By Dean Seal


RH has restated per-share earnings results spanning the last three quarters after identifying errors in its original calculations.

The home-furnishings retailer said in a securities filing on Friday that due to a misinterpretation of regulatory guidance, it added back a pre-tax loss on extinguishment of debt tied to some convertible senior notes in its calculation of net income available to common stockholders.

As a result, earnings in its fiscal first quarter were reported as $12.16 a share, when they were actually $7.22 a share. Earnings in the following quarter were incorrectly reported as $5.37 a share, and have now been corrected to $4.54 a share.

For the nine months that ended Oct. 29 of last year, earnings have been restated to $15.65 a share, a $6.05-per-share drop from what had been previously reported.

The company said it became aware of the issue while preparing a response to a comment letter from the U.S. Securities and Exchange Commission.

RH said the restatements won't affect its previously communicated fiscal 2022 outlook.

Separately, the company said Friday that it expects revenue for the fiscal year to be at the low end of its previous range of declining 3.5% to 4%, while its adjusted operating margin will be at the upper end of its prior range of 21.5% to 22%.

Shares fell 3.1% to $332.92 in after-hours trading.


Write to Dean Seal at dean.seal@wsj.com


(END) Dow Jones Newswires

02-03-23 1727ET