RH (RH) 10-Q 12 Sep 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 03, 2024	Sep. 06, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 03, 2024
Document Transition Report	false
Securities Act File Number	001-35720
Entity Registrant Name	RH
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3052669
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		18,482,697
Entity Central Index Key	0001528849
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Current assets:
Cash and cash equivalents	$ 78,333	$ 123,688
Accounts receivable-net	66,644	55,058
Merchandise inventories	917,331	754,126
Prepaid expense and other current assets	156,975	169,030
Total current assets	1,219,283	1,101,902
Property and equipment-net	1,753,727	1,685,858
Operating lease right-of-use assets	624,641	625,801
Goodwill	140,997	141,033
Tradenames, trademarks and other intangible assets	76,243	75,927
Deferred tax assets	143,975	143,986
Equity method investments	130,790	128,668
Other non-current assets	286,740	240,722
Total assets	4,376,396	4,143,897
Current liabilities:
Accounts payable and accrued expenses	495,961	366,585
Deferred revenue and customer deposits	302,526	282,812
Operating lease liabilities	86,106	85,523
Other current liabilities	84,071	96,113
Total current liabilities	1,010,554	872,868
Asset based credit facility	25,000
Real estate loans-net	17,596	17,766
Non-current operating lease liabilities	573,204	576,166
Non-current finance lease liabilities	584,677	566,829
Deferred tax liabilities	8,540	8,442
Other non-current obligations	11,660	10,639
Total liabilities	4,611,113	4,441,291
Commitments and contingencies (Note 16)
Stockholders' deficit:
Preferred stock-$0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding as of August 3, 2024 and February 3, 2024
Common stock-$0.0001 par value per share, 180,000,000 shares authorized, 18,482,697 shares issued and outstanding as of August 3, 2024; 18,315,613 shares issued and outstanding as of February 3, 2024	2	2
Additional paid-in capital	321,214	287,806
Accumulated other comprehensive loss	2,004	(1,938)
Accumulated deficit	(557,937)	(583,264)
Total stockholders' deficit	(234,717)	(297,394)
Total liabilities and stockholders' deficit	4,376,396	4,143,897
2024 Notes
Current liabilities:
Convertible senior notes-net	41,890	41,835
Term loan B
Current liabilities:
Term loan-net	1,911,519	1,919,885
Term loan B-2
Current liabilities:
Term loan-net	$ 468,363	$ 468,696

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 03, 2024	Feb. 03, 2024
Statement of Financial Position [Abstract]
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	18,482,697	18,315,613
Common stock, shares outstanding	18,482,697	18,315,613

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Income Statement [Abstract]
Net revenues	$ 829,655	$ 800,479	$ 1,556,615	$ 1,539,641
Cost of goods sold	454,898	420,406	865,820	812,023
Gross profit	374,757	380,073	690,795	727,618
Selling, general and administrative expenses	278,630	228,733	540,005	477,038
Income from operations	96,127	151,340	150,790	250,580
Other expenses
Interest expense-net	59,262	44,422	116,034	84,238
Other (income) expense-net	(663)	(186)	502	(839)
Total other expenses	58,599	44,236	116,536	83,399
Income (loss) before income taxes and equity method investments	37,528	107,104	34,254	167,181
Income tax expense	3,717	27,245	1,626	43,830
Income (loss) before equity method investments	33,811	79,859	32,628	123,351
Share of equity method investments loss-net	4,859	3,382	7,301	4,984
Net income (loss)	$ 28,952	$ 76,477	$ 25,327	$ 118,367
Weighted-average shares used in computing basic net income (loss) per share	18,458,207	20,960,329	18,391,331	21,503,090
Basic net income (loss) per share	$ 1.57	$ 3.65	$ 1.38	$ 5.50
Weighted-average shares used in computing diluted net income (loss) per share	19,961,610	22,727,560	19,949,657	23,242,585
Diluted net income (loss) per share	$ 1.45	$ 3.36	$ 1.27	$ 5.09

