RH (RH) 10-Q 26 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 29, 2023	May 19, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Apr. 29, 2023
Entity File Number	001-35720
Entity Registrant Name	RH
Entity Tax Identification Number	45-3052669
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	15 Koch Road
Entity Address, City or Town	Corte Madera
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94925
City Area Code	415
Local Phone Number	924-1005
Title of 12(b) Security	Common Stock
Trading Symbol	RH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,052,211
Entity Central Index Key	0001528849
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Current assets:
Cash and cash equivalents	$ 1,516,689	$ 1,508,101
Restricted cash	3,538	3,662
Accounts receivable-net	60,233	59,763
Merchandise inventories	766,301	801,841
Prepaid expense and other current assets	129,083	139,297
Total current assets	2,475,844	2,512,664
Property and equipment-net	1,640,596	1,635,984
Operating lease right-of-use assets	528,010	527,246
Goodwill	141,026	141,048
Tradenames, trademarks and other intangible assets	75,144	74,633
Deferred tax assets	150,539	167,039
Equity method investments	132,997	101,468
Other non-current assets	175,674	149,207
Total assets	5,319,830	5,309,289
Current liabilities:
Accounts payable and accrued expenses	321,743	374,949
Deferred revenue and customer deposits	344,944	325,754
Operating lease liabilities	81,262	80,384
Other current liabilities	101,860	103,190
Total current liabilities	851,503	885,973
Real estate loans	17,905	17,909
Non-current operating lease liabilities	504,479	505,809
Non-current finance lease liabilities	648,792	653,050
Deferred tax liabilities	6,402	6,315
Other non-current obligations	8,165	8,074
Total liabilities	4,480,444	4,524,628
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock-$0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding as of April 29, 2023 and January 28, 2023
Common stock-$0.0001 par value per share, 180,000,000 shares authorized, 22,051,251 shares issued and outstanding as of April 29, 2023; 22,045,385 shares issued and outstanding as of January 28, 2023	2	2
Additional paid-in capital	257,616	247,076
Accumulated other comprehensive loss	(108)	(2,403)
Retained earnings	581,876	539,986
Total stockholders' equity	839,386	784,661
Total liabilities and stockholders' equity	5,319,830	5,309,289
Term loan B
Current liabilities:
Term loan-net	1,932,356	1,936,529
Term loan B-2
Current liabilities:
Term loan-net	469,091	469,245
2023 Notes
Current liabilities:
Convertible senior notes due 2023	1,694	1,696
2024 Notes
Current liabilities:
Convertible senior notes due-noncurrent	$ 41,751	$ 41,724

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Apr. 29, 2023	Jan. 28, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares issued	22,051,251	22,045,385
Common stock, shares outstanding	22,051,251	22,045,385

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Net revenues	$ 739,162	$ 957,292
Cost of goods sold	391,617	458,709
Gross profit	347,545	498,583
Selling, general and administrative expenses	248,305	293,295
Income from operations	99,240	205,288
Other expenses
Interest expense-net	39,816	20,855
Loss on extinguishment of debt		146,116
Other income-net	(653)	(343)
Total other expenses	39,163	166,628
Income before income taxes and equity method investments	60,077	38,660
Income tax expense (benefit)	16,585	(163,426)
Income before equity method investments	43,492	202,086
Share of equity method investments loss	1,602	1,375
Net income	$ 41,890	$ 200,711
Weighted-average shares used in computing basic net income per share	22,047,029	22,608,537
Basic net income per share	$ 1.90	$ 8.88
Weighted-average shares used in computing diluted net income per share	23,758,788	27,808,082
Diluted net income per share	$ 1.76	$ 7.22

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 41,890	$ 200,711
Net gains (losses) from foreign currency translation	2,295	(4,145)
Comprehensive income	$ 44,185	$ 196,566

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital Impact of adoption, adjustment	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit) Impact of adoption, adjustment	Retained Earnings (Accumulated Deficit)	Treasury Stock	Impact of adoption, adjustment	Total
Balances at Jan. 29, 2022	$ 2		$ 620,577	$ (1,410)		$ 551,108			$ 1,170,277
Balances, shares at Jan. 29, 2022	21,506,967
Stock-based compensation			12,802						12,802
Vested and delivered restricted stock units			(266)						(266)
Vested and delivered restricted stock units, Shares	1,409
Exercise of stock options			149,570						149,570
Exercise of stock options, Shares	3,153,400
Settlement of convertible senior notes			(14,705)				$ 14,705
Settlement of convertible senior notes, Shares	36,973						(36,968)
Exercise of call option under bond hedge upon settlement of convertible senior notes			14,705				$ (14,705)
Exercise of call option under bond hedge upon settlement of convertible senior notes (in shares)	(36,968)						36,968
Termination of common stock warrants			(386,708)						(386,708)
Termination of convertible note hedge			236,050						236,050
Net income						200,711			200,711
Net gain (losses) from foreign currency translation				(4,145)					(4,145)
Balances at Apr. 30, 2022	$ 2	$ (56,390)	575,635	(5,555)	$ 19,889	771,708		$ (36,501)	1,341,790
Balances, shares at Apr. 30, 2022	24,661,781
Balances at Jan. 28, 2023	$ 2		247,076	(2,403)		539,986			784,661
Balances, shares at Jan. 28, 2023	22,045,385
Stock-based compensation			10,180						10,180
Vested and delivered restricted stock units			(96)						(96)
Vested and delivered restricted stock units, Shares	847
Exercise of stock options			456						456
Exercise of stock options, Shares	5,017
Settlement of convertible senior notes, Shares	2
Net income						41,890			41,890
Net gain (losses) from foreign currency translation				2,295					2,295
Balances at Apr. 29, 2023	$ 2		$ 257,616	$ (108)		$ 581,876			$ 839,386
Balances, shares at Apr. 29, 2023	22,051,251

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 41,890	$ 200,711
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	27,770	24,758
Non-cash operating lease cost	19,865	18,391
Asset impairments	2,475	5,923
Stock-based compensation expense	10,180	12,802
Non-cash finance lease interest expense	8,486	7,071
Product recalls		560
Deferred income taxes	16,527	5,493
Loss on extinguishment of debt		146,116
Gain on derivative instruments-net		(3,177)
Share of equity method investments loss	1,602	1,375
Other non-cash items	2,215	1,269
Change in assets and liabilities:
Accounts receivable	(462)	(7,715)
Merchandise inventories	35,915	(83,115)
Prepaid expense and other assets	(4,311)	(160,116)
Landlord assets under construction-net of tenant allowances	(9,583)	(12,148)
Accounts payable and accrued expenses	(54,354)	(14,778)
Deferred revenue and customer deposits	19,160	48,909
Other current liabilities	(556)	(30,057)
Current and non-current operating lease liabilities	(21,543)	(19,379)
Other non-current obligations	(8,538)	(6,944)
Net cash provided by operating activities	86,738	135,949
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(34,190)	(29,364)
Equity method investments	(33,131)	(1,115)
Net cash used in investing activities	(67,321)	(30,479)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments under term loans	(6,250)	(5,000)
Repayments under real estate loans	(6)
Repayments under promissory and equipment security notes	(1,160)	(10,910)
Repayments of convertible senior notes	(2)	(13,048)
Principal payments under finance lease agreements-net of tenant allowances	(3,877)	(3,559)
Proceeds from termination of convertible senior note hedges		231,796
Payments for termination of common stock warrants		(390,934)
Proceeds from exercise of stock options	456	149,570
Tax withholdings related to issuance of stock-based awards	(96)	(266)
Net cash used in financing activities	(10,935)	(42,351)
Effects of foreign currency exchange rate translation	(18)	(278)
Net increase in cash and cash equivalents, restricted cash and restricted cash equivalents	8,464	62,841
Cash and cash equivalents, restricted cash and restricted cash equivalents
Beginning of period-cash and cash equivalents	1,508,101	2,177,889
Beginning of period-restricted cash	3,662
Beginning of period-restricted cash equivalents (acquisition related escrow deposits)		3,975
Beginning of period-cash and cash equivalents, restricted cash and restricted cash equivalents	1,511,763	2,181,864
End of period-cash and cash equivalents	1,516,689	2,243,255
End of period-restricted cash	3,538
End of period-restricted cash equivalents (acquisition related escrow deposits)		1,450
End of period-cash and cash equivalents, restricted cash and restricted cash equivalents	1,520,227	2,244,705
Non-cash transactions:
Property and equipment additions in accounts payable and accrued expenses at period-end	20,441	12,248
Landlord asset additions in accounts payable and accrued expenses at period-end	$ 2,564	16,823
Reclassification of assets from landlord assets under construction to finance lease right-of-use assets		109,677
Extinguishment of convertible senior notes related to repurchase obligation		(180,322)
Financing liability and embedded derivative arising from convertible senior notes repurchase		325,363
Shares issued on settlement of convertible senior notes		(14,705)
Shares received on exercise of call option under bond hedge upon settlement of convertible senior notes		$ 14,705

The Company

The Company	3 Months Ended
	Apr. 29, 2023
The Company
The Company	NOTE 1—THE COMPANY Nature of Business RH, a Delaware corporation, together with its subsidiaries (collectively, “we,” “us,” “our” or the “Company”), is a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across our sales channels, including our retail locations, websites and Source Books. We offer merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, décor, outdoor and garden, and baby, child and teen furnishings. As of April 29, 2023, we operated a total of 67 RH Galleries and 39 RH Outlet stores in 31 states, the District of Columbia and Canada, as well as 14 Waterworks Showrooms throughout the United States and in the U.K., and had sourcing operations in Shanghai and Hong Kong. In September 2022, we opened our first RH Guesthouse in New York. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared from our records and, in our senior leadership team’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary to fairly state our financial position as of April 29, 2023, and the results of operations for the three months ended April 29, 2023 and April 30, 2022. Our current fiscal year, which consists of 53 weeks, ends on February 3, 2024 (“fiscal 2023”). The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, as well as the financial information of variable interest entities (“VIEs”) where we represent the primary beneficiary and have the power to direct the activities that most significantly impact the entity’s performance. Accordingly, all intercompany balances and transactions have been eliminated through the consolidation process. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The preparation of our condensed consolidated financial statements, in conformity with GAAP, requires our senior leadership team to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material to the condensed consolidated financial statements. We have assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, using information that is reasonably available to us at this time. The accounting estimates and other matters we have assessed include, but were not limited to, sales return reserve, inventory reserve, allowance for doubtful accounts, goodwill, and intangible and other long-lived assets. Our current assessment of these estimates is included in our condensed consolidated financial statements as of and for the three months ended April 29, 2023. As additional information becomes available to us, our future assessment of these estimates, as well as other factors, could change and the results of any such change could materially and adversely impact our condensed consolidated financial statements in future reporting periods. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (the “2022 Form 10-K”). The results of operations for the three months ended April 29, 2023, presented herein, are not necessarily indicative of the results to be expected for the full fiscal year. Our business, like the businesses of retailers generally, is subject to uncertainty surrounding the financial impact of the factors as discussed in Business Conditions Business Conditions There are a number of macroeconomic factors and uncertainties affecting the overall business climate as well as our business, including increased inflation, rising interest and mortgage rates, and unpredictability in the global financial markets related to the foregoing as well as, among other things, the war in Ukraine and recent failures of several financial institutions. We experienced increased demand for our products during the pandemic and there have been significant shifts in consumer consumption patterns with the easing of the pandemic including increases in travel and services rather than spending on home furnishings. These and other macroeconomic factors may have a number of adverse effects on macroeconomic conditions and markets in which we operate, including the housing market, with the potential for an economic recession and a sustained downturn in the housing market. Factors such as a slowdown in the housing market or negative trends in stock market prices could have an adverse impact on demand for our products. We believe that these macroeconomic and other factors have contributed to the slowdown in demand that we have experienced in our business over the last several fiscal quarters. Our decisions regarding the sources and uses of capital will continue to reflect and adapt to changes in market conditions and our business, including further developments with respect to macroeconomic factors. For more information, refer to the section entitled “Risk Factors” in our 2022 Form 10-K.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	3 Months Ended
	Apr. 29, 2023
Recently Issued Accounting Standards
Recently Issued Accounting Standards	NOTE 2—RECENTLY ISSUED ACCOUNTING STANDARDS New Accounting Standards or Updates Adopted Disclosure of Supplier Finance Program Obligations In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04 — Disclosure of Supplier Finance Program Obligations ​ Supplier Finance Program We facilitate a voluntary supply chain financing program (the “Financing Program”) with a third-party financial institution (the “Bank”) to provide participating suppliers with the opportunity to receive early payment on invoices, net of a discount charged to the supplier by the Bank. We are not a party to the supplier agreements with the Bank, and the terms of our payment obligations to suppliers are not impacted by a supplier’s participation in the Financing Program. Our responsibility is limited to making payments to the Bank on the terms originally negotiated with our suppliers, which are typically either 30 days or 60 days. There are no assets pledged as security or other forms of guarantees provided under the Financing Program. ​ The Financing Program is not indicative of a borrowing arrangement and the liabilities under the Financing Program are included in accounts payable and accrued expenses accounts payable and accrued expenses

Prepaid Expense and Other Asset

Prepaid Expense and Other Assets	3 Months Ended
	Apr. 29, 2023
Prepaid Expense and Other Assets
Prepaid Expense and Other Assets	NOTE 3—PREPAID EXPENSE AND OTHER ASSETS Prepaid expense and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Prepaid expenses ​ $ 27,893 ​ $ 24,352 Capitalized catalog costs ​ ​ 23,124 ​ ​ 26,522 Vendor deposits ​ ​ 19,700 ​ ​ 21,201 Federal and state tax receivable ​ ​ 13,203 ​ ​ 12,322 Value added tax (VAT) receivable ​ ​ 6,264 ​ ​ 7,465 Tenant allowance receivable ​ ​ 4,765 ​ ​ 8,336 Right of return asset for merchandise ​ 4,674 ​ 4,983 Promissory notes receivable, including interest (1) ​ 4,533 ​ 2,991 Interest income receivable ​ ​ 2,737 ​ ​ 4,878 Other current assets ​ ​ 22,190 ​ ​ 26,247 Total prepaid expense and other current assets ​ $ 129,083 ​ $ 139,297 ​ (1) Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs (refer to Note 5— Variable Interest Entities ) . Other non-current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Landlord assets under construction—net of tenant allowances ​ $ 61,069 ​ $ 45,511 Initial direct costs prior to lease commencement ​ ​ 59,202 ​ ​ 51,249 Capitalized cloud computing costs—net (1) ​ ​ 22,365 ​ ​ 21,529 Vendor deposits—non-current ​ ​ 12,038 ​ ​ 10,593 Other deposits ​ 7,659 ​ 7,143 Deferred financing fees ​ 3,276 ​ 3,528 Other non-current assets ​ 10,065 ​ 9,654 Total other non-current assets ​ $ 175,674 ​ $ 149,207 (1) Presented net of accumulated amortization of $12 million and $11 million as of April 29, 2023 and January 28, 2023, respectively.

