On Wednesday, RH (NYSE: RH), the formerly Restoration Hardware Holdings, Inc., announced its financial results for the second quarter of fiscal 2017. The results topped analysts’ estimates, and shares of the company rose 43.46% to $70.90 per share in afternoon trading hours on Thursday.
According to the company, revenue for the second quarter increased from $543.4 million to $615.3 million, beating estimates of $606.4 million. RH reported a loss of $7.9 million, or $0.28 per share, for the second quarter, compared to net income of $6.9 million, or $0.17 per share for the same period last year. Adjusted earnings per share was $0.65, beating analysts’ estimates of $0.47 per share.
“I am pleased to report strong second quarter results as we move past the most uncertain stages of our transformation. In 2016, we made the brave decision to transform our business from a promotional to a membership model that we believe will enhance our brand, streamline our operations, and dramatically improve our customer experience,” Gary Friedman, the Chairman and Chief Executive Officer of the company, said in the statement on Wednesday.
In the statement, the company raised its guidance for the full year. RH expected adjusted earnings to be in the range of $70 million to $77 million. Revenue was expected to be between $2.42 billion and $2.46 billion.