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 28,952	$ 76,477	$ 25,327	$ 118,367
Net gain from foreign currency translation	5,227	3,380	3,942	5,675
Comprehensive income	$ 34,179	$ 79,857	$ 29,269	$ 124,042

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Treasury Stock, Common [Member]	Total
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		18,718				18,718
Issuance of restricted stock, Shares	2,961
Vested and delivered restricted stock units		(96)				(96)
Vested and delivered restricted stock units, Shares	847
Exercise of stock options		4,728				4,728
Exercise of stock options, Shares	45,616
Repurchase of common stock-including excise tax					$ (1,216,635)	$ (1,216,635)
Repurchase of common stock-including excise tax, Shares	3,698,887				3,698,887
Retirement of treasury stock		(8,623)		(1,208,012)	$ 1,216,635
Retirement of treasury stock, Shares					(3,698,887)	(3,698,887)
Settlement of convertible senior notes, Shares	1,931
Net Income (Loss)				118,367		$ 118,367
Comprehensive income			5,675			5,675
Balances at Jul. 29, 2023	$ 2	261,803	3,272	(549,659)		(284,582)
Balances, shares at Jul. 29, 2023	18,397,853
Balances at Apr. 29, 2023	$ 2	257,616	(108)	581,876		839,386
Balances, shares at Apr. 29, 2023	22,051,251
Stock-based compensation		8,538				8,538
Issuance of restricted stock, Shares	2,961
Exercise of stock options		4,272				4,272
Exercise of stock options, Shares	40,599
Repurchase of common stock-including excise tax					$ 1,216,635	$ (1,216,635)
Repurchase of common stock-including excise tax, Shares	3,698,887				3,698,887
Retirement of treasury stock		(8,623)		(1,208,012)	$ (1,216,635)
Retirement of treasury stock, Shares					(3,698,887)	(3,698,887)
Settlement of convertible senior notes, Shares	1,929
Net Income (Loss)				76,477		$ 76,477
Comprehensive income			3,380			3,380
Balances at Jul. 29, 2023	$ 2	261,803	3,272	(549,659)		(284,582)
Balances, shares at Jul. 29, 2023	18,397,853
Balances at Feb. 03, 2024	$ 2	287,806	(1,938)	(583,264)		(297,394)
Balances, shares at Feb. 03, 2024	18,315,613
Stock-based compensation		22,073				22,073
Issuance of restricted stock, Shares	7,829
Vested and delivered restricted stock units		(151)				(151)
Vested and delivered restricted stock units, Shares	817
Exercise of stock options		11,486				11,486
Exercise of stock options, Shares	158,438
Net Income (Loss)				25,327		25,327
Comprehensive income			3,942			3,942
Balances at Aug. 03, 2024	$ 2	321,214	2,004	(557,937)		(234,717)
Balances, shares at Aug. 03, 2024	18,482,697
Balances at May. 04, 2024	$ 2	300,189	(3,223)	(586,889)		(289,921)
Balances, shares at May. 04, 2024	18,342,797
Stock-based compensation		11,529				11,529
Issuance of restricted stock, Shares	3,829
Exercise of stock options		9,496				9,496
Exercise of stock options, Shares	136,071
Net Income (Loss)				28,952		28,952
Comprehensive income			5,227			5,227
Balances at Aug. 03, 2024	$ 2	$ 321,214	$ 2,004	$ (557,937)		$ (234,717)
Balances, shares at Aug. 03, 2024	18,482,697