Goodwill, Tradenames, Trademark

Goodwill, Tradenames, Trademarks and Other Intangible Assets	3 Months Ended
	Apr. 29, 2023
Goodwill, Tradenames, Trademarks and Other Intangible Assets
Goodwill, Tradenames, Trademarks and Other Intangible Assets	NOTE 4—GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS The following sets forth the goodwill, tradenames, trademarks and other intangible assets activity for the RH Segment and Waterworks (refer to Note 17— Segment Reporting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS ​ ​ ​ ​ TRADENAMES, ​ ​ ​ TRADENAMES, ​ ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ GOODWILL ​ ASSETS ​ GOODWILL (1) ​ ASSETS (2) ​ ​ (in thousands) January 28, 2023 ​ $ 141,048 ​ $ 57,633 ​ $ — ​ $ 17,000 Additions ​ — ​ 511 ​ — ​ — Foreign currency translation ​ ​ (22) ​ ​ — ​ ​ — ​ ​ — April 29, 2023 ​ $ 141,026 ​ $ 58,144 ​ $ — ​ $ 17,000 (1) Waterworks reporting unit goodwill of $51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018. (2) Presented net of an impairment charge of $35 million recognized in previous fiscal years. There are no

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Apr. 29, 2023
Variable Interest Entities
Variable Interest Entities	NOTE 5—VARIABLE INTEREST ENTITIES Consolidated Variable Interest Entities and Noncontrolling Interests In fiscal 2022, we formed eight privately-held limited liability companies (each, a “Member LLC” and collectively, the “Member LLCs” or the “consolidated variable interest entities”) for real estate development activities related to our Gallery transformation and global expansion strategies. We hold a 50 percent membership interest in seven of the Member LLCs, and the remaining noncontrolling interest of 50 percent in each Member LLC is held by a third-party real estate development partner affiliated with the managing member of the Aspen LLCs (as defined in “Equity Method Investments” below). In one Member LLC we hold approximately 75 percent membership interest with the remaining noncontrolling interest of approximately 25 percent held in the same way by a real estate development partner affiliated with the managing member of the Aspen LLCs. The Member LLCs are qualitatively determined to be VIEs due to their having insufficient equity investment at risk to finance their activities without additional subordinated financial support. Upon the formation of each Member LLC we determined that the power to direct the most significant activities of each Member LLC is either controlled by us or shared between the members of the Member LLCs. In the instances where there is shared power among related parties as defined in the consolidation accounting guidance, we evaluated the related-party tiebreaker guidance and determined that we are most closely associated with each Member LLC. Accordingly, we are the primary beneficiary of the Member LLCs and we consolidate the results of operations, financial condition and cash flows of the Member LLCs in our consolidated financial statements. We measure the noncontrolling interests in the consolidated variable interest entities using the distribution provisions set out in the operating agreements of each Member LLC. As of April 29, 2023 and January 28, 2023, the noncontrolling interest holders had no claim to the net assets of each Member LLC . Accordingly, we did not recognize any noncontrolling interests as of 2023 and January 28, 2023. ​ The carrying amounts and classification of the VIEs’ assets and liabilities included in the condensed consolidated balance sheets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) ASSETS ​ ​ Cash and cash equivalents ​ $ 6,657 ​ $ 6,653 Restricted cash (1) ​ ​ 3,538 ​ ​ 3,662 Prepaid expense and other current assets ​ 3,927 ​ 3,670 Total current assets ​ 14,122 ​ 13,985 Property and equipment—net (2) ​ 206,172 ​ 187,093 Other non-current assets ​ ​ 214 ​ 122 Total assets ​ $ 220,508 ​ $ 201,200 LIABILITIES ​ ​ Accounts payable and accrued expenses ​ $ 9,795 ​ $ 6,685 Real estate loans (3) ​ ​ 17,905 ​ ​ 17,909 Other non-current obligations ​ ​ 952 ​ 929 Total liabilities ​ $ 28,652 ​ $ 25,523 (1) Restricted cash deposits are held in escrow for one Member LLC and represent a portion of the proceeds from the issuance of the Promissory Note (defined below) that are required to be used for tenant allowances specified in a lease agreement between us and the Member LLC. (2) Includes $140 million and $125 million of construction in progress as of April 29, 2023 and January 28, 2023, respectively. (3) Real estate loans are secured by the assets of each respective Member LLC and the associated creditors do not have recourse against RH’s general assets. On August 3, 2022, a Member LLC as the borrower executed a Secured Promissory Note (the “Secured Promissory Note”) with a third-party in an aggregate principal amount equal to $2.0 million with a maturity date of August 1, 2032. The Secured Promissory Note bears interest at a fixed rate per annum equal to 6.00% . On September 9, 2022, a Member LLC as the borrower executed a Promissory Note (the “Promissory Note”) with a third-party bank in an aggregate principal amount equal to $16 million with a maturity date of September 9, 2032. The Promissory Note bears interest at a fixed rate per annum equal to 5.37% until September 15, 2027, on which date the interest rate will reset based on the five-year treasury rate plus 2.00% , subject to a total interest rate 3.00% floor. Equity Method Investments Equity method investments represent our membership interests in three privately-held limited liability companies in Aspen, Colorado (each, an “Aspen LLC” and collectively, the “Aspen LLCs” or the “equity method investments”) that were formed for the purpose of acquiring, developing, operating and selling certain real estate projects in Aspen, Colorado. We hold a 50 percent membership interest in two of the Aspen LLCs and a 70 percent membership interest in the third Aspen LLC. The Aspen LLCs are VIEs, however, we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, we account for these investments using the equity method of accounting. We have previously made contractually required contributions to the Aspen LLCs in an aggregate amount of $105 million in prior periods. In February 2023, we elected to make equity contributions to two of the Aspen LLCs totaling $31 million whereby such funding was used to repay a portion of third-party debt secured by certain real estate assets held by the Aspen LLCs. In April 2023, we made an additional equity contribution to one Aspen LLC of $1.8 million whereby such funding was used in connection with the acquisition of additional real estate assets. Inclusive of the equity contributions made during the three months ended April 29, 2023, we have made in excess of $135 million in capital contributions to the Aspen LLCs. Our maximum exposure to loss with respect to these equity method investments is the carrying value of the equity method investments as of April 29, 2023. During the three months ended April 29, 2023 and April 30, 2022, we did not receive any distributions or have any undistributed earnings of equity method investments.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Current Liabilities	3 Months Ended
	Apr. 29, 2023
Accounts Payable, Accrued Expenses and Other Current Liabilities
Accounts Payable, Accrued Expenses and Other Current Liabilities	NOTE 6—ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accounts payable and accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Accounts payable ​ $ 156,531 ​ $ 166,082 Accrued compensation ​ 50,489 ​ 76,650 Accrued sales and use tax (1) ​ 24,874 ​ 21,950 Accrued occupancy ​ 24,290 ​ 28,830 Accrued freight and duty ​ 13,881 ​ 17,497 Accrued legal reserves ​ ​ 8,430 ​ ​ 8,921 Accrued professional fees ​ 7,777 ​ 7,447 Accrued catalog costs (1) ​ 1,595 ​ 1,546 Accrued interest ​ ​ 954 ​ ​ 14,456 Other accrued expenses ​ 32,922 ​ 31,570 Total accounts payable and accrued expenses ​ $ 321,743 ​ $ 374,949 (1) Prior year amounts have been adjusted to conform to the current period presentation. Reorganization As reported in the 2022 Form 10-K, we implemented a restructuring on March 24, 2023 that includes workforce and expense reductions in order to improve and simplify our organizational structure, streamline certain aspects of our business operations and better position us for further growth. The workforce reduction associated with the initiative included the elimination of numerous leadership and other positions throughout the organization, which affected approximately 440 roles. The reorganization was completed during the first quarter of fiscal 2023. During the three months ended April 29, 2023, we incurred total charges relating to the reorganization of $7.6 million consisting primarily of severance costs and related taxes. As of April 29, 2023, we had accruals of $5.8 million included in accounts payable and accrued expenses ​ Other current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Unredeemed gift card and merchandise credit liability ​ $ 28,180 ​ $ 26,733 Current portion of term loans ​ ​ 25,000 ​ ​ 25,000 Allowance for sales returns ​ ​ 19,323 ​ ​ 20,747 Finance lease liabilities ​ ​ 17,349 ​ ​ 17,007 Foreign tax payable ​ ​ 4,425 ​ ​ 4,365 Other current liabilities ​ 7,583 ​ 9,338 Total other current liabilities ​ $ 101,860 ​ $ 103,190 ​ Contract Liabilities We defer revenue associated with merchandise delivered via the home-delivery channel. We expect that substantially all of the deferred revenue and customer deposits as of April 29, 2023 will be recognized within the next six months as the performance obligations are satisfied. In addition, we defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards. During the three months ended April 29, 2023 and April 30, 2022, we recognized $6.1 million and $4.7 million, respectively, of revenue . We expect that approximately 70% of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers.

Other Non-Current Obligations

Other Non-Current Obligations	3 Months Ended
	Apr. 29, 2023
Other Non-Current Obligations.
Other Non-Current Obligations	NOTE 7—OTHER NON-CURRENT OBLIGATIONS Other non-current obligations consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Unrecognized tax benefits ​ $ 2,992 ​ $ 2,962 Other non-current obligations ​ 5,173 ​ 5,112 Total other non-current obligations ​ $ 8,165 ​ $ 8,074 ​ .

Leases

Leases	3 Months Ended
	Apr. 29, 2023
Leases
Leases	NOTE 8—LEASES Lease costs—net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, APRIL 30, ​ 2023 2022 ​ ​ ​ (in thousands) Operating lease cost (1) ​ ​ $ 26,300 ​ $ 25,133 Finance lease costs ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets (1) ​ ​ ​ 13,704 ​ ​ 11,498 Interest on lease liabilities (2) ​ ​ ​ 8,486 ​ ​ 7,071 Variable lease costs (3) ​ ​ ​ 6,168 ​ ​ 9,087 Sublease income (4) ​ ​ ​ (1,546) ​ ​ (1,128) Total lease costs—net ​ ​ $ 53,112 ​ $ 51,661 (1) Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of income based on our accounting policy. Refer to Note 3—Significant Accounting Policies in the 2022 Form 10-K. (2) Included in interest expense—net on the condensed consolidated statements of income. (3) Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent based on a percentage of retail sales over contractual levels of $3.9 million and $6.7 million for the three months ended April 29, 2023 and April 30, 2022, respectively, and charges associated with common area maintenance of $2.3 million and $2.4 million for the three months ended April 29, 2023 and April 30, 2022, respectively. Other variable costs, which include single lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset, were not material in either period. (4) Included in selling, general and administrative expenses on the condensed consolidated statements of income. ​ Lease right-of-use assets and lease liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ ​ 2023 2023 ​ ​ ​ ​ (in thousands) ​ ​ Balance Sheet Classification ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease right-of-use assets ​ $ 528,010 ​ $ 527,246 Finance leases (1)(2)(3) ​ Property and equipment—net ​ ​ 1,064,852 ​ ​ 1,078,979 Total lease right-of-use assets ​ ​ ​ $ 1,592,862 ​ $ 1,606,225 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current (4) ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease liabilities ​ $ 81,262 ​ $ 80,384 Finance leases ​ Other current liabilities ​ ​ 17,349 ​ ​ 17,007 Total lease liabilities—current ​ ​ ​ ​ 98,611 ​ ​ 97,391 Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Non-current operating lease liabilities ​ ​ 504,479 ​ ​ 505,809 Finance leases ​ Non-current finance lease liabilities ​ ​ 648,792 ​ ​ 653,050 Total lease liabilities—non-current ​ ​ ​ ​ 1,153,271 ​ ​ 1,158,859 Total lease liabilities ​ ​ ​ $ 1,251,882 ​ $ 1,256,250 (1) Includes capitalized amounts related to our completed construction activities to design and build leased assets, which are reclassified from other non-current assets upon lease commencement. (2) Recorded net of accumulated amortization of $237 million and $224 million as of April 29, 2023 and January 28, 2023, respectively. (3) Includes $39 million as of both April 29, 2023 and January 28, 2023 related to an RH Design Gallery lease with a landlord that is an affiliate of the managing member of the Aspen LLCs (refer to Note 5— Variable Interest Entities ). (4) Current portion of lease liabilities represents the reduction of the related lease liability over the next 12 months. The maturities of lease liabilities are as follows as of April 29, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING ​ FINANCE ​ ​ FISCAL YEAR ​ ​ LEASES LEASES TOTAL ​ ​ ​ ​ (in thousands) Remainder of fiscal 2023 ​ ​ ​ $ 78,224 ​ $ 37,283 ​ $ 115,507 2024 ​ ​ ​ ​ 98,711 ​ ​ 49,941 ​ ​ 148,652 2025 ​ ​ ​ ​ 94,228 ​ ​ 51,356 ​ ​ 145,584 2026 ​ ​ ​ ​ 89,951 ​ ​ 52,124 ​ ​ 142,075 2027 ​ ​ ​ ​ 84,687 ​ ​ 53,264 ​ ​ 137,951 2028 ​ ​ ​ ​ 55,407 ​ ​ 52,484 ​ ​ 107,891 Thereafter ​ ​ ​ ​ 197,403 ​ ​ 910,714 ​ ​ 1,108,117 Total lease payments (1)(2) ​ ​ ​ ​ 698,611 ​ ​ 1,207,166 ​ ​ 1,905,777 Less—imputed interest (3) ​ ​ ​ ​ (112,870) ​ ​ (541,025) ​ ​ (653,895) Present value of lease liabilities ​ ​ ​ $ 585,741 ​ $ 666,141 ​ $ 1,251,882 (1) Total lease payments include future obligations for renewal options that are reasonably certain to be exercised and are included in the measurement of the lease liability. Total lease payments exclude $663 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of April 29, 2023, of which $22 million, $37 million, $43 million, $43 million, $41 million and $38 million will be paid in the remainder of fiscal 2023, fiscal 2024, fiscal 2025, fiscal 2026, fiscal 2027 and fiscal 2028, respectively, and $439 million will be paid subsequent to fiscal 2028. (2) Excludes an immaterial amount of future commitments under short-term lease agreements. (3) Calculated using the discount rate for each lease at lease commencement. Supplemental information related to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, ​ APRIL 30, ​ ​ ​ 2023 ​ 2022 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 8.2 ​ ​ 8.9 Finance leases ​ ​ ​ 21.7 ​ ​ 21.1 Weighted-average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 4.19% ​ ​ 3.95% Finance leases ​ ​ ​ 5.32% ​ ​ 5.06% ​ Other information related to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, ​ APRIL 30, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ (27,612) ​ $ (25,199) Operating cash flows from finance leases ​ ​ ​ (8,615) ​ ​ (7,071) Financing cash flows from finance leases ​ ​ ​ (3,877) ​ ​ (3,559) Total cash outflows from leases ​ ​ $ (40,104) ​ $ (35,829) Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations (non-cash) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 20,861 ​ $ 12,459 Finance leases ​ ​ ​ — ​ ​ 38,252 ​

