p>
</div><h2>Guidance Signals Cautious Optimism</h2>
<div class="lb-trans"><h2>指引信号谨慎乐观</h2>
</div><p>Looking ahead, RH guided Q2 revenue growth to a modest 0.5%–2.5% with adjusted EBITDA margins of 11.5%–13%, still burdened by roughly 380 basis points of pre‑opening costs. For the full fiscal 2026 year, the company is targeting 4.5%–8% revenue growth and 14.2%–16% margins, banking on backlog conversion, new stores, RH Estates, steady asset sales, and ongoing deleveraging to drive a second‑half rebound.</p>
<div class="lb-trans"><p>展望未来，RH 指引第二季度收入增长为温和的 0.5%–2.5%，调整后的 EBITDA 利润率为 11.5%–13%，仍然受到约 380 个基点的开业前成本的负担。对于整个 2026 财年，公司目标为 4.5%–8% 的收入增长和 14.2%–16% 的利润率，寄希望于积压订单转化、新店、RH Estates、稳定的资产出售和持续的减杠杆来推动下半年的反弹。</p>
</div><p>The call painted a picture of a company willing to endure short‑term pain for long‑term positioning, with heavy investment in global flagships and differentiated product driving both risk and potential reward. For investors, the key questions now are whether RH can execute its backlog‑driven H2 acceleration and manage cost pressures while the housing market remains soft, and whether the Estates concept proves as powerful as management expects.</p>
<div class="lb-trans"><p>此次电话会议描绘了一家愿意忍受短期痛苦以实现长期定位的公司，重金投资于全球旗舰店和差异化产品，既带来了风险也带来了潜在的回报。对于投资者而言，关键问题是 RH 是否能够执行其基于积压订单的下半年加速计划，并在房地产市场仍然疲软的情况下管理成本压力，以及 Estates 概念是否能如管理层预期的那样强大。</p>
</div>

尽管利润受到挤压，RH 仍在奢侈品领域大举押注