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 25,327	$ 118,367
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	63,084	55,906
Non-cash operating lease cost	48,358	38,858
Asset impairments	776	2,894
Stock-based compensation expense	22,073	18,718
Non-cash finance lease interest expense	15,329	17,280
Deferred income taxes		43,717
Share of equity method investments loss-net	7,301	4,984
Other non-cash items	4,366	4,454
Change in assets and liabilities:
Accounts receivable	(11,563)	5,332
Merchandise inventories	(162,577)	64,848
Prepaid expense and other assets	6,219	(24,680)
Landlord assets under construction-net of tenant allowances	(17,461)	(13,959)
Accounts payable and accrued expenses	122,657	(32,205)
Deferred revenue and customer deposits	19,632	5,216
Other current liabilities	(13,509)	(2,315)
Current and non-current operating lease liabilities	(48,383)	(41,654)
Other non-current obligations	(14,323)	(17,406)
Net cash provided by operating activities	67,306	248,355
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(115,340)	(81,596)
Equity method investments	(9,423)	(33,727)
Net cash used in investing activities	(124,763)	(115,323)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings under asset based credit facility	25,000
Repayments under term loans	(12,500)	(12,500)
Repayments under real estate loans	(16)	(13)
Repayments under promissory and equipment security notes		(1,160)
Repayments of convertible senior notes		(1,696)
Principal payments under finance lease agreements-net of tenant allowances	(11,957)	(5,454)
Repurchases of common stock-inclusive of excise taxes paid		(1,208,290)
Proceeds from exercise of stock options	11,486	4,728
Tax withholdings related to issuance of stock-based awards	(151)	(96)
Net cash provided by (used in) financing activities	11,862	(1,224,481)
Effects of foreign currency exchange rate translation	240	271
Net decrease in cash and cash equivalents and restricted cash	(45,355)	(1,091,178)
Cash and cash equivalents, restricted cash and restricted cash equivalents
Beginning of period-cash and cash equivalents	123,688	1,508,101
Beginning of period-restricted cash		3,662
Beginning of period-cash and cash equivalents and restricted cash	123,688	1,511,763
End of period-cash and cash equivalents	78,333	417,047
End of period-restricted cash		3,538
End of period-cash and cash equivalents and restricted cash	78,333	420,585
Non-cash transactions:
Property and equipment additions in accounts payable and accrued expenses at period-end	38,654	25,140
Landlord asset additions in accounts payable and accrued expenses at period-end	12,530	2,863
Excise tax from share repurchases in accounts payable and accrued expenses at period-end	$ 11,988	$ 12,045

THE COMPANY

THE COMPANY	6 Months Ended
	Aug. 03, 2024
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 Sourcebooks. 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 August 3, 2024, we operated a total of 72 RH Galleries and 39 RH Outlet stores, one RH Guesthouse and 14 Waterworks Showrooms throughout the United States and Canada as well as in the United Kingdom, Germany, Belgium and Spain. We also have sourcing operations in Shanghai and Hong Kong. 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 August 3, 2024, and the results of operations for the three and six months ended August 3, 2024 and July 29, 2023. Our current fiscal year, which consists of 52 weeks, ends on February 1, 2025 (“fiscal 2024”). 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 and six months ended August 3, 2024. 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 February 3, 2024 (the “2023 Form 10-K”). The results of operations for the three and six months ended August 3, 2024, presented herein, are not necessarily indicative of the results to be expected for the full fiscal year.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Aug. 03, 2024
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ISSUED ACCOUNTING STANDARDS	NOTE 2—RECENTLY ISSUED ACCOUNTING STANDARDS New Accounting Standards or Updates Not Yet Adopted Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ASU”) 2023-07—Improvements to Reportable Segment Disclosures ​ Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 — Improvements to Income Tax Disclosures . This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures. The amendments of this update are related to the rate reconciliation and income taxes paid, requiring consistent categories and greater disaggregation of information in the rate reconciliation as well as income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact that adopting this ASU will have on our condensed consolidated financial statements.