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Apr. 29, 2023
CREDIT FACILITIES
Convertible Senior Notes	NOTE 9—CONVERTIBLE SENIOR NOTES In June 2018, we issued in a private offering $300 million principal amount of 0.00% convertible senior notes due 2023 and issued an additional $35 million principal amount in connection with the overallotment option granted to the initial purchasers as part of the offering (collectively, the “2023 Notes”). In September 2019, we issued in a private offering $350 million principal amount of 0.00% convertible senior notes due 2024 (the “2024 Notes” and, together with the 2023 Notes, the “Convertible Senior Notes” or the “Notes”). The outstanding balances under the 2023 Notes and 2024 Notes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ ​ JANUARY 28, ​ ​ 2023 ​ ​ 2023 ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ AMOUNT COST AMOUNT ​ AMOUNT COST ​ AMOUNT ​ ​ (in thousands) Convertible senior notes due 2023 (1) ​ $ 1,694 ​ $ — ​ $ 1,694 ​ $ 1,696 ​ $ — ​ $ 1,696 ​ Convertible senior notes due 2024 (2) ​ ​ 41,904 ​ ​ (153) ​ ​ 41,751 ​ ​ 41,904 ​ ​ (180) ​ ​ 41,724 ​ Total convertible senior notes ​ $ 43,598 ​ $ (153) ​ $ 43,445 ​ $ 43,600 ​ $ (180) ​ $ 43,420 ​ (1) As of both April 29, 2023 and January 28, 2023, the 2023 Notes outstanding were classified as convertible senior notes due 2023 within current liabilities . (2) As of both April 29, 2023 and January 28, 2023, the 2024 Notes outstanding were classified as convertible senior notes due 2024—net within non-current liabilities . 2023 Notes and 2024 Notes—Bond Hedge and Warrant Terminations and Notes Repurchase Bond Hedge and Warrant Terminations During the three months ended April 30, 2022, we entered into agreements with certain financial institutions (collectively, the “Counterparties”) to repurchase all of the warrants issued in connection with the 2023 Notes and 2024 Notes at an aggregate purchase price of $184 million and $203 million, respectively, subject to adjustment for a settlement feature based on pricing formulations linked to the trading price of our common stock over a volume weighted-average price measurement period of two other income—net During the three months ended April 30, 2022, we entered into agreements with the Counterparties to terminate all of the convertible note bond hedges issued in connection with the 2023 Notes and 2024 Notes to receive an aggregate closing price of $56 million and $180 million, respectively, subject to adjustment for a settlement feature based on pricing formulations linked to the trading price of our common stock over a three day volume weighted-average price measurement period. Upon entering into these agreements, the bond hedges were reclassified from stockholders’ equity to current assets on the condensed consolidated balance sheets, and accordingly, we recognized a corresponding loss on the fair value adjustment of the settlement feature of $4.3 million, which is classified within other income—net Notes Repurchase During the three months ended April 30, 2022, we entered into individual privately negotiated transactions with a limited number of sophisticated investors that were holders of the 2023 Notes and/or the 2024 Notes to repurchase in cash $45 million and $135 million in aggregate principal amount of the 2023 Notes and 2024 Notes, respectively (the “Notes Repurchase”). The Notes Repurchase provided for an estimated settlement cost of $325 million, subject to adjustment to the final settlement cost for an embedded feature based on pricing formulations linked to the trading price of our common stock over a five day volatility weighted-average price measurement period that ended on April 29, 2022. Upon execution of these agreements, we determined that we had modified the debt substantially and applied an extinguishment accounting model. Accordingly, we derecognized the aggregate principal amount of $180 million of the Convertible Senior Notes related to the extinguishment of such notes, and subsequently recognized a new financing liability with a fair value of $325 million. An embedded derivative related to the conversion feature was bifurcated from the new financing liability and separately recognized with an initial fair value of $278 million, with the remaining $47 million classified as debt and recognized at its amortized cost basis. Accordingly, we recognized a loss on extinguishment of debt of $146 million upon the execution of these agreements, inclusive of acceleration of amortization of debt issuance costs of $1.0 million. Upon the remeasurement of the amount owed to the holders in terms of the embedded feature, a total of $314 million was paid in cash to the holders, representing the combined carrying value of the debt liability of $47 million, as well as the fair value of the bifurcated embedded equity derivative upon settlement of $267 million. Accordingly, we recognized a gain on the fair value adjustment of the bifurcated embedded equity derivative of $11 million, which is classified within other income—net on the condensed consolidated statements of income. $350 million 0.00% Convertible Senior Notes due 2024 Prior to June 15, 2024, the 2024 Notes are convertible only under the following circumstances: (1) during any calendar quarter commencing after December 31, 2019, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter, the last reported sale price of our common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period after any ten consecutive trading day period in which, for each day of that period, the trading price per $1,000 principal amount of 2024 Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions. The first condition was satisfied from the calendar quarter ended September 30, 2020 through the calendar quarter ended March 31, 2022. However, this condition was not met for the calendar quarter ended June 30, 2022 through the calendar quarter ended March 31, 2023, as a result, the 2024 Notes were not convertible as of March 31, 2023. On and after June 15, 2024, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or a portion of their 2024 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the 2024 Notes will be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock. If the Company has not delivered a notice of its election of settlement method prior to the final conversion period, it will be deemed to have elected combination settlement with a dollar amount per note to be received upon conversion of $1,000. During the three months ended April 30, 2022, holders of $3.6 million in aggregate principal amount of the 2024 Notes elected to exercise the early conversion option and we elected to settle such conversions using combination settlement comprised of cash equal to the principal amount of the 2024 Notes converted and shares of our common stock for the remaining conversion value. During the three months ended April 30, 2022, we paid $3.6 million in cash and delivered 9,760 shares of common stock to settle the early conversion of these 2024 Notes. We also received 9,760 shares of common stock from the exercise of a portion of the convertible bond hedge we purchased concurrently with the issuance of the 2024 Notes. The remaining liability for the 2024 Notes is classified as a $335 million 0.00% Convertible Senior Notes due 2023 Prior to March 15, 2023, the 2023 Notes are convertible only under the following circumstances: (1) during any calendar quarter commencing after September 30, 2018, if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter, the last reported sale price of our common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (2) during the five consecutive business day period after any ten consecutive trading day period in which, for each day of that period, the trading price per $1,000 principal amount of 2023 Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the applicable conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions. The first condition was satisfied from the calendar quarter ended September 30, 2020 through the calendar quarter ended June 30, 2022 and, accordingly, holders were eligible to convert their 2023 Notes beginning in the calendar quarter ended December 31, 2020 and were eligible to convert their 2023 Notes through March 15, 2023. On and after March 15, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders were able to convert all or a portion of their 2023 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the 2023 Notes will be settled, at our election, in cash, shares of our common stock, or a combination of cash and shares of our common stock. If the Company has not delivered a notice of its election of settlement method prior to the final conversion period, it will be deemed to have elected combination settlement with a dollar amount per note to be received upon conversion of $1,000. During the three months ended April 30, 2022, holders of $9.4 million in aggregate principal amount of the 2023 Notes elected to exercise the early conversion option and we elected to settle such conversions using combination settlement comprised of cash equal to the principal amount of the 2023 Notes converted and shares of our common stock for the remaining conversion value. During the three months ended April 30, 2022, we paid $9.4 million in cash and delivered 27,213 shares of common stock to settle the early conversion of these 2023 Notes. We also received 27,208 shares of common stock from the exercise of a portion of the convertible bond hedge we purchased concurrently with the issuance of the 2023 Notes, and therefore, on a net basis issued 5 shares of our common stock in respect to such settlement of the converted 2023 Notes. The remaining liability for the 2023 Notes is classified as a current obligation on the condensed consolidated balance sheets since the settlement of the outstanding 2023 Notes is due on June 15, 2023.

Credit Facilities

Credit Facilities	3 Months Ended
	Apr. 29, 2023
CREDIT FACILITIES
Credit Facilities	NOTE 10—CREDIT FACILITIES The outstanding balances under our credit facilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ INTEREST ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ ​ RATE (1) AMOUNT COSTS AMOUNT AMOUNT COSTS AMOUNT ​ ​ (dollars in thousands) Asset based credit facility (2) ​ 6.33% ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Term loan B (3) ​ 7.52% ​ ​ 1,970,000 ​ ​ (17,644) ​ ​ 1,952,356 ​ ​ 1,975,000 ​ ​ (18,471) ​ ​ 1,956,529 Term loan B-2 (4) ​ 8.33% ​ ​ 497,500 ​ ​ (23,409) ​ ​ 474,091 ​ ​ 498,750 ​ ​ (24,505) ​ ​ 474,245 Equipment promissory notes (5) — ​ ​ — ​ ​ — ​ ​ — ​ 1,160 ​ — ​ 1,160 Total credit facilities ​ ​ ​ $ 2,467,500 ​ $ (41,053) ​ $ 2,426,447 ​ $ 2,474,910 ​ $ (42,976) ​ $ 2,431,934 (1) Interest rates for the asset based credit facility and term loans represent the weighted-average interest rates as of April 29, 2023. (2) Deferred financing fees associated with the asset based credit facility as of April 29, 2023 and January 28, 2023 were $3.3 million and $3.5 million, respectively, and are included in other non-current assets on the condensed consolidated balance sheets. The deferred financing fees are amortized on a straight-line basis over the life of the revolving line of credit. (3) Represents the Term Loan Credit Agreement (defined below), of which outstanding amounts of $1,950 million and $20 million were included in term loan—net and other current liabilities on the condensed consolidated balance sheets, respectively, as of April 29, 2023. Outstanding amounts of $1,955 million and $20 million were included in term loan—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of January 28, 2023. (4) Represents the outstanding balance of the Term Loan B-2 (defined below) under the Term Loan Credit Agreement, of which outstanding amounts of $493 million and $5.0 million were included in term loan B-2—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of April 29, 2023. Outstanding amounts of $494 million and $5.0 million were included in term loan B-2—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of January 28, 2023. (5) Represents total equipment security notes secured by certain of our property and equipment, which was included in other current liabilities on the condensed consolidated balance sheets as of January 28, 2023. The equipment security note was repaid in full as of April 29, 2023. Asset Based Credit Facility On August 3, 2011, Restoration Hardware, Inc. (“RHI”), a wholly-owned subsidiary of RH, along with its Canadian subsidiary, Restoration Hardware Canada, Inc., entered into the Ninth Amended and Restated Credit Agreement (as amended prior to June 28, 2017, the “Original Credit Agreement”) by and among RHI, Restoration Hardware Canada, Inc., certain other subsidiaries of RH named therein as borrowers or guarantors, the lenders party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “ABL Agent”). On June 28, 2017, RHI entered into the Eleventh Amended and Restated Credit Agreement (as amended prior to July 29, 2021, the “11 th On July 29, 2021, RHI entered into the Twelfth Amended and Restated Credit Agreement (as amended, the “ABL Credit Agreement”) by and among RHI, Restoration Hardware Canada, Inc., certain other subsidiaries of RH named therein as borrowers or guarantors, the lenders party thereto and the ABL Agent, which amended and restated the 11 th The availability of credit at any given time under the ABL Credit Agreement will be constrained by the terms and conditions of the ABL Credit Agreement, including the amount of collateral available, a borrowing base formula based upon numerous factors, including the value of eligible inventory and eligible accounts receivable, and other restrictions contained in the ABL Credit Agreement. All obligations under the ABL Credit Agreement are secured by substantial assets of the loan parties, including inventory, receivables and certain types of intellectual property. Borrowings under the revolving line of credit (other than swing line loans, which are subject to interest at the base rate) bear interest, at the borrower’s option, at either the base rate or LIBOR subject to a 0.00% LIBOR floor (or, in the case of the Canadian borrowings, the “BA Rate” or the “Canadian Prime Rate”, as such terms are defined in the ABL Credit Agreement, for the Canadian borrowings denominated in Canadian dollars, or the “U.S. Index Rate”, as such term is defined in the ABL Credit Agreement, or LIBOR for Canadian borrowings denominated in United States dollars) plus an applicable interest rate margin, in each case. The ABL Credit Agreement was amended in December 2022 to transition from LIBOR to the Secured Overnight Financing Rate (“SOFR”). The ABL Credit Agreement contains various restrictive and affirmative covenants, including required financial reporting, limitations on granting certain liens, limitations on making certain loans or investments, limitations on incurring additional debt, restricted payment limitations limiting the payment of dividends and certain other transactions and distributions, limitations on transactions with affiliates, along with other restrictions and limitations similar to those frequently found in credit agreements of a similar type and size. The ABL Credit Agreement does not contain any significant financial ratio covenants or coverage ratio covenants other than a consolidated fixed charge coverage ratio (“FCCR”) covenant based on the ratio of (i) consolidated EBITDA to the amount of (ii) debt service costs plus certain other amounts, including dividends and distributions and prepayments of debt as defined in the ABL Credit Agreement (the “FCCR Covenant”). The FCCR Covenant only applies in certain limited circumstances, including when the unused availability under the ABL Credit Agreement drops below the greater of (A) $40 million and (B) an amount based on 10% of the total borrowing availability at the time. The FCCR Covenant ratio is set at 1.0 and measured on a trailing twelve-month basis. As of April 29, 2023, RHI was in compliance with the FCCR Covenant. The ABL Credit Agreement requires a daily sweep of all cash receipts and collections to prepay the loans under the agreement while (i) an event of default exists or (ii) when the unused availability under the ABL Credit Agreement drops below the greater of (A) $40 million and (B) an amount based on 10% of the total borrowing availability at the time. The ABL Credit Agreement contains customary representations and warranties, events of defaults and other customary terms and conditions for an asset based credit facility. The availability of the revolving line of credit at any given time under the ABL Credit Agreement is limited by the terms and conditions of the ABL Credit Agreement, including the amount of collateral available, a borrowing base formula based upon numerous factors, including the value of eligible inventory and eligible accounts receivable, and other restrictions contained in the ABL Credit Agreement. As a result, actual borrowing availability under the revolving line of credit could be less than the stated amount of the revolving line of credit (as reduced by the actual borrowings and outstanding letters of credit under the revolving line of credit). As of April 29, 2023, the amount available for borrowing under the revolving line of credit under the ABL Credit Agreement was $478 million, net of $27 million in outstanding letters of credit. Term Loan Credit Agreement On October 20, 2021, RHI entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) by and among RHI as the borrower, the lenders party thereto and Bank of America, N.A. as administrative agent and collateral agent (in such capacities, the “Term Agent”) with respect to an initial term loan (the “Term Loan B”) in an aggregate principal amount equal to $2,000,000,000 with a maturity date of October 20, 2028. The Term Loan B bears interest at an annual rate based on LIBOR subject to a 0.50% LIBOR floor plus an interest rate margin of 2.50% (with a stepdown of the interest rate margin if RHI achieves a specified public corporate family rating). LIBOR is a floating interest rate that resets periodically during the life of the Term Loan B. At the date of borrowing, the interest rate was set at the LIBOR floor of 0.50% plus 2.50% and the Term Loan B was issued at a discount of 0.50% to face value. The Term Loan Credit Agreement contains customary provisions addressing future transition from LIBOR. On May 13, 2022, RHI entered into a 2022 Incremental Amendment (the “2022 Incremental Amendment”) with Bank of America, N.A., as administrative agent, amending the Term Loan Credit Agreement (the Term Loan Credit Agreement as amended by the 2022 Incremental Amendment, the “Amended Term Loan Credit Agreement”). Pursuant to the terms of the 2022 Incremental Amendment, RHI incurred incremental term loans (the “Term Loan B-2”) in an aggregate principal amount equal to $500 million with a maturity date of October 20, 2028. The Term Loan B-2 constitutes a separate class from the Term Loan B under the Term Loan Credit Agreement. The Term Loan B-2 bears interest at an annual rate based on the SOFR subject to a 0.50% SOFR floor plus an interest rate margin of 3.25% plus a credit spread adjustment of 0.10%. Other than the terms relating to the Term Loan B-2, the terms of the Amended Term Loan Credit Agreement remain substantially the same as the terms of the existing Term Loan Credit Agreement, including representations and warranties, covenants and events of default. All obligations under the Term Loan B are guaranteed by certain domestic subsidiaries of RHI. Further, RHI and such subsidiaries have granted a security interest in substantially all of their assets (subject to customary and other exceptions) to secure the Term Loan B. Substantially all of the collateral securing the Term Loan B also secures the loans and other credit extensions under the ABL Credit Agreement. On October 20, 2021, in connection with the Term Loan Credit Agreement, RHI and certain other subsidiaries of RH party to the Term Loan Credit Agreement and the ABL Credit Agreement, as the case may be, entered into an Intercreditor Agreement (the “Intercreditor Agreement”) with the Term Agent and the ABL Agent. The Intercreditor Agreement establishes various customary inter-lender terms, including, without limitation, with respect to priority of liens, permitted actions by each party, application of proceeds, exercise of remedies in case of default, releases of liens and certain limitations on the amendment of the ABL Credit Agreement and the Term Loan Credit Agreement without the consent of the other parties. The borrowings under the Term Loan Credit Agreement may be prepaid in whole or in part at any time, subject to a prepayment premium of 1.0% in connection with any repricing transaction within the six months following the closing date of the Term Loan Credit Agreement. The Term Loan Credit Agreement contains various restrictive and affirmative covenants, including required financial reporting, limitations on granting certain liens, limitations on making certain loans or investments, limitations on incurring additional debt, restricted payment limitations limiting the payment of dividends and certain other transactions and distributions, limitations on transactions with affiliates, along with other restrictions and limitations similar to those frequently found in credit agreements of a similar type and size, but provides for unlimited exceptions in the case of incurring indebtedness, granting of liens and making investments, dividend payments, and payments of material junior indebtedness, subject to satisfying specified leverage ratio tests. The Term Loan Credit Agreement does not contain a financial maintenance covenant. The Term Loan Credit Agreement contains customary representations and warranties, events of defaults and other customary terms and conditions for a term loan credit agreement.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 29, 2023
Fair Value Measurements
Fair Value Measurements	NOTE 11—FAIR VALUE MEASUREMENTS Fair Value Measurements—Recurring Amounts reported as cash and equivalents, restricted cash, receivables, and accounts payable and accrued expenses approximate fair value due to the short-term nature of activity within these accounts. The estimated fair value of the asset based credit facility approximates cost as the interest rate associated with the facility is variable and resets frequently (Level 2). The estimated fair value of the real estate loans approximate their carrying values as they were recently issued. The estimated fair value and carrying value of the 2023 Notes, the 2024 Notes and the Term Loan Credit Agreement were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ PRINCIPAL ​ PRINCIPAL ​ ​ FAIR ​ CARRYING ​ FAIR ​ CARRYING ​ ​ VALUE ​ VALUE (1) ​ VALUE ​ VALUE (1) ​ ​ (in thousands) Convertible senior notes due 2023 ​ $ 1,676 ​ $ 1,694 ​ $ 1,622 ​ $ 1,696 Convertible senior notes due 2024 ​ 37,528 ​ ​ 41,904 ​ 37,351 ​ 41,904 Term loan B ​ ​ 1,895,751 ​ ​ 1,970,000 ​ ​ 1,961,056 ​ ​ 1,975,000 Term loan B-2 ​ 495,369 ​ ​ 497,500 ​ 500,215 ​ 498,750 (1) The principal carrying value of the 2023 Notes and 2024 Notes excludes the discounts upon original issuance, discounts and commissions payable to the initial purchasers and third-party offering costs, as applicable. The principal carrying values of the Term Loan B and Term Loan B-2 represent the outstanding amount under each class and exclude discounts upon original issuance and third-party offering costs. The fair value of each of the 2023 Notes and 2024 Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of our convertible notes, when available, our stock price and interest rates based on similar debt issued by parties with credit ratings similar to ours (Level 2). The fair values of the Term Loan B and Term Loan B-2 were derived from discounted cash flows using risk-adjusted rates (Level 2). Fair Value Measurements—Non-Recurring Upon settlement of our convertible senior notes, including the settlements in which holders of the 2023 Notes and 2024 Notes elected to exercise the early conversion option, we recognized a gain or loss on extinguishment of debt in the condensed consolidated statements of income, which represents the difference between the carrying value and fair value of the convertible senior notes immediately prior to the settlement date. The fair value of each of the 2023 Notes and 2024 Notes related to the settlement of the early conversions was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of our convertible notes, when available, our common stock price and interest rates based on similar debt issued by parties with credit ratings similar to ours (Level 2).

