RH shares soar 30% on earnings beat, raised guidance

RH shares soared in the extended session Wednesday after the upscale retailer formerly known as Restoration Hardware topped Wall Street estimates for the quarter and its outlook. RH shares soared 32% to $65 after hours. The company reported a second-quarter loss of $7.9 million, or 28 cents a share, compared to net income of $6.9 million, or 17 cents a share, in the year-ago period. Adjusted earnings were 65 cents a share. Revenue rose to $615.3 million from $543.4 million in the year-ago period. Analysts surveyed by FactSet had estimated 47 cents a share on revenue of $606.4 million. For the year, RH raised its outlook and now estimates adjusted earnings of $70 million to $77 million on revenue of $2.42 billion to $2.46 billion. Analysts expect earnings of $59.2 million on revenue of $2.44 billion.

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