PREPAID EXPENSE AND OTHER ASSET

PREPAID EXPENSE AND OTHER ASSETS	6 Months Ended
	Aug. 03, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Vendor deposits ​ $ 28,196 ​ $ 26,409 Prepaid expenses ​ ​ 27,318 ​ ​ 42,089 Capitalized catalog costs ​ ​ 25,866 ​ ​ 27,856 Federal and state tax receivable ​ ​ 18,075 ​ ​ 20,441 Value added tax (VAT) receivable ​ ​ 7,748 ​ ​ 6,532 Tenant allowance receivable ​ ​ 7,701 ​ ​ 8,220 Right of return asset for merchandise ​ 5,750 ​ 5,011 Promissory notes receivable, including interest (1) ​ 3,261 ​ 3,292 Other current assets ​ ​ 33,060 ​ ​ 29,180 Total prepaid expense and other current assets ​ $ 156,975 ​ $ 169,030 (1) Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs (as defined below). Refer to Note 5— Variable Interest Entities . Other non-current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Landlord assets under construction—net of tenant allowances ​ $ 160,690 ​ $ 118,897 Initial direct costs prior to lease commencement ​ ​ 72,705 ​ ​ 66,333 Capitalized cloud computing costs—net (1) ​ ​ 24,693 ​ ​ 22,646 Other deposits ​ ​ 7,502 ​ ​ 7,913 Vendor deposits—non-current ​ 5,388 ​ 8,862 Deferred financing fees ​ 2,016 ​ 2,520 Other non-current assets ​ 13,746 ​ 13,551 Total other non-current assets ​ $ 286,740 ​ $ 240,722 (1) Presented net of accumulated amortization of $24 million and $19 million as of August 3, 2024 and February 3, 2024, respectively.

GOODWILL, TRADENAMES, TRADEMARK

GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Aug. 03, 2024
GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS
GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS	NOTE 4—GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS Goodwill, tradenames, trademarks and other intangible assets activity for the RH Segment and Waterworks consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS ​ ​ ​ ​ TRADENAMES, ​ ​ ​ TRADENAMES, ​ ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ GOODWILL ​ ASSETS ​ GOODWILL (1) ​ ASSETS (2) ​ ​ (in thousands) February 3, 2024 ​ $ 141,033 ​ $ 58,927 ​ $ — ​ $ 17,000 Additions ​ — ​ ​ 316 ​ ​ — ​ ​ — Foreign currency translation ​ ​ (36) ​ ​ — ​ ​ — ​ ​ — August 3, 2024 ​ $ 140,997 ​ $ 59,243 ​ $ — ​ $ 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 prior fiscal years. There are no