Income Taxes

Income Taxes	3 Months Ended
	Apr. 29, 2023
Income Taxes
Income Taxes	NOTE 12—INCOME TAXES We recorded income tax expense of $17 million and an income tax benefit of $163 million in the three months ended April 29, 2023 and April 30, 2022, respectively. The effective tax rate was 28.4% and (438.3)% for the three months ended April 29, 2023 and April 30, 2022, respectively. The increase in the effective tax rate for the three months ended April 29, 2023 as compared to the three months ended April 30, 2022 is primarily attributable to significantly lower net excess tax benefits from stock-based compensation in fiscal 2023. As of April 29, 2023, we had $8.2 million of unrecognized tax benefits, of which $7.6 million would reduce income tax expense and the effective tax rate, if recognized. The remaining unrecognized tax benefits would offset other deferred tax assets, if recognized. As of April 29, 2023, we had $5.5 million of exposures related to unrecognized tax benefits that are expected to decrease in the next 12 months.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 29, 2023
Net Income Per Share
Net Income Per Share	NOTE 13—NET INCOME PER SHARE The weighted-average shares used for net income per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ ​ APRIL 30, ​ 2023 ​ 2022 Weighted-average shares—basic ​ ​ 22,047,029 ​ ​ 22,608,537 Effect of dilutive stock-based awards ​ 1,504,784 ​ 4,367,607 Effect of dilutive convertible senior notes (1) ​ 206,975 ​ 831,938 Weighted-average shares—diluted ​ 23,758,788 ​ 27,808,082 (1) The dilutive effect of the 2023 Notes and 2024 Notes is calculated under the if-converted method, which assumes share settlement of the entire convertible debt instrument. The warrants associated with the 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $309.84 per share and $338.24 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes were repurchased in April 2022 and, as a result, no warrant instruments were outstanding as of and after April 30, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9— Convertible Senior Notes . The following number of options and restricted stock units, as well as shares issuable under convertible senior notes prior to extinguishment in fiscal 2022, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 Options ​ 1,109,768 ​ 1,086,549 Restricted stock units 16,694 ​ 19,552 Convertible senior notes ​ — ​ 719,164 ​

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Apr. 29, 2023
Share Repurchase Program
Share Repurchase Program	NOTE 14—SHARE REPURCHASE PROGRAM In 2018, our Board of Directors authorized a share repurchase program. On June 2, 2022, the Board of Directors authorized an additional $2.0 billion for the purchase of shares of our outstanding common stock, increasing the total authorized size of the share repurchase program to $2,450 million (the “Share Repurchase Program”). As of April 29, 2023, $1,450 million remains available for future share repurchases under this program.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Apr. 29, 2023
Stock-Based Compensation.
Stock-Based Compensation	NOTE 15—STOCK-BASED COMPENSATION We recorded stock-based compensation expense of $10 million and $13 million during the three months ended April 29, 2023 and April 30, 2022, respectively, which is included in selling, general and administrative expenses 2023 Stock Incentive Plan The RH 2023 Stock Incentive Plan (the “2023 Stock Incentive Plan”) was approved by stockholders on April 4, 2023. The 2023 Stock Incentive Plan provides for the grant of incentive stock options to our employees and the grant of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights and any combination thereof to our employees, directors and consultants and our parent and subsidiary corporations’ employees, directors and consultants. The maximum number of shares that may be issued pursuant to all awards under the 2023 Stock Incentive Plan is (i) 3,000,000, plus (ii) any shares of our common stock covered by any outstanding award (or portion of any such award) that has been granted under the 2012 Stock Incentive Plan (as defined below) if such award (or a portion of such award) is forfeited, is canceled or expires (whether voluntarily or involuntarily) without the issuance of shares of our common stock or if the shares underlying such award (or a portion of such award) that are surrendered or withheld in payment of the award’s exercise or purchase price or in satisfaction of tax withholding obligations with respect to an award would be deemed not to have been issued for purposes of determining the maximum number of shares of our common stock that may be issued under the 2023 Stock Incentive Plan had such award been an award granted under the 2023 Stock Incentive Plan. The 2023 Stock Incentive Plan has a ten year term. Awards under the 2023 Stock Incentive Plan reduce the number of shares available for future issuance. Cancellations and forfeitures of awards previously granted under the 2023 Stock Incentive Plan increase the number of shares available for future issuance. Shares issued as a result of award exercises under the 2023 Stock Incentive Plan will be funded with the issuance of new shares. We did not make any grants under the 2023 Stock Incentive Plan during the three months ended April 29, 2023. 2012 Stock Incentive Plan and 2012 Stock Option Plan As of April 29, 2023, 3,393,460 options granted under the Restoration Hardware 2012 Stock Incentive Plan (the “2012 Stock Incentive Plan”) and the Restoration Hardware 2012 Stock Option Plan were outstanding with a weighted-average exercise price of $179.73 per share and 3,216,721 options were vested with a weighted-average exercise price of $175.73 per share. The aggregate intrinsic value of options outstanding, options vested or expected to vest, and options exercisable as of April 29, 2023 was $401 million, $390 million and $343 million, respectively. Stock options exercisable as of April 29, 2023 had a weighted-average remaining contractual life of 4.95 years. As of April 29, 2023, the total unrecognized compensation expense related to unvested options was $78 million, which is expected to be recognized on a straight-line basis over a weighted-average period of 3.97 years. In addition, as of April 29, 2023, the total unrecognized compensation expense related to the fully vested option grant made to Mr. Friedman in October 2020 was $11 million, which will be recognized on an accelerated basis through May 2025 (refer to Chairman and Chief Executive Officer Option Grant As of April 29, 2023, we had 19,670 restricted stock units outstanding with a weighted-average grant date fair value of $444.30 per share. During the three months ended April 29, 2023, 1,250 restricted stock units vested with a weighted-average grant date fair value of $437.82 per share. As of April 29, 2023, there was $6.6 million of total unrecognized compensation expense related to unvested restricted stock and restricted stock units, which is expected to be recognized over a weighted-average period of 4.30 years. Chairman and Chief Executive Officer Option Grant On October 18, 2020, our Board of Directors granted Mr. Friedman an option to purchase 700,000 shares of our common stock with an exercise price equal to $385.30 per share under the 2012 Stock Incentive Plan. The option will result in aggregate non-cash stock compensation expense of $174 million, of which $3.5 million and $5.9 million was recognized during the three months ended April 29, 2023 and April 30, 2022 (which is included in the stock-based compensation expense recorded during the three months ended April 29, 2023 and April 30, 2022 noted above).

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 29, 2023
Commitments and Contingencies.
Commitments and Contingencies	NOTE 16—COMMITMENTS AND CONTINGENCIES Commitments We had no material off-balance sheet commitments as of April 29, 2023. Contingencies We are subject to contingencies, including in connection with lawsuits, claims, investigations and other legal proceedings incident to the ordinary course of our business. These disputes are increasing in number as we expand our business and provide new product and service offerings, such as restaurants and hospitality, and as we enter new markets and legal jurisdictions and face increased complexity related to compliance and regulatory requirements. In addition, we are subject to governmental and regulatory examinations, information requests, and investigations from time to time at the state and federal levels. Certain legal proceedings that we currently face involve various class-action allegations regarding employment practices, including under state wage-and-hour laws. We have faced similar litigation in the past. Due to the inherent difficulty of predicting the course of legal actions related to these class-action allegations, such as the eventual scope, duration or outcome, we may be unable to estimate the amount or range of any potential loss that could result from an unfavorable outcome arising from such matters. Our assessment of these legal proceedings, as well as other lawsuits, could change from future determinations or the discovery of facts that are not presently known. We continue to defend such cases and our estimates may evolve over time. Accordingly, the ultimate costs to resolve these cases may be substantially higher or lower than our estimates. With respect to such contingencies, we review the need for any loss contingency reserves and establish reserves when, in the opinion of our senior leadership team, it is probable that a matter would result in liability, and the amount of loss, if any, can be reasonably estimated. Loss contingencies determined to be probable and estimable are recorded in accounts payable and accrued expenses Accounts Payable, Accrued Expenses and Other Current Liabilities Although we are self-insured or maintain deductibles in the United States for workers’ compensation, general liability and product liability up to predetermined amounts, above which third-party insurance applies, depending on the facts and circumstances of the underlying claims, coverage under our insurance policies may not be available. Even if we believe coverage does apply under our insurance programs, our insurance carriers may dispute coverage based on the underlying facts and circumstances. As a result, the outcome of any matters in which we are involved could result in unexpected expenses and liability that could adversely affect our operations. In addition, any claims against us, whether meritorious or not, could be time consuming, result in costly litigation, require significant amounts of our senior leadership team’s time, result in the diversion of significant operational resources, and require changes to our business operations, policies and practices. Legal costs related to such claims are expensed as incurred.

Segment Reporting

Segment Reporting	3 Months Ended
	Apr. 29, 2023
Segment Reporting
Segment Reporting	NOTE 17—SEGMENT REPORTING We define reportable and operating segments on the same basis that we use to evaluate our performance internally by the chief operating decision maker (“CODM”), which we have determined is our Chief Executive Officer. We have three operating segments: RH Segment, Waterworks and Real Estate. The RH Segment and Waterworks operating segments (the “retail operating segments”) include all sales channels accessed by our customers, including sales through retail locations and outlets, including hospitality, websites, Source Books, and the Trade and Contract channels. The Real Estate segment represents operations associated with our equity method investments and certain of our consolidated variable interest entities that are non-wholly owned subsidiaries and have operations that are not directly related to RH’s operations (refer to Note 5— Variable Interest Entities The retail operating segments are strategic business units that offer products for the home furnishings customer. While RH Segment and Waterworks have a shared senior leadership team and customer base, we have determined that their results cannot be aggregated as they do not share similar economic characteristics, as well as due to other quantitative factors. Segment Information We use operating income to evaluate segment profitability for the retail operating segments and to allocate resources. Operating income is defined as net income before interest expense—net, loss on extinguishment of debt, other income—net, income tax expense (benefit) and our share of equity method investments loss. Segment operating income excludes (i) severance costs associated with a reorganization, (ii) non-cash compensation amortization related to an option grant made to Mr. Friedman in October 2020, (iii) employer payroll tax expense related to an option exercise by Mr. Friedman, (iv) professional fee related to the 2023 Notes and 2024 Notes transactions (refer to Note 9— Convertible Senior Notes The following table presents segment operating income and income before income taxes and equity method investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 ​ ​ (in thousands) Operating income: ​ ​ ​ ​ ​ ​ RH Segment ​ $ 103,721 ​ $ 228,545 Waterworks ​ 6,671 ​ 7,985 Total segment operating income ​ ​ 110,392 ​ ​ 236,530 Reorganization related costs ​ ​ (7,621) ​ ​ — Non-cash compensation ​ ​ (3,531) ​ ​ (5,858) Employer payroll taxes on option exercise ​ ​ — ​ ​ (11,717) Professional fee ​ — ​ (7,184) Asset impairments ​ — ​ (5,923) Recall accrual ​ — ​ (560) Income from operations ​ 99,240 ​ 205,288 Interest expense—net ​ 39,816 ​ 20,855 Loss on extinguishment of debt ​ — ​ 146,116 Other income—net ​ ​ (653) ​ ​ (343) Income before income taxes and equity method investments ​ $ 60,077 ​ $ 38,660 ​ The following table presents the statements of income metrics reviewed by the CODM to evaluate performance internally or as required under ASC 280— Segment Reporting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 690,516 ​ $ 48,646 ​ $ 739,162 ​ $ 908,948 ​ $ 48,344 ​ $ 957,292 Gross profit ​ 321,584 ​ 25,961 ​ 347,545 ​ 472,822 ​ 25,761 ​ 498,583 Depreciation and amortization ​ 26,425 ​ ​ 1,345 ​ 27,770 ​ 23,524 ​ 1,234 ​ 24,758 ​ In the three months ended April 29, 2023 and April 30, 2022, the Real Estate segment share of equity method investments loss were $1.6 million and $1.4 million, respectively. Our share of income from equity method investments for the Waterworks segment were immaterial for both fiscal periods presented. The following table presents the balance sheet metrics as required under ASC 280— Segment Reporting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS REAL ESTATE TOTAL RH SEGMENT WATERWORKS REAL ESTATE TOTAL ​ ​ (in thousands) Goodwill (1) ​ $ 141,026 ​ $ — ​ $ — ​ $ 141,026 ​ $ 141,048 ​ $ — ​ $ — ​ $ 141,048 Tradenames, trademarks and other intangible assets (2) ​ 58,144 ​ 17,000 ​ — ​ 75,144 ​ 57,633 ​ 17,000 ​ — ​ 74,633 Equity method investments ​ ​ — ​ ​ 715 ​ ​ 132,282 ​ ​ 132,997 ​ ​ — ​ ​ 623 ​ ​ 100,845 ​ ​ 101,468 Total assets ​ 4,924,726 ​ 225,551 ​ 169,553 ​ 5,319,830 ​ 4,953,610 ​ 217,228 ​ 138,451 ​ 5,309,289 (1) The Waterworks reporting unit goodwill of $51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018. (2) The Waterworks reporting unit tradename is presented net of an impairment charge of $35 million recognized in previous fiscal years. We classify our sales into furniture and non-furniture product lines. Furniture includes both indoor and outdoor furniture. Non-furniture includes lighting, textiles, fittings, fixtures, surfaces, accessories and home décor, as well as our hospitality operations. Net revenues in each category were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 ​ ​ (in thousands) Furniture ​ $ 496,391 ​ $ 662,520 Non-furniture ​ 242,771 ​ 294,772 Total net revenues ​ $ 739,162 ​ $ 957,292 ​ We are domiciled in the United States and primarily operate our retail locations and outlets in the United States. As of April 29, 2023, we operated 4 retail locations and 2 outlets in Canada, and 1 retail location in the U.K. Geographic revenues in Canada and the U.K. are based upon revenues recognized at the retail locations in the respective country and were not material in any fiscal period presented. No single customer accounted for 10% or more of our consolidated net revenues in the three months ended April 29, 2023 or April 30, 2022.

The Company (Policies)

The Company (Policies)	3 Months Ended
	Apr. 29, 2023
The Company
Nature of Business	Nature of Business RH, a Delaware corporation, together with its subsidiaries (collectively, “we,” “us,” “our” or the “Company”), is a leading retailer and luxury lifestyle brand operating primarily in the home furnishings market. Our curated and fully integrated assortments are presented consistently across our sales channels, including our retail locations, websites and Source Books. We offer merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, décor, outdoor and garden, and baby, child and teen furnishings. As of April 29, 2023, we operated a total of 67 RH Galleries and 39 RH Outlet stores in 31 states, the District of Columbia and Canada, as well as 14 Waterworks Showrooms throughout the United States and in the U.K., and had sourcing operations in Shanghai and Hong Kong. In September 2022, we opened our first RH Guesthouse in New York.
Basis of Presentation	Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared from our records and, in our senior leadership team’s opinion, include all adjustments, consisting of normal recurring adjustments, necessary to fairly state our financial position as of April 29, 2023, and the results of operations for the three months ended April 29, 2023 and April 30, 2022. Our current fiscal year, which consists of 53 weeks, ends on February 3, 2024 (“fiscal 2023”). The condensed consolidated financial statements include our accounts and those of our wholly-owned subsidiaries, as well as the financial information of variable interest entities (“VIEs”) where we represent the primary beneficiary and have the power to direct the activities that most significantly impact the entity’s performance. Accordingly, all intercompany balances and transactions have been eliminated through the consolidation process. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The preparation of our condensed consolidated financial statements, in conformity with GAAP, requires our senior leadership team to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material to the condensed consolidated financial statements. We have assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, using information that is reasonably available to us at this time. The accounting estimates and other matters we have assessed include, but were not limited to, sales return reserve, inventory reserve, allowance for doubtful accounts, goodwill, and intangible and other long-lived assets. Our current assessment of these estimates is included in our condensed consolidated financial statements as of and for the three months ended April 29, 2023. As additional information becomes available to us, our future assessment of these estimates, as well as other factors, could change and the results of any such change could materially and adversely impact our condensed consolidated financial statements in future reporting periods. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended January 28, 2023 (the “2022 Form 10-K”). The results of operations for the three months ended April 29, 2023, presented herein, are not necessarily indicative of the results to be expected for the full fiscal year. Our business, like the businesses of retailers generally, is subject to uncertainty surrounding the financial impact of the factors as discussed in Business Conditions
Recently Issued Accounting Standards	New Accounting Standards or Updates Adopted Disclosure of Supplier Finance Program Obligations In September 2022, the Financial Accounting Standards Board (“FASB”) issued ASU 2022-04 — Disclosure of Supplier Finance Program Obligations ​ Supplier Finance Program We facilitate a voluntary supply chain financing program (the “Financing Program”) with a third-party financial institution (the “Bank”) to provide participating suppliers with the opportunity to receive early payment on invoices, net of a discount charged to the supplier by the Bank. We are not a party to the supplier agreements with the Bank, and the terms of our payment obligations to suppliers are not impacted by a supplier’s participation in the Financing Program. Our responsibility is limited to making payments to the Bank on the terms originally negotiated with our suppliers, which are typically either 30 days or 60 days. There are no assets pledged as security or other forms of guarantees provided under the Financing Program. ​ The Financing Program is not indicative of a borrowing arrangement and the liabilities under the Financing Program are included in accounts payable and accrued expenses accounts payable and accrued expenses

Prepaid Expense and Other Ass_2

Prepaid Expense and Other Assets (Tables)	3 Months Ended
	Apr. 29, 2023
Prepaid Expense and Other Assets
Prepaid Expense and Other Current Assets	Prepaid expense and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Prepaid expenses ​ $ 27,893 ​ $ 24,352 Capitalized catalog costs ​ ​ 23,124 ​ ​ 26,522 Vendor deposits ​ ​ 19,700 ​ ​ 21,201 Federal and state tax receivable ​ ​ 13,203 ​ ​ 12,322 Value added tax (VAT) receivable ​ ​ 6,264 ​ ​ 7,465 Tenant allowance receivable ​ ​ 4,765 ​ ​ 8,336 Right of return asset for merchandise ​ 4,674 ​ 4,983 Promissory notes receivable, including interest (1) ​ 4,533 ​ 2,991 Interest income receivable ​ ​ 2,737 ​ ​ 4,878 Other current assets ​ ​ 22,190 ​ ​ 26,247 Total prepaid expense and other current assets ​ $ 129,083 ​ $ 139,297 ​ (1) Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs (refer to Note 5— Variable Interest Entities ) .
Schedule of Other Non-Current Assets	Other non-current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Landlord assets under construction—net of tenant allowances ​ $ 61,069 ​ $ 45,511 Initial direct costs prior to lease commencement ​ ​ 59,202 ​ ​ 51,249 Capitalized cloud computing costs—net (1) ​ ​ 22,365 ​ ​ 21,529 Vendor deposits—non-current ​ ​ 12,038 ​ ​ 10,593 Other deposits ​ 7,659 ​ 7,143 Deferred financing fees ​ 3,276 ​ 3,528 Other non-current assets ​ 10,065 ​ 9,654 Total other non-current assets ​ $ 175,674 ​ $ 149,207 (1) Presented net of accumulated amortization of $12 million and $11 million as of April 29, 2023 and January 28, 2023, respectively.

Goodwill, Tradenames, Tradema_2

Goodwill, Tradenames, Trademarks and Other Intangible Assets (Tables)	3 Months Ended
	Apr. 29, 2023
Goodwill, Tradenames, Trademarks and Other Intangible Assets
Goodwill, Tradenames, Trademarks and Other Intangible Assets	The following sets forth the goodwill, tradenames, trademarks and other intangible assets activity for the RH Segment and Waterworks (refer to Note 17— Segment Reporting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS ​ ​ ​ ​ TRADENAMES, ​ ​ ​ TRADENAMES, ​ ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ GOODWILL ​ ASSETS ​ GOODWILL (1) ​ ASSETS (2) ​ ​ (in thousands) January 28, 2023 ​ $ 141,048 ​ $ 57,633 ​ $ — ​ $ 17,000 Additions ​ — ​ 511 ​ — ​ — Foreign currency translation ​ ​ (22) ​ ​ — ​ ​ — ​ ​ — April 29, 2023 ​ $ 141,026 ​ $ 58,144 ​ $ — ​ $ 17,000 (1) Waterworks reporting unit goodwill of $51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018. (2) Presented net of an impairment charge of $35 million recognized in previous fiscal years.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Apr. 29, 2023
Variable Interest Entities
Schedule of Variable Interest Entities	​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) ASSETS ​ ​ Cash and cash equivalents ​ $ 6,657 ​ $ 6,653 Restricted cash (1) ​ ​ 3,538 ​ ​ 3,662 Prepaid expense and other current assets ​ 3,927 ​ 3,670 Total current assets ​ 14,122 ​ 13,985 Property and equipment—net (2) ​ 206,172 ​ 187,093 Other non-current assets ​ ​ 214 ​ 122 Total assets ​ $ 220,508 ​ $ 201,200 LIABILITIES ​ ​ Accounts payable and accrued expenses ​ $ 9,795 ​ $ 6,685 Real estate loans (3) ​ ​ 17,905 ​ ​ 17,909 Other non-current obligations ​ ​ 952 ​ 929 Total liabilities ​ $ 28,652 ​ $ 25,523 (1) Restricted cash deposits are held in escrow for one Member LLC and represent a portion of the proceeds from the issuance of the Promissory Note (defined below) that are required to be used for tenant allowances specified in a lease agreement between us and the Member LLC. (2) Includes $140 million and $125 million of construction in progress as of April 29, 2023 and January 28, 2023, respectively. (3) Real estate loans are secured by the assets of each respective Member LLC and the associated creditors do not have recourse against RH’s general assets.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Apr. 29, 2023
Accounts Payable, Accrued Expenses and Other Current Liabilities
Accounts Payable and Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Accounts payable ​ $ 156,531 ​ $ 166,082 Accrued compensation ​ 50,489 ​ 76,650 Accrued sales and use tax (1) ​ 24,874 ​ 21,950 Accrued occupancy ​ 24,290 ​ 28,830 Accrued freight and duty ​ 13,881 ​ 17,497 Accrued legal reserves ​ ​ 8,430 ​ ​ 8,921 Accrued professional fees ​ 7,777 ​ 7,447 Accrued catalog costs (1) ​ 1,595 ​ 1,546 Accrued interest ​ ​ 954 ​ ​ 14,456 Other accrued expenses ​ 32,922 ​ 31,570 Total accounts payable and accrued expenses ​ $ 321,743 ​ $ 374,949 (1) Prior year amounts have been adjusted to conform to the current period presentation.
Schedule of Other Current Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Unredeemed gift card and merchandise credit liability ​ $ 28,180 ​ $ 26,733 Current portion of term loans ​ ​ 25,000 ​ ​ 25,000 Allowance for sales returns ​ ​ 19,323 ​ ​ 20,747 Finance lease liabilities ​ ​ 17,349 ​ ​ 17,007 Foreign tax payable ​ ​ 4,425 ​ ​ 4,365 Other current liabilities ​ 7,583 ​ 9,338 Total other current liabilities ​ $ 101,860 ​ $ 103,190

Other Non-Current Obligations (

Other Non-Current Obligations (Tables)	3 Months Ended
	Apr. 29, 2023
Other Non-Current Obligations.
Schedule of Other Non-Current Obligations	Other non-current obligations consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ (in thousands) Unrecognized tax benefits ​ $ 2,992 ​ $ 2,962 Other non-current obligations ​ 5,173 ​ 5,112 Total other non-current obligations ​ $ 8,165 ​ $ 8,074 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 29, 2023
Leases
Summary of Lease Costs-Net	Lease costs—net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, APRIL 30, ​ 2023 2022 ​ ​ ​ (in thousands) Operating lease cost (1) ​ ​ $ 26,300 ​ $ 25,133 Finance lease costs ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets (1) ​ ​ ​ 13,704 ​ ​ 11,498 Interest on lease liabilities (2) ​ ​ ​ 8,486 ​ ​ 7,071 Variable lease costs (3) ​ ​ ​ 6,168 ​ ​ 9,087 Sublease income (4) ​ ​ ​ (1,546) ​ ​ (1,128) Total lease costs—net ​ ​ $ 53,112 ​ $ 51,661 (1) Operating lease costs and amortization of finance lease right-of-use assets are included in cost of goods sold or selling, general and administrative expenses on the condensed consolidated statements of income based on our accounting policy. Refer to Note 3—Significant Accounting Policies in the 2022 Form 10-K. (2) Included in interest expense—net on the condensed consolidated statements of income. (3) Represents variable lease payments under operating and finance lease agreements, primarily associated with contingent rent based on a percentage of retail sales over contractual levels of $3.9 million and $6.7 million for the three months ended April 29, 2023 and April 30, 2022, respectively, and charges associated with common area maintenance of $2.3 million and $2.4 million for the three months ended April 29, 2023 and April 30, 2022, respectively. Other variable costs, which include single lease cost related to variable lease payments based on an index or rate that were not included in the measurement of the initial lease liability and right-of-use asset, were not material in either period. (4) Included in selling, general and administrative expenses on the condensed consolidated statements of income.
Summary of Lease Right-of-use Assets and Lease Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ ​ 2023 2023 ​ ​ ​ ​ (in thousands) ​ ​ Balance Sheet Classification ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease right-of-use assets ​ $ 528,010 ​ $ 527,246 Finance leases (1)(2)(3) ​ Property and equipment—net ​ ​ 1,064,852 ​ ​ 1,078,979 Total lease right-of-use assets ​ ​ ​ $ 1,592,862 ​ $ 1,606,225 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current (4) ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease liabilities ​ $ 81,262 ​ $ 80,384 Finance leases ​ Other current liabilities ​ ​ 17,349 ​ ​ 17,007 Total lease liabilities—current ​ ​ ​ ​ 98,611 ​ ​ 97,391 Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Non-current operating lease liabilities ​ ​ 504,479 ​ ​ 505,809 Finance leases ​ Non-current finance lease liabilities ​ ​ 648,792 ​ ​ 653,050 Total lease liabilities—non-current ​ ​ ​ ​ 1,153,271 ​ ​ 1,158,859 Total lease liabilities ​ ​ ​ $ 1,251,882 ​ $ 1,256,250 (1) Includes capitalized amounts related to our completed construction activities to design and build leased assets, which are reclassified from other non-current assets upon lease commencement. (2) Recorded net of accumulated amortization of $237 million and $224 million as of April 29, 2023 and January 28, 2023, respectively. (3) Includes $39 million as of both April 29, 2023 and January 28, 2023 related to an RH Design Gallery lease with a landlord that is an affiliate of the managing member of the Aspen LLCs (refer to Note 5— Variable Interest Entities ). (4) Current portion of lease liabilities represents the reduction of the related lease liability over the next 12 months.
Summary of Maturities of Lease Liabilities	The maturities of lease liabilities are as follows as of April 29, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING ​ FINANCE ​ ​ FISCAL YEAR ​ ​ LEASES LEASES TOTAL ​ ​ ​ ​ (in thousands) Remainder of fiscal 2023 ​ ​ ​ $ 78,224 ​ $ 37,283 ​ $ 115,507 2024 ​ ​ ​ ​ 98,711 ​ ​ 49,941 ​ ​ 148,652 2025 ​ ​ ​ ​ 94,228 ​ ​ 51,356 ​ ​ 145,584 2026 ​ ​ ​ ​ 89,951 ​ ​ 52,124 ​ ​ 142,075 2027 ​ ​ ​ ​ 84,687 ​ ​ 53,264 ​ ​ 137,951 2028 ​ ​ ​ ​ 55,407 ​ ​ 52,484 ​ ​ 107,891 Thereafter ​ ​ ​ ​ 197,403 ​ ​ 910,714 ​ ​ 1,108,117 Total lease payments (1)(2) ​ ​ ​ ​ 698,611 ​ ​ 1,207,166 ​ ​ 1,905,777 Less—imputed interest (3) ​ ​ ​ ​ (112,870) ​ ​ (541,025) ​ ​ (653,895) Present value of lease liabilities ​ ​ ​ $ 585,741 ​ $ 666,141 ​ $ 1,251,882 (1) Total lease payments include future obligations for renewal options that are reasonably certain to be exercised and are included in the measurement of the lease liability. Total lease payments exclude $663 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of April 29, 2023, of which $22 million, $37 million, $43 million, $43 million, $41 million and $38 million will be paid in the remainder of fiscal 2023, fiscal 2024, fiscal 2025, fiscal 2026, fiscal 2027 and fiscal 2028, respectively, and $439 million will be paid subsequent to fiscal 2028. (2) Excludes an immaterial amount of future commitments under short-term lease agreements. (3) Calculated using the discount rate for each lease at lease commencement.
Summary of Supplemental Information Related to Leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, ​ APRIL 30, ​ ​ ​ 2023 ​ 2022 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 8.2 ​ ​ 8.9 Finance leases ​ ​ ​ 21.7 ​ ​ 21.1 Weighted-average discount rate ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 4.19% ​ ​ 3.95% Finance leases ​ ​ ​ 5.32% ​ ​ 5.06%
Summary of Other Information Related to Leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ ​ APRIL 29, ​ APRIL 30, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ (27,612) ​ $ (25,199) Operating cash flows from finance leases ​ ​ ​ (8,615) ​ ​ (7,071) Financing cash flows from finance leases ​ ​ ​ (3,877) ​ ​ (3,559) Total cash outflows from leases ​ ​ $ (40,104) ​ $ (35,829) Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations (non-cash) ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 20,861 ​ $ 12,459 Finance leases ​ ​ ​ — ​ ​ 38,252

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Apr. 29, 2023
CREDIT FACILITIES
Outstanding balances under our 2023 Notes and 2024 Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ ​ JANUARY 28, ​ ​ 2023 ​ ​ 2023 ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ AMOUNT COST AMOUNT ​ AMOUNT COST ​ AMOUNT ​ ​ (in thousands) Convertible senior notes due 2023 (1) ​ $ 1,694 ​ $ — ​ $ 1,694 ​ $ 1,696 ​ $ — ​ $ 1,696 ​ Convertible senior notes due 2024 (2) ​ ​ 41,904 ​ ​ (153) ​ ​ 41,751 ​ ​ 41,904 ​ ​ (180) ​ ​ 41,724 ​ Total convertible senior notes ​ $ 43,598 ​ $ (153) ​ $ 43,445 ​ $ 43,600 ​ $ (180) ​ $ 43,420 ​ (1) As of both April 29, 2023 and January 28, 2023, the 2023 Notes outstanding were classified as convertible senior notes due 2023 within current liabilities . (2) As of both April 29, 2023 and January 28, 2023, the 2024 Notes outstanding were classified as convertible senior notes due 2024—net within non-current liabilities .

Credit Facilities (Tables)

Credit Facilities (Tables)	3 Months Ended
	Apr. 29, 2023
CREDIT FACILITIES
Schedule of Outstanding Balances Under our Credit Facilities	The outstanding balances under our credit facilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ INTEREST ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ ​ RATE (1) AMOUNT COSTS AMOUNT AMOUNT COSTS AMOUNT ​ ​ (dollars in thousands) Asset based credit facility (2) ​ 6.33% ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Term loan B (3) ​ 7.52% ​ ​ 1,970,000 ​ ​ (17,644) ​ ​ 1,952,356 ​ ​ 1,975,000 ​ ​ (18,471) ​ ​ 1,956,529 Term loan B-2 (4) ​ 8.33% ​ ​ 497,500 ​ ​ (23,409) ​ ​ 474,091 ​ ​ 498,750 ​ ​ (24,505) ​ ​ 474,245 Equipment promissory notes (5) — ​ ​ — ​ ​ — ​ ​ — ​ 1,160 ​ — ​ 1,160 Total credit facilities ​ ​ ​ $ 2,467,500 ​ $ (41,053) ​ $ 2,426,447 ​ $ 2,474,910 ​ $ (42,976) ​ $ 2,431,934 (1) Interest rates for the asset based credit facility and term loans represent the weighted-average interest rates as of April 29, 2023. (2) Deferred financing fees associated with the asset based credit facility as of April 29, 2023 and January 28, 2023 were $3.3 million and $3.5 million, respectively, and are included in other non-current assets on the condensed consolidated balance sheets. The deferred financing fees are amortized on a straight-line basis over the life of the revolving line of credit. (3) Represents the Term Loan Credit Agreement (defined below), of which outstanding amounts of $1,950 million and $20 million were included in term loan—net and other current liabilities on the condensed consolidated balance sheets, respectively, as of April 29, 2023. Outstanding amounts of $1,955 million and $20 million were included in term loan—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of January 28, 2023. (4) Represents the outstanding balance of the Term Loan B-2 (defined below) under the Term Loan Credit Agreement, of which outstanding amounts of $493 million and $5.0 million were included in term loan B-2—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of April 29, 2023. Outstanding amounts of $494 million and $5.0 million were included in term loan B-2—net and other current liabilities , respectively, on the condensed consolidated balance sheets as of January 28, 2023. (5) Represents total equipment security notes secured by certain of our property and equipment, which was included in other current liabilities on the condensed consolidated balance sheets as of January 28, 2023. The equipment security note was repaid in full as of April 29, 2023.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 29, 2023
Fair Value Measurements
Estimated Fair Value and Carrying Value of Notes and Term Loan Credit Agreement	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ PRINCIPAL ​ PRINCIPAL ​ ​ FAIR ​ CARRYING ​ FAIR ​ CARRYING ​ ​ VALUE ​ VALUE (1) ​ VALUE ​ VALUE (1) ​ ​ (in thousands) Convertible senior notes due 2023 ​ $ 1,676 ​ $ 1,694 ​ $ 1,622 ​ $ 1,696 Convertible senior notes due 2024 ​ 37,528 ​ ​ 41,904 ​ 37,351 ​ 41,904 Term loan B ​ ​ 1,895,751 ​ ​ 1,970,000 ​ ​ 1,961,056 ​ ​ 1,975,000 Term loan B-2 ​ 495,369 ​ ​ 497,500 ​ 500,215 ​ 498,750 (1) The principal carrying value of the 2023 Notes and 2024 Notes excludes the discounts upon original issuance, discounts and commissions payable to the initial purchasers and third-party offering costs, as applicable. The principal carrying values of the Term Loan B and Term Loan B-2 represent the outstanding amount under each class and exclude discounts upon original issuance and third-party offering costs.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 29, 2023
Net Income Per Share
Schedule of weighted-average shares used for net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ ​ APRIL 30, ​ 2023 ​ 2022 Weighted-average shares—basic ​ ​ 22,047,029 ​ ​ 22,608,537 Effect of dilutive stock-based awards ​ 1,504,784 ​ 4,367,607 Effect of dilutive convertible senior notes (1) ​ 206,975 ​ 831,938 Weighted-average shares—diluted ​ 23,758,788 ​ 27,808,082 (1) The dilutive effect of the 2023 Notes and 2024 Notes is calculated under the if-converted method, which assumes share settlement of the entire convertible debt instrument. The warrants associated with the 2023 Notes and 2024 Notes had an impact on our dilutive share count beginning at stock prices of $309.84 per share and $338.24 per share, respectively. The warrants associated with the 2023 Notes and 2024 Notes were repurchased in April 2022 and, as a result, no warrant instruments were outstanding as of and after April 30, 2022. Accordingly, the warrants have no impact on our dilutive shares post-repurchase. Refer to Note 9— Convertible Senior Notes .
Anti-Dilutive Securities Excluded from Diluted Net Income per Share	​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 Options ​ 1,109,768 ​ 1,086,549 Restricted stock units 16,694 ​ 19,552 Convertible senior notes ​ — ​ 719,164

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Apr. 29, 2023
Segment Reporting
Schedule of Segment Operating Income and Income Before Income Taxes and Equity Method Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 ​ ​ (in thousands) Operating income: ​ ​ ​ ​ ​ ​ RH Segment ​ $ 103,721 ​ $ 228,545 Waterworks ​ 6,671 ​ 7,985 Total segment operating income ​ ​ 110,392 ​ ​ 236,530 Reorganization related costs ​ ​ (7,621) ​ ​ — Non-cash compensation ​ ​ (3,531) ​ ​ (5,858) Employer payroll taxes on option exercise ​ ​ — ​ ​ (11,717) Professional fee ​ — ​ (7,184) Asset impairments ​ — ​ (5,923) Recall accrual ​ — ​ (560) Income from operations ​ 99,240 ​ 205,288 Interest expense—net ​ 39,816 ​ 20,855 Loss on extinguishment of debt ​ — ​ 146,116 Other income—net ​ ​ (653) ​ ​ (343) Income before income taxes and equity method investments ​ $ 60,077 ​ $ 38,660 ​
Summary of Statements of Income Metrics Reviewed by CODM to Evaluate Performance Internally or As required under ASC 280 - Segment Reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 690,516 ​ $ 48,646 ​ $ 739,162 ​ $ 908,948 ​ $ 48,344 ​ $ 957,292 Gross profit ​ 321,584 ​ 25,961 ​ 347,545 ​ 472,822 ​ 25,761 ​ 498,583 Depreciation and amortization ​ 26,425 ​ ​ 1,345 ​ 27,770 ​ 23,524 ​ 1,234 ​ 24,758
Summary of Balance Sheet Metrics as Required Under ASC 280 - Segment Reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APRIL 29, ​ JANUARY 28, ​ ​ 2023 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS REAL ESTATE TOTAL RH SEGMENT WATERWORKS REAL ESTATE TOTAL ​ ​ (in thousands) Goodwill (1) ​ $ 141,026 ​ $ — ​ $ — ​ $ 141,026 ​ $ 141,048 ​ $ — ​ $ — ​ $ 141,048 Tradenames, trademarks and other intangible assets (2) ​ 58,144 ​ 17,000 ​ — ​ 75,144 ​ 57,633 ​ 17,000 ​ — ​ 74,633 Equity method investments ​ ​ — ​ ​ 715 ​ ​ 132,282 ​ ​ 132,997 ​ ​ — ​ ​ 623 ​ ​ 100,845 ​ ​ 101,468 Total assets ​ 4,924,726 ​ 225,551 ​ 169,553 ​ 5,319,830 ​ 4,953,610 ​ 217,228 ​ 138,451 ​ 5,309,289 (1) The Waterworks reporting unit goodwill of $51 million recognized upon acquisition in fiscal 2016 was fully impaired as of fiscal 2018. (2) The Waterworks reporting unit tradename is presented net of an impairment charge of $35 million recognized in previous fiscal years.
Summary of net revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ APRIL 29, ​ APRIL 30, ​ 2023 2022 ​ ​ (in thousands) Furniture ​ $ 496,391 ​ $ 662,520 Non-furniture ​ 242,771 ​ 294,772 Total net revenues ​ $ 739,162 ​ $ 957,292

The Company (Detail)

The Company (Detail)	Apr. 29, 2023 state item store
The Company
Number of galleries	67
Number of RH outlet stores | store	39
Number of states that galleries and stores operate, District of Columbia and Canada | state	31
Number of waterworks showrooms throughout the United States and in the U.K.	14

Recently Issued Accounting St_2

Recently Issued Accounting Standards - Additional Information - (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Recently Issued Accounting Standards
Assets pledged as security	$ 0
Liabilities under financing program	$ 24,000	$ 26,000

Prepaid Expense and Other Ass_3

Prepaid Expense and Other Assets - Prepaid Expense and Other Current Assets (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Prepaid Expense and Other Assets
Prepaid expenses	$ 27,893	$ 24,352
Capitalized catalog costs	23,124	26,522
Vendor deposits	19,700	21,201
Federal and state tax receivable	13,203	12,322
Value added tax (VAT) receivable	6,264	7,465
Tenant allowance receivable	4,765	8,336
Right of return asset for merchandise	4,674	4,983
Promissory notes receivable, including interest	4,533	2,991
Interest income receivable	2,737	4,878
Other current assets	22,190	26,247
Total prepaid expense and other current assets	$ 129,083	$ 139,297

Prepaid Expense and Other Ass_4

Prepaid Expense and Other Assets - Other Non-Current Assets (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 29, 2023	Jan. 28, 2023
Other Assets Noncurrent [Abstract]
Landlord assets under construction-net of tenant allowances	$ 61,069	$ 45,511
Initial direct costs prior to lease commencement	59,202	51,249
Capitalized cloud computing costs-net	22,365	21,529
Vendor deposits-non-current	12,038	10,593
Other deposits	7,659	7,143
Deferred financing fees	3,276	3,528
Other non-current assets	10,065	9,654
Total other non-current assets	175,674	149,207
Accumulated amortization	$ 12,000	$ 11,000

Goodwill, Tradenames, Tradema_3

Goodwill, Tradenames, Trademarks and Other Intangible Assets - Goodwill, Tradenames, Trademarks and Domain Names Activity (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 29, 2023	Jan. 28, 2017
Goodwill Activity
Goodwill, Beginning balance	$ 141,048
Goodwill, Ending balance	141,026
Tradenames, trademarks and domain names Activity
Indefinite-lived intangible assets, Beginning balance	74,633
Indefinite-lived intangible assets, Ending balance	75,144
RH Segment
Goodwill Activity
Goodwill, Beginning balance	141,048
Goodwill, Foreign currency translation	(22)
Goodwill, Ending balance	141,026
Tradenames, trademarks and domain names Activity
Indefinite-lived intangible assets, Beginning balance	57,633
Indefinite-lived intangible assets, Ending balance	58,144
RH Segment | Tradenames, trademarks and other intangible assets
Tradenames, trademarks and domain names Activity
Indefinite-lived intangible assets, Beginning balance	57,633
Indefinite-lived intangible assets, Additions	511
Indefinite-lived intangible assets, Ending balance	58,144
Waterworks
Goodwill Activity
Goodwill impairment charge	51,000	$ 51,000
Tradenames, trademarks and domain names Activity
Indefinite-lived intangible assets, Beginning balance	17,000
Tradename impairment	35,000
Indefinite-lived intangible assets, Ending balance	17,000
Impairment of intangible assets indefinite lived	35,000
Waterworks | Tradenames, trademarks and other intangible assets
Tradenames, trademarks and domain names Activity
Indefinite-lived intangible assets, Beginning balance	17,000
Indefinite-lived intangible assets, Ending balance	$ 17,000

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Variable Interest Entities and Noncontrolling Interests (Detail) $ in Millions		12 Months Ended
	Sep. 09, 2022 USD ($)	Jan. 28, 2023 item	Aug. 03, 2022 USD ($)
Seven Member LLC
Variable Interest Entity [Line Items]
Remaining noncontrolling interest		50%
Aspen LLCs
Variable Interest Entity [Line Items]
Remaining noncontrolling interest		25%
Aspen LLCs
Variable Interest Entity [Line Items]
Number of privately held limited companies		3
Ownership percentage		50%
One Member LLC
Variable Interest Entity [Line Items]
Number of real estate development limited liability companies		1
Ownership percentage		75%
Seven Member LLC
Variable Interest Entity [Line Items]
Number of real estate development limited liability companies		7
Ownership percentage		50%
Promissory Note | One Member LLC
Variable Interest Entity [Line Items]
Principal amount | $	$ 16
Fixed rate	5.37%
Interest rate added to the five-year treasury rate	2%
Interest rate, floor	3%
Member LLCs
Variable Interest Entity [Line Items]
Number of privately held limited companies		8
One Member LLC | Secured Promissory Note
Variable Interest Entity [Line Items]
Principal amount | $			$ 2
Fixed rate			6%

Variable Interest Entities - Cl

Variable Interest Entities - Classification of VIEs Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022	Jan. 29, 2022
ASSETS
Cash and cash equivalents	$ 1,516,689	$ 1,508,101	$ 2,243,255	$ 2,177,889
Restricted cash	3,538	3,662
Prepaid expense and other current assets	129,083	139,297
Total current assets	2,475,844	2,512,664
Property and equipment-net	1,640,596	1,635,984
Other non-current assets	175,674	149,207
Total assets	5,319,830	5,309,289
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	321,743	374,949
Real estate loans	17,905	17,909
Other non-current obligations	8,165	8,074
Total liabilities	4,480,444	4,524,628
Member LLC
ASSETS
Cash and cash equivalents	6,657	6,653
Restricted cash	3,538	3,662
Prepaid expense and other current assets	3,927	3,670
Total current assets	14,122	13,985
Property and equipment-net	206,172	187,093
Other non-current assets	214	122
Total assets	220,508	201,200
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	9,795	6,685
Real estate loans	17,905	17,909
Other non-current obligations	952	929
Total liabilities	28,652	25,523
Construction in Progress | Member LLC
ASSETS
Property and equipment-net	$ 140,000	$ 125,000

Variable Interest Entities - Eq

Variable Interest Entities - Equity Method Investments (Detail)	1 Months Ended		3 Months Ended
	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($)	Jan. 30, 2021 USD ($)	Jan. 28, 2023 item
Variable Interest Entity [Line Items]
Share of equity method investments loss			$ 1,602,000	$ 1,375,000
Capital contributions			33,131,000	1,115,000
Aspen LLCs
Variable Interest Entity [Line Items]
Joint venture, percentage of ownership						50%
Number of privately held limited companies | item						3
Minimum capital contributions required					$ 105,000,000
Capital contributions	$ 1,800,000	$ 31,000,000			$ 135,000,000
Distributions received or undistributed earnings of equity method investments			$ 0	$ 0
Third Aspen LLC
Variable Interest Entity [Line Items]
Joint venture, percentage of ownership						70%

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Current Liabilities - Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Accounts Payable, Accrued Expenses and Other Current Liabilities
Accounts payable	$ 156,531	$ 166,082
Accrued compensation	50,489	76,650
Accrued sales and use tax	24,874	21,950
Accrued occupancy	24,290	28,830
Accrued freight and duty	13,881	17,497
Accrued legal reserves	8,430	8,921
Accrued professional fees	7,777	7,447
Accrued catalog costs	1,595	1,546
Accrued interest	954	14,456
Other accrued expenses	32,922	31,570
Total accounts payable and accrued expenses	$ 321,743	$ 374,949

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Current Liabilities - Reorganization Related Costs (Detail) $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($) item
Accounts Payable, Accrued Expenses and Other Current Liabilities
Number of roles | item	440
Restructuring charges	$ 7.6
Restructuring reserve	$ 5.8

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Current Liabilities - Other Current Liabilities (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Accounts Payable, Accrued Expenses and Other Current Liabilities
Unredeemed gift card and merchandise credit liability	$ 28,180	$ 26,733
Current portion of term loans	25,000	25,000
Allowance for sales returns	19,323	20,747
Finance lease liabilities	17,349	17,007
Foreign tax payable	4,425	4,365
Other current liabilities	7,583	9,338
Total other current liabilities	$ 101,860	$ 103,190

Accounts Payable, Accrued Exp_6

Accounts Payable, Accrued Expenses and Other Current Liabilities - Contract Liabilities (Detail) - Gift Card and Merchandise Credit [Member] - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Contract Liabilities
Revenue related to previous deferrals related to gift cards	$ 6.1	$ 4.7
Percentage of remaining revenue recognized on gift card	70%

Other Non-Current Obligations_2

Other Non-Current Obligations (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Other Non-Current Obligations.
Unrecognized tax benefits	$ 2,992	$ 2,962
Other non-current obligations	5,173	5,112
Total other non-current obligations	$ 8,165	$ 8,074

Leases - Lease Costs-Net (Detai

Leases - Lease Costs-Net (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Lease costs-net:
Operating lease cost	$ 26,300	$ 25,133
Finance lease costs
Amortization of leased assets	13,704	11,498
Interest on lease liabilities	8,486	7,071
Variable lease costs	6,168	9,087
Sublease income	(1,546)	(1,128)
Total lease cost-net	53,112	51,661
Variable lease payments	3,900	6,700
Common area maintenance	$ 2,300	$ 2,400

Leases - Lease Right-of-Use Ass

Leases - Lease Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Assets and Liabilities, Lessee [Abstract]
Operating leases	$ 528,010	$ 527,246
Balance Sheet Classification, Operating lease right-of-use assets	Operating leases	Operating leases
Finance leases	$ 1,064,852	$ 1,078,979
Balance Sheet Classification, Property and equipment-net	Property and equipment-net	Property and equipment-net
Total lease right-of-use assets	$ 1,592,862	$ 1,606,225
Liabilities, Current
Operating leases, current	$ 81,262	$ 80,384
Balance Sheet Classification, Operating lease liabilities	Operating leases, current	Operating leases, current
Finance leases, current	$ 17,349	$ 17,007
Balance Sheet Classification, Other current liabilities	Other current liabilities	Other current liabilities
Total lease liabilities-current	$ 98,611	$ 97,391
Liabilities, Non-current
Operating leases, noncurrent	$ 504,479	$ 505,809
Balance Sheet Classification, Non-current operating lease liabilities	Operating leases, noncurrent	Operating leases, noncurrent
Finance leases, noncurrent	$ 648,792	$ 653,050
Balance Sheet Classification, Non-current finance lease liabilities	Finance leases, noncurrent	Finance leases, noncurrent
Total lease liabilities-non-current	$ 1,153,271	$ 1,158,859
Total lease liabilities	1,251,882	1,256,250
Rent payments made to landlords for which the respective Galleries are not yet opened	39,000	39,000
Finance lease right-of-use assets, accumulated amortization	$ 237,000	$ 224,000

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Jan. 28, 2023
Leases
Remainder of 2023	$ 22,000
2024	37,000
2025	43,000
2026	43,000
2027	41,000
2028	38,000
Thereafter	439,000
Maturities of lease liabilities, Operating Leases
Remainder of fiscal 2023	78,224
2024	98,711
2025	94,228
2026	89,951
2027	84,687
2028	55,407
Thereafter	197,403
Total lease payments	698,611
Less-imputed interest	(112,870)
Present value of lease liabilities	585,741
Maturities of lease liabilities, Finance Leases
Remainder of fiscal 2023	37,283
2024	49,941
2025	51,356
2026	52,124
2027	53,264
2028	52,484
Thereafter	910,714
Total lease payments	1,207,166
Less-imputed interest	(541,025)
Present value of lease liabilities	666,141
Total maturities of lease liabilities
Remainder of fiscal 2023	115,507
2024	148,652
2025	145,584
2026	142,075
2027	137,951
2028	107,891
Thereafter	1,108,117
Total lease payments	1,905,777
Less-imputed interest	(653,895)
Present value of lease liabilities	1,251,882	$ 1,256,250
Legally binding payments for leases signed but not yet commenced	$ 663,000
Short-term lease agreements, commitments	true

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Detail)	Apr. 29, 2023	Apr. 30, 2022
Weighted-average remaining lease term (years)
Operating leases, years	8 years 2 months 12 days	8 years 10 months 24 days
Finance leases, years	21 years 8 months 12 days	21 years 1 month 6 days
Weighted-average discount rate
Operating leases, percent	4.19%	3.95%
Finance leases, percent	5.32%	5.06%

Leases - Other Information Rela

Leases - Other Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ (27,612)	$ (25,199)
Operating cash flows from finance leases	(8,615)	(7,071)
Financing cash flows from finance leases	(3,877)	(3,559)
Total cash outflows from leases	(40,104)	(35,829)
Lease right-of-use assets obtained in exchange for lease obligations-net of lease terminations (non-cash)
Operating leases	$ 20,861	12,459
Finance leases		$ 38,252

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Detail) - USD ($) $ in Millions	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Sep. 30, 2019	Jun. 30, 2018
2023 Notes
Debt Instrument
Debt instrument, principal amount		$ 9.4
Private Offering
Debt Instrument
Debt instrument, principal amount					$ 300
Private Offering | 2024 Notes
Debt Instrument
Debt instrument, principal amount	$ 350			$ 350
Debt instrument, interest rate				0%
Private Offering | 2023 Notes
Debt Instrument
Debt instrument, principal amount			$ 335
Debt instrument, interest rate					0%
Overallotment option | 2023 Notes
Debt Instrument
Debt outstanding					$ 35

Convertible Senior Notes - Outs

Convertible Senior Notes - Outstanding Balances under 2023 Notes and 2024 Notes (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Debt Instrument
Principal amount	$ 2,467,500	$ 2,474,910
Convertible senior notes
Debt Instrument
Principal amount	43,598	43,600
Unamortized Debt Issuance Cost	(153)	(180)
Net Carrying Amount	43,445	43,420
2023 Notes | Convertible senior notes
Debt Instrument
Principal amount	1,694	1,696
Net Carrying Amount	1,694	1,696
2024 Notes | Convertible senior notes
Debt Instrument
Principal amount	41,904	41,904
Unamortized Debt Issuance Cost	(153)	(180)
Net Carrying Amount	$ 41,751	$ 41,724

Convertible Senior Notes - Bond

Convertible Senior Notes - Bond Hedge and Warrant Terminations and Notes Repurchases (Detail) - USD ($)	3 Months Ended
	Apr. 30, 2022	Apr. 29, 2023	Jan. 28, 2023
Debt Instrument
Estimated settlement cost	$ 325,363,000
Loss on extinguishment of debt	146,116,000
Outstanding Amount		$ 2,467,500,000	$ 2,474,910,000
Convertible note bond hedges
Debt Instrument
Aggregate amount received (paid) in cash to terminate warrants or bond hedges	$ 232,000,000
2023 and 2024 Notes | Convertible note bond hedges
Debt Instrument
Trading days used to determine the conversion value	3 days
2023 and 2024 Notes | Convertible note bond hedges | Other expense-net
Debt Instrument
Loss on extinguishment of debt	$ 4,300,000
2023 Notes | Convertible note bond hedges
Debt Instrument
Aggregate closing price received	56,000,000
2024 Notes | Convertible note bond hedges
Debt Instrument
Aggregate closing price received	$ 180,000,000
Private Offering | Notes Repurchase
Debt Instrument
Trading days used to determine the conversion value	5 days
Aggregate notes repurchased and derecognized	$ 180,000,000
Financing liability, fair value	278,000,000
Loss on extinguishment of debt	146,000,000
Outstanding Amount	47,000,000
Amortization of debt issuance costs	1,000,000
Cash paid to holders	314,000,000
Fair value of the bifurcated embedded equity derivative	267,000,000
Private Offering | Notes Repurchase | Other expense-net
Debt Instrument
Gain on the fair value adjustment of the bifurcated embedded equity derivative	11,000,000
Private Offering | 2023 Notes | Notes Repurchase
Debt Instrument
Aggregate notes repurchased and derecognized	45,000,000
Private Offering | 2024 Notes | Notes Repurchase
Debt Instrument
Aggregate notes repurchased and derecognized	135,000,000
Private Offering | Financing liability | Notes Repurchase
Debt Instrument
Estimated settlement cost	325,000,000
Warrants
Debt Instrument
Aggregate amount received (paid) in cash to terminate warrants or bond hedges	(391,000,000)
Warrants | 2023 and 2024 Notes | Other expense-net
Debt Instrument
Net loss on the fair value adjustment of the warrants	4,200,000
Warrants | 2023 Notes
Debt Instrument
Aggregate purchase price	184,000,000
Warrants | 2024 Notes
Debt Instrument
Aggregate purchase price	$ 203,000,000
Warrants | Common Stock | Maximum
Debt Instrument
Trading days used to determine the conversion value	3 days
Warrants | Common Stock | Minimum
Debt Instrument
Trading days used to determine the conversion value	2 days

Convertible Senior Notes - Note

Convertible Senior Notes - Notes Due 2024 (Detail)		1 Months Ended	3 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($) shares	Jul. 30, 2022 USD ($)	Jun. 30, 2018 USD ($)
Debt Instrument
Debt amount settled in cash			$ 2,000	$ 13,048,000
Loss on extinguishment of debt				(146,116,000)
Private Offering
Debt Instrument
Debt instrument, principal amount						$ 300,000,000
2024 Notes
Debt Instrument
Debt instrument, conversion principal amount	$ 1,000	$ 1,000
Debt amount settled in cash				$ 3,600,000
Shares issued upon conversion | shares				9,760
Debt instrument, convertible earliest date	Jun. 15, 2024	Jun. 15, 2024
Shares acquired from notes settlement | shares				9,760
2024 Notes | Private Offering
Debt Instrument
Debt instrument, principal amount	$ 350,000,000	$ 350,000,000			$ 350,000,000
Debt instrument, interest rate	0%	0%
2024 Notes | Circumstances (1)
Debt Instrument
Debt instrument, convertible trading days		20
Debt instrument, convertible consecutive trading days		30
Debt instrument, convertible percentage of stock price		130%
2024 Notes | Circumstances (2)
Debt Instrument
Debt instrument, convertible trading days		5
Debt instrument, convertible consecutive trading days		10
Debt instrument, convertible percentage of stock price				98%
Debt instrument, conversion principal amount	$ 1,000	$ 1,000

Convertible Senior Notes - No_2

Convertible Senior Notes - Notes Due 2023 (Detail)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2018 USD ($)	Apr. 29, 2023 USD ($)	Apr. 30, 2022 USD ($) shares	Jan. 28, 2023 USD ($)	Jan. 29, 2022 USD ($)
Debt Instrument
Debt amount settled in cash		$ 2,000	$ 13,048,000
Loss on extinguishment of debt			(146,116,000)
Private Offering
Debt Instrument
Debt instrument, principal amount	$ 300,000,000
2023 Notes
Debt Instrument
Debt amount settled in cash			9,400,000
Debt instrument, principal amount			$ 9,400,000
Debt instrument, convertible earliest date	Mar. 15, 2023			Mar. 15, 2023
Deemed elected combination settlement amount per note to be received upon conversion	$ 1,000
Aggregate principal amount, current		$ 1,694,000		$ 1,696,000
2023 Notes | Common Stock
Debt Instrument
Shares issued upon conversion | shares			27,213
2023 Notes | Convertible note bond hedges | Common Stock
Debt Instrument
Shares issued upon conversion | shares			5
Shares acquired from notes settlement | shares			27,208
2023 Notes | Private Offering
Debt Instrument
Debt instrument, principal amount					$ 335,000,000
Debt instrument, interest rate	0%
2023 Notes | Overallotment option
Debt Instrument
Debt outstanding	$ 35,000,000
2023 Notes | Circumstances (1)
Debt Instrument
Debt instrument, convertible trading days	20
Debt instrument, convertible consecutive trading days	30
Debt instrument, convertible percentage of stock price	130%
2023 Notes | Circumstances (2)
Debt Instrument
Debt instrument, convertible trading days	5
Debt instrument, convertible consecutive trading days	10
Debt instrument, convertible percentage of stock price	98%
Debt instrument, conversion principal amount	$ 1,000

Credit Facilities - Outstanding

Credit Facilities - Outstanding Balances (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Jan. 28, 2023
Line of Credit Facility
Outstanding Amount	$ 2,467,500	$ 2,474,910
Unamortized Debt Issuance Costs	(41,053)	(42,976)
Net Carrying Amount	2,426,447	2,431,934
Other current liabilities | Secured Debt [Member]
Line of Credit Facility
Outstanding Amount	20,000
Term loan-net | Secured Debt [Member]
Line of Credit Facility
Outstanding Amount	$ 1,950,000
RHI | Asset Based Credit Facility [Member]
Line of Credit Facility
Interest Rate	6.33%
RHI | Term loan B
Line of Credit Facility
Interest Rate	7.52%
Outstanding Amount	$ 1,970,000	1,975,000
Unamortized Debt Issuance Costs	(17,644)	(18,471)
Net Carrying Amount	1,952,356	1,956,529
RHI | Term loan B-2
Line of Credit Facility
Outstanding Amount	497,500	498,750
Unamortized Debt Issuance Costs	(23,409)	(24,505)
Net Carrying Amount	$ 474,091	474,245
RHI | Term loan B-2 | Credit facilities
Line of Credit Facility
Interest Rate	8.33%
RHI | Equipment promissory notes
Line of Credit Facility
Outstanding Amount		1,160
Net Carrying Amount		1,160
RHI, Canadian subsidiary and other subsidiaries | Other non-current assets | Revolving line of credit
Line of Credit Facility
Deferred financing fees	$ 3,300
RHI, Canadian subsidiary and other subsidiaries | Other non-current assets | Asset Based Credit Facility [Member]
Line of Credit Facility
Deferred financing fees		3,500
RHI, Canadian subsidiary and other subsidiaries | Term loan B | Secured Debt [Member]
Line of Credit Facility
Debt outstanding		1,955,000
RHI, Canadian subsidiary and other subsidiaries | Term loan B-2 | Term loan B-2
Line of Credit Facility
Net Carrying Amount	493,000	494,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B | Secured Debt [Member]
Line of Credit Facility
Debt outstanding		20,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B-2 | Secured Debt [Member]
Line of Credit Facility
Debt outstanding	$ 5,000	$ 5,000

Credit Facilities - Outstandi_2

Credit Facilities - Outstanding Balances Footnotes (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Line of Credit Facility
Net carrying amount	$ 2,426,447	$ 2,431,934
RHI | Term loan B
Line of Credit Facility
Net carrying amount	1,952,356	1,956,529
RHI | Term loan B-2
Line of Credit Facility
Net carrying amount	474,091	474,245
RHI | Equipment promissory notes
Line of Credit Facility
Net carrying amount		1,160
RHI, Canadian subsidiary and other subsidiaries | Other non-current assets | Revolving line of credit
Line of Credit Facility
Deferred financing fees	3,300
RHI, Canadian subsidiary and other subsidiaries | Other non-current assets | Asset Based Credit Facility [Member]
Line of Credit Facility
Deferred financing fees		3,500
RHI, Canadian subsidiary and other subsidiaries | Term loan B | Secured Debt [Member]
Line of Credit Facility
Debt outstanding		1,955,000
RHI, Canadian subsidiary and other subsidiaries | Term loan B-2 | Term loan B-2
Line of Credit Facility
Net carrying amount	493,000	494,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B | Secured Debt [Member]
Line of Credit Facility
Debt outstanding		20,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B-2 | Secured Debt [Member]
Line of Credit Facility
Debt outstanding	$ 5,000	$ 5,000

Credit Facilities - Asset Based

Credit Facilities - Asset Based Credit Facility (Detail) $ in Millions		3 Months Ended
	Jul. 29, 2021 USD ($)	Apr. 29, 2023 USD ($)
Line of Credit Facility
Debt Instrument, Covenant Description		The ABL Credit Agreement does not contain any significant financial ratio covenants or coverage ratio covenants other than a consolidated fixed charge coverage ratio (“FCCR”) covenant based on the ratio of (i) consolidated EBITDA to the amount of (ii) debt service costs plus certain other amounts, including dividends and distributions and prepayments of debt as defined in the ABL Credit Agreement (the “FCCR Covenant”). The FCCR Covenant only applies in certain limited circumstances, including when the unused availability under the ABL Credit Agreement drops below the greater of (A) $40 million and (B) an amount based on 10% of the total borrowing availability at the time. The FCCR Covenant ratio is set at 1.0 and measured on a trailing twelve-month basis.
Debt Instrument, Covenant Compliance		As of April 29, 2023, RHI was in compliance with the FCCR Covenant.
ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries
Line of Credit Facility
FCCR Covenant, threshold amount	$ 40
FCCR Covenant, threshold amount (percentage)	10%
FCCR Covenant ratio	1
Revolving line of credit | ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 600
Line of credit facility, accordion feature	300
Amount available for borrowing		$ 478
Revolving line of credit | ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries | LIBOR
Line of Credit Facility
Debt instrument, interest rate		0%
Revolving line of credit | ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries | Maximum
Line of Credit Facility
Line of credit facility, maximum borrowing capacity including accordion feature	900
Revolving line of credit | ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries | Minimum
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	600
Revolving line of credit | ABL Credit Agreement | Restoration Hardware Canada, Inc.
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 10
Letter of credit
Line of Credit Facility
Line of Credit, outstanding amount		$ 27

Credit Facilities - Term Loan C

Credit Facilities - Term Loan Credit Agreement (Detail) - RHI - USD ($)	May 13, 2022	Oct. 20, 2021
SOFR | 2022 Incremental Amendment
Line of Credit Facility
Credit spread adjustment	0.10%
Debt instrument, basis spread on variable rate	3.25%
Floor interest rate	0.50%
Secured Promissory Note
Line of Credit Facility
Principal amount		$ 2,000,000,000
Debt instrument, basis spread on variable rate		2.50%
Percentage of discount on face value		0.50%
Percentage of prepayment premium	1%
Secured Promissory Note | 2022 Incremental Amendment
Line of Credit Facility
Principal amount	$ 500,000,000
Secured Promissory Note | LIBOR
Line of Credit Facility
Debt instrument, basis spread on variable rate		2.50%
Floor interest rate		0.50%

Fair Value Measurements - Estim

Fair Value Measurements - Estimated Fair Value and Carrying Value of Notes and Term Loan Credit Agreement (Detail) - Recurring - Level 2 - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
2023 Notes | Fair Value | Observable market data
Fair Value Balance Sheet Grouping Financial Statement Captions
Convertible senior notes	$ 1,676	$ 1,622
2023 Notes | Principal Carrying Value | Observable market data
Fair Value Balance Sheet Grouping Financial Statement Captions
Convertible senior notes	1,694	1,696
2024 Notes | Fair Value | Observable market data
Fair Value Balance Sheet Grouping Financial Statement Captions
Convertible senior notes	37,528	37,351
2024 Notes | Principal Carrying Value | Observable market data
Fair Value Balance Sheet Grouping Financial Statement Captions
Convertible senior notes	41,904	41,904
Term loan B | Fair Value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	1,895,751	1,961,056
Term loan B | Principal Carrying Value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	1,970,000	1,975,000
Term loan B-2 | Fair Value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	495,369	500,215
Term loan B-2 | Principal Carrying Value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	$ 497,500	$ 498,750

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Income Taxes
Income tax expense (benefit)	$ 16,585	$ (163,426)
Effective income tax rate	28.40%	(438.30%)
Unrecognized tax benefits	$ 8,200
Tax expense and the effective tax rate, if recognized	7,600
Exposures related to unrecognized tax benefits	$ 5,500
Period of unrecognized tax benefits change	12 months

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Weighted-Average Shares Used for Net Income per Share (Detail) - shares	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Net Income Per Share
Weighted-average shares-basic	22,047,029	22,608,537
Effect of dilutive stock-based awards	1,504,784	4,367,607
Effect of dilutive convertible senior notes	206,975	831,938
Weighted-average shares-diluted	23,758,788	27,808,082

Net Income Per Share - Schedu_2

Net Income Per Share - Schedule of Weighted-Average Shares Used for Net Income per Share Footnotes (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Earnings Per Share Diluted
Outstanding Amount	$ 2,467,500	$ 2,474,910
2023 and 2024 Notes | Warrants
Earnings Per Share Diluted
Warrant instruments outstanding			0
2023 Notes | Warrants
Earnings Per Share Diluted
Conversion price per share	$ 309.84
2024 Notes | Warrants
Earnings Per Share Diluted
Conversion price per share	$ 338.24

Net Income Per Share - Anti-Dil

Net Income Per Share - Anti-Dilutive Securities Excluded from Diluted Net Income per Share (Detail) - shares	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from diluted net income per share	1,109,768	1,086,549
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from diluted net income per share	16,694	19,552
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from diluted net income per share		719,164

Share Repurchase Program (Detai

Share Repurchase Program (Detail) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Jun. 02, 2022
Share Repurchase Program
Share repurchase program authorized amount		$ 2,450	$ 2,000
Amount of shares available under repurchase program	$ 1,450

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Oct. 18, 2020	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023	Apr. 04, 2023
Share Based Compensation Arrangement By Share Based Payment Award
Stock-based compensation expense		$ 10,180	$ 12,802
Stock-based compensation cost capitalized		$ 0	0
2012 Stock Incentive Plan and 2012 Stock Option Plan
Share Based Compensation Arrangement By Share Based Payment Award
Outstanding shares		3,393,460
Options outstanding, weighted-average exercise price per share		$ 179.73
Numbers of options vested		3,216,721
Vested , weighted average exercise price		$ 175.73
2012 Stock Incentive Plan and 2012 Stock Option Plan | Stock Options
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized compensation expense related to unvested options		$ 78,000
Unrecognized compensation expense with weighted-average period		3 years 11 months 19 days
Aggregate intrinsic value of options outstanding		$ 401,000
Aggregate intrinsic value of options vested or expected to vest		390,000
Aggregate intrinsic value of options exercisable		$ 343,000
Weighted-average remaining contractual life of options exercisable		4 years 11 months 12 days
2012 Stock Incentive Plan and 2012 Stock Option Plan | Stock Options | Chairman and Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized compensation expense related to unvested options		$ 11,000
2012 Stock Incentive Plan and 2012 Stock Option Plan | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized compensation expense related to restricted stock and restricted stock units		$ 6,600
Unrecognized compensation expense with weighted-average period		4 years 3 months 18 days
Restricted stock units outstanding (in shares)		19,670
restricted stock units, Weighted-average grant date fair value per share		$ 444.30
Restricted stock units, Weighted-average fair value per share of awards granted		$ 437.82
Restricted stock units, Vested (in shares)		1,250
2023 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award
Options granted		0
Shares available for future issuance					3,000,000
Profit interest expected life				10 years
Stock Incentive Plan | Chairman and Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award
Stock-based compensation expense		$ 3,500	$ 5,900
Options granted	700,000
Exercise price of option granted	$ 385.30
Aggregate non-cash stock compensation expense	$ 174,000

Commitments and Contingencies (

Commitments and Contingencies (Detail)	Apr. 29, 2023 USD ($)
Commitments and Contingencies.
Material off balance sheet commitments	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Detail)	3 Months Ended
	Apr. 29, 2023 store segment customer	Apr. 30, 2022 customer
Segment Reporting Information
Number of operating segments | segment	3
Number of RH outlet stores	39
Number of customers accounted for more than 10% of Company's revenues | customer	0	0
Sales [Member] | Customer Concentration Risk [Member]
Segment Reporting Information
Threshold portion of specified customers portion in total revenues	10%	10%
Canada [Member]
Segment Reporting Information
Number of retail stores	4
Number of RH outlet stores	2
U.K [Member]
Segment Reporting Information
Number of retail stores	1

Segment Reporting - Segment Ope

Segment Reporting - Segment Operating Income and Income Before Income Taxes and Equity Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting Information
Reorganization related costs	$ (7,621)
Non-cash compensation	(3,531)	$ (5,858)
Employer payroll taxes on option exercises		11,717
Professional fee		(7,184)
Asset impairments	(2,475)	(5,923)
Recall accrual		(560)
Income from operations	99,240	205,288
Interest expense-net	39,816	20,855
Loss on extinguishment of debt		146,116
Other income-net	(653)	(343)
Income before income taxes and equity method investments	60,077	38,660
Operating Segments [Member]
Segment Reporting Information
Income from operations	110,392	236,530
Operating Segments [Member] | RH Segment
Segment Reporting Information
Income from operations	103,721	228,545
Operating Segments [Member] | Waterworks
Segment Reporting Information
Income from operations	$ 6,671	$ 7,985

Segment Reporting - Statements

Segment Reporting - Statements of Operations Metrics Reviewed by CODM to Evaluate Performance Internally or as Required under ASC 280 (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting Information
Net revenues	$ 739,162	$ 957,292
Gross profit	347,545	498,583
Depreciation and amortization	27,770	24,758
Share of equity method investments loss	1,602	1,375
RH Segment
Segment Reporting Information
Net revenues	690,516	908,948
Gross profit	321,584	472,822
Depreciation and amortization	26,425	23,524
Waterworks
Segment Reporting Information
Net revenues	48,646	48,344
Gross profit	25,961	25,761
Depreciation and amortization	1,345	1,234
Real Estate Investments
Segment Reporting Information
Share of equity method investments loss	$ 1,600	$ 1,400

Segment Reporting - Balance She

Segment Reporting - Balance Sheet Metrics Under ASC 280 (Detail) - USD ($) $ in Thousands	Apr. 29, 2023	Jan. 28, 2023
Segment Reporting Information
Goodwill	$ 141,026	$ 141,048
Tradenames, trademarks and other intangible assets	75,144	74,633
Equity method investments	132,997	101,468
Total assets	5,319,830	5,309,289
RH Segment
Segment Reporting Information
Goodwill	141,026	141,048
Tradenames, trademarks and other intangible assets	58,144	57,633
Total assets	4,924,726	4,953,610
Waterworks
Segment Reporting Information
Tradenames, trademarks and other intangible assets	17,000	17,000
Equity method investments	715	623
Total assets	225,551	217,228
Real Estate
Segment Reporting Information
Equity method investments	132,282	100,845
Total assets	$ 169,553	$ 138,451

Segment Reporting - Balance S_2

Segment Reporting - Balance Sheet Metrics Under ASC 280 Footnotes (Detail) - Waterworks - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Apr. 29, 2023	Jan. 28, 2017
Segment Reporting Information
Goodwill impairment	$ 51	$ 51
Tradename impairment	$ 35

Segment Reporting - Net Revenue

Segment Reporting - Net Revenues, Categories (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting Information
Total net revenues	$ 739,162	$ 957,292
Furniture [Member]
Segment Reporting Information
Total net revenues	496,391	662,520
Non-furniture [Member]
Segment Reporting Information
Total net revenues	$ 242,771	$ 294,772