<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 上調了 2026 年的展望，預計收入增長為 4.5%-8%，自由現金流為 3 億至 4 億美元，這得益於強於預期的第一季度業績。預計下半年增長將加速，原因包括訂單積壓減少、新店開業以及 RH Estates 豪華概念的推出。然而，國際擴張的預開支預計將使全年利潤率降低最多 270 個基點，第二季度的利潤率也面臨壓力</p>

儘管 RH 在第一季度出現虧損並面臨利潤率壓力，但公司仍上調了 2026 年的展望