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Aug. 03, 2024
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. The carrying amounts and classification of the Member LLCs’ assets and liabilities included in the condensed consolidated balance sheets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) ASSETS ​ ​ Cash and cash equivalents ​ $ 9,349 ​ $ 8,918 Prepaid expense and other current assets ​ 1,197 ​ 1,876 Total current assets ​ 10,546 ​ 10,794 Property and equipment—net (1) ​ 271,210 ​ 256,523 Other non-current assets ​ ​ 7 ​ 6 Total assets ​ $ 281,763 ​ $ 267,323 LIABILITIES ​ ​ Accounts payable and accrued expenses ​ $ 2,940 ​ $ 8,735 Other current liabilities ​ ​ 304 ​ ​ 1,041 Total current liabilities ​ ​ 3,244 ​ ​ 9,776 Real estate loans—net (2) ​ ​ 17,596 ​ ​ 17,766 Other non-current obligations ​ ​ 960 ​ 947 Total liabilities ​ $ 21,800 ​ $ 28,489 (1) Includes $53 million and $77 million of construction in progress as of August 3, 2024 and February 3, 2024, respectively. (2) 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. Excludes $0.3 million and $0.1 million of current obligations related to such loans that are included in other current liabilities on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively. 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 floor of 3.00% . Equity Method Investments Equity method investments primarily represent our membership interests in three privately-held limited liability companies in Aspen, Colorado (each, an “Aspen LLC” and collectively, the “Aspen LLCs”) that were formed for the purpose of acquiring, developing, operating and selling certain real estate projects in Aspen, Colorado. As of August 3, 2024, we have made capital contributions of approximately $146 million to the Aspen LLCs. Additionally, Waterworks has membership interests in two European entities that are equity method investments. Our maximum exposure to loss is the carrying value of each of the equity method investments as of August 3, 2024. During the three and six months ended August 3, 2024 and July 29, 2023, 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	6 Months Ended
	Aug. 03, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Accounts payable ​ $ 293,810 ​ $ 192,345 Accrued compensation ​ 50,875 ​ 43,840 Accrued occupancy ​ 29,212 ​ 29,144 Accrued sales and use tax ​ 28,917 ​ 26,823 Accrued freight and duty ​ 18,650 ​ 14,333 Accrued legal settlements (1) ​ ​ 16,645 ​ ​ 16,704 Excise tax payable on share repurchases ​ ​ 11,988 ​ ​ 11,988 Accrued professional fees ​ 8,905 ​ 5,754 Accrued legal contingencies (1) ​ ​ 2,237 ​ ​ 2,795 Other accrued expenses ​ 34,722 ​ 22,859 Total accounts payable and accrued expenses ​ $ 495,961 ​ $ 366,585 (1) Refer to Note 16 ¾ Commitments and Contingencies . Reorganization We implemented a restructuring on March 24, 2023 that included 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 six months ended July 29, 2023, we incurred total charges relating to the reorganization of $7.6 million consisting primarily of severance costs and related taxes. As of February 3, 2024, we had an immaterial amount accrued within accounts payable and accrued expenses Other current liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Current portion of term loans ​ $ 25,000 ​ $ 25,000 Allowance for sales returns ​ ​ 21,906 ​ ​ 19,588 Unredeemed gift card and merchandise credit liability ​ ​ 17,992 ​ ​ 24,720 Finance lease liabilities ​ ​ 15,755 ​ ​ 14,668 Other current liabilities ​ 3,418 ​ 12,137 Total other current liabilities ​ $ 84,071 ​ $ 96,113 ​ 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 August 3, 2024 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 August 3, 2024 and July 29, 2023, we recognized $4.3 million and $5.3 million, respectively, of revenue . During the six months ended August 3, 2024 and July 29, 2023, we recognized $10 million and $11 million, respectively, of revenue . We expect that approximately 75 percent of the remaining gift card liabilities will be recognized when the gift cards are redeemed by customers. 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. As of August 3, 2024 and February 3, 2024, supplier invoices that have been confirmed as valid under the Financing Program included in accounts payable and accrued expenses

OTHER NON-CURRENT OBLIGATIONS

OTHER NON-CURRENT OBLIGATIONS	6 Months Ended
	Aug. 03, 2024
OTHER NON-CURRENT OBLIGATIONS.
OTHER NON-CURRENT OBLIGATIONS	NOTE 7—OTHER NON-CURRENT OBLIGATIONS Other non-current obligations consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Unrecognized tax benefits ​ $ 3,733 ​ $ 3,633 Other non-current obligations ​ ​ 7,927 ​ ​ 7,006 Total other non-current obligations ​ $ 11,660 ​ $ 10,639 ​

LEASES

LEASES	6 Months Ended
	Aug. 03, 2024
LEASES
LEASES	NOTE 8—LEASES Lease costs—net consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, JULY 29, ​ AUGUST 3, JULY 29, ​ 2024 2023 ​ 2024 2023 ​ ​ ​ (in thousands) Operating lease cost (1) ​ ​ $ 33,357 ​ $ 27,454 $ 66,238 ​ $ 53,754 Finance lease costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets (1) ​ ​ ​ 12,913 ​ ​ 13,641 ​ ​ 25,318 ​ ​ 27,345 Interest on lease liabilities (2) ​ ​ ​ 7,922 ​ ​ 8,794 ​ ​ 15,329 ​ ​ 17,280 Variable lease costs (3) ​ ​ ​ 6,478 ​ ​ 5,997 ​ ​ 13,121 ​ ​ 12,165 Sublease income (4) ​ ​ ​ (1,179) ​ ​ (1,420) ​ ​ (2,333) ​ ​ (2,966) Total lease costs—net ​ ​ $ 59,491 ​ $ 54,466 ​ $ 117,673 ​ $ 107,578 (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. (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 $3.6 million and $3.7 million for the three months ended August 3, 2024 and July 29, 2023, respectively, and $7.5 million and $7.6 million for the six months ended August 3, 2024 and July 29, 2023, respectively, as well as charges associated with common area maintenance of $2.9 million and $2.3 million for the three months ended August 3, 2024 and July 29, 2023, respectively, and $5.6 million and $4.6 million for the six months ended August 3, 2024 and July 29, 2023, 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 any period presented. (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ ​ 2024 2024 ​ ​ ​ ​ (in thousands) ​ ​ Balance Sheet Classification ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease right-of-use assets ​ $ 624,641 ​ $ 625,801 Finance leases (1)(2)(3) ​ Property and equipment—net ​ ​ 877,301 ​ ​ 836,814 Total lease right-of-use assets ​ ​ ​ $ 1,501,942 ​ $ 1,462,615 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current (4) ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease liabilities ​ $ 86,106 ​ $ 85,523 Finance leases ​ Other current liabilities ​ ​ 15,755 ​ ​ 14,668 Total lease liabilities—current ​ ​ ​ ​ 101,861 ​ ​ 100,191 Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Non-current operating lease liabilities ​ ​ 573,204 ​ ​ 576,166 Finance leases ​ Non-current finance lease liabilities ​ ​ 584,677 ​ ​ 566,829 Total lease liabilities—non-current ​ ​ ​ ​ 1,157,881 ​ ​ 1,142,995 Total lease liabilities ​ ​ ​ $ 1,259,742 ​ $ 1,243,186 (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 $293 million and $268 million as of August 3, 2024 and February 3, 2024, respectively. (3) Includes $36 million and $37 million as of August 3, 2024 and February 3, 2024, respectively, 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 August 3, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING ​ FINANCE ​ ​ FISCAL YEAR ​ ​ LEASES LEASES TOTAL ​ ​ ​ ​ (in thousands) Remainder of fiscal 2024 ​ ​ ​ $ 53,793 ​ $ 20,615 ​ $ 74,408 2025 ​ ​ ​ ​ 124,837 ​ ​ 50,533 ​ ​ 175,370 2026 ​ ​ ​ ​ 116,388 ​ ​ 51,300 ​ ​ 167,688 2027 ​ ​ ​ ​ 109,207 ​ ​ 52,107 ​ ​ 161,314 2028 ​ ​ ​ ​ 75,534 ​ ​ 51,292 ​ ​ 126,826 2029 ​ ​ ​ ​ 63,793 ​ ​ 50,799 ​ ​ 114,592 Thereafter ​ ​ ​ ​ 339,049 ​ ​ 745,649 ​ ​ 1,084,698 Total lease payments (1)(2) ​ ​ ​ ​ 882,601 ​ ​ 1,022,295 ​ ​ 1,904,896 Less—imputed interest (3) ​ ​ ​ ​ (223,291) ​ ​ (421,863) ​ ​ (645,154) Present value of lease liabilities ​ ​ ​ $ 659,310 ​ $ 600,432 ​ $ 1,259,742 (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 $727 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of August 3, 2024, of which $14 million, $40 million, $38 million, $40 million, $41 million and $44 million will be paid in the remainder of fiscal 2024, fiscal 2025, fiscal 2026, fiscal 2027, fiscal 2028 and fiscal 2029, respectively, and $510 million will be paid subsequent to fiscal 2029. (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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, ​ JULY 29, ​ ​ ​ 2024 ​ 2023 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 8.9 ​ ​ ​ 8.1 ​ Finance leases ​ ​ ​ 19.7 ​ ​ ​ 21.5 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 5.5 % ​ ​ 4.3 % Finance leases ​ ​ ​ 5.3 % ​ ​ 5.3 % ​ Other information related to leases consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, ​ JULY 29, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ (64,645) ​ $ (53,745) Operating cash flows from finance leases ​ ​ ​ (15,329) ​ ​ (17,280) Financing cash flows from finance leases—net (1) ​ ​ ​ (11,957) ​ ​ (5,454) Total cash outflows from leases ​ ​ $ (91,931) ​ $ (76,479) Non-cash transactions: ​ ​ ​ ​ ​ ​ ​ Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 45,747 ​ $ 45,219 Finance leases ​ ​ ​ 28,278 ​ ​ 750 Reclassification from other non-current assets to finance lease right-of-use assets ​ ​ ​ 38,182 ​ ​ — ​ (1) Represents the principal portion of lease payments, partially offset by tenant allowances received subsequent to lease commencement of $2.4 million for the six months ended July 29, 2023. No such amounts were received from landlords during the six months ended August 3, 2024.

CONVERTIBLE SENIOR NOTES

CONVERTIBLE SENIOR NOTES	6 Months Ended
	Aug. 03, 2024
CONVERTIBLE SENIOR NOTES
CONVERTIBLE SENIOR NOTES	NOTE 9—CONVERTIBLE SENIOR 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”, the “Convertible Senior Notes” or the “Notes”). The outstanding balances under the 2024 Notes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ ​ FEBRUARY 3, ​ ​ 2024 ​ ​ 2024 ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ AMOUNT COST AMOUNT ​ AMOUNT COST ​ AMOUNT ​ ​ (in thousands) Convertible senior notes due 2024 ​ $ 41,904 ​ $ (14) ​ $ 41,890 ​ $ 41,904 ​ $ (69) ​ $ 41,835 ​ ​ $ 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 June 30, 2023, but was met for the calendar quarter ended September 30, 2023. This condition was not met for the calendar quarters ended December 31, 2023 or March 31, 2024. 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. There have been no conversions as of August 3, 2024. 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. The remaining liability for the 2024 Notes is classified as a

CREDIT FACILITIES

CREDIT FACILITIES	6 Months Ended
	Aug. 03, 2024
CONVERTIBLE SENIOR NOTES
CREDIT FACILITIES	NOTE 10—CREDIT FACILITIES The outstanding balances under our credit facilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ INTEREST ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ ​ RATE AMOUNT COSTS AMOUNT AMOUNT COSTS AMOUNT ​ ​ (dollars in thousands) Asset based credit facility (1) ​ 6.69% ​ $ 25,000 ​ $ — ​ $ 25,000 ​ $ — ​ $ — ​ $ — Term loan B (2) ​ 7.96% ​ ​ 1,945,000 ​ ​ (13,481) ​ ​ 1,931,519 ​ ​ 1,955,000 ​ ​ (15,115) ​ ​ 1,939,885 Term loan B-2 (3) ​ 8.69% ​ ​ 491,250 ​ ​ (17,887) ​ ​ 473,363 ​ ​ 493,750 ​ ​ (20,054) ​ ​ 473,696 Total credit facilities ​ ​ ​ $ 2,461,250 ​ $ (31,368) ​ $ 2,429,882 ​ $ 2,448,750 ​ $ (35,169) ​ $ 2,413,581 (1) Deferred financing fees associated with the asset based credit facility as of August 3, 2024 and February 3, 2024 were $2.0 million and $2.5 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. (2) Represents the Term Loan Credit Agreement (defined below), of which outstanding amounts of $1,925 million and $1,935 million were included in term loan—net on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively, and $20 million was included in other current liabilities on the condensed consolidated balance sheets as of both August 3, 2024 and February 3, 2024. (3) Represents the outstanding balance of the Term Loan B-2 (defined below) under the Term Loan Credit Agreement, of which outstanding amounts of $486 million and $489 million were included in term loan B-2—net on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively, and $5.0 million was included in other current liabilities on the condensed consolidated balance sheets as of both August 3, 2024 and February 3, 2024. 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. 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). 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 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 August 3, 2024, 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 default and other customary terms and conditions for an asset based credit facility. As of August 3, 2024, RHI had $25 million in outstanding borrowings and $499 million of availability under the revolving line of credit, net of $45 million in outstanding letters of credit. As a result of the FCCR Covenant that limits the last 10% of borrowing availability, actual incremental borrowing available to RHI and the other affiliated parties under the revolving line of credit would be $439 million as of August 3, 2024. 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 million with a maturity date of October 20, 2028. Through July 31, 2023, the Term Loan B bore 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 reset 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. Effective August 1, 2023, the Term Loan B bears interest at an annual rate based on SOFR subject to a 0.50% SOFR floor plus an interest rate margin of 2.50% plus a credit spread adjustment. 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 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 default and other customary terms and conditions for a term loan credit agreement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Aug. 03, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 11—FAIR VALUE MEASUREMENTS Fair Value Measurements—Recurring Amounts reported as cash and equivalents, 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 and carrying value of the 2024 Notes, the Term Loan Credit Agreement and the real estate loans were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ PRINCIPAL ​ PRINCIPAL ​ ​ FAIR ​ CARRYING ​ FAIR ​ CARRYING ​ ​ VALUE ​ VALUE (1) ​ VALUE ​ VALUE (1) ​ ​ (in thousands) Convertible senior notes due 2024 ​ $ 41,485 ​ $ 41,904 ​ $ 39,879 ​ $ 41,904 Term loan B ​ ​ 1,821,006 ​ ​ 1,945,000 ​ ​ 1,917,715 ​ ​ 1,955,000 Term loan B-2 ​ 469,144 ​ ​ 491,250 ​ 490,545 ​ 493,750 Real estate loans ​ ​ 17,757 ​ ​ 17,950 ​ ​ 17,425 ​ ​ 17,966 (1) The principal carrying value of the 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 real estate loans represent the outstanding principal balance and exclude debt issuance costs. The fair value of the 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). As of August 3, 2024, the fair values of the Term Loan B and Term Loan B-2 were derived from observable bid prices (Level 1). As of February 3, 2024, 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). The fair values of the real estate loans were derived from discounted cash flows using risk-adjusted rates (Level 2).

INCOME TAXES

INCOME TAXES	6 Months Ended
	Aug. 03, 2024
INCOME TAXES
INCOME TAXES	NOTE 12—INCOME TAXES Our income tax expense and effective tax rates were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, JULY 29, ​ AUGUST 3, JULY 29, ​ 2024 2023 ​ 2024 2023 ​ ​ (dollars in thousands) Income tax expense ​ $ 3,717 ​ ​ $ 27,245 ​ $ 1,626 ​ ​ $ 43,830 ​ Effective tax rate ​ ​ 11.4 % ​ ​ 26.3 % ​ ​ 6.0 % ​ ​ 27.0 % ​ The decrease in our effective tax rates for the three and six months ended August 3, 2024 compared to the three and six months ended July 29, 2023 is primarily attributable to higher net excess tax benefits from stock-based compensation year over year. As of August 3, 2024, we had $3.2 million of unrecognized tax benefits, of which $2.6 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 August 3, 2024, we had $0.2 million of exposures related to unrecognized tax benefits that are expected to decrease in the next 12 months. In October 2017, we filed an amended federal tax return claiming a $5.4 million refund, however, no income tax benefit was recorded at the time due to the technical nature and amount of the refund claim. As of the first quarter of fiscal 2024, we are no longer appealing this refund claim and have reversed the receivable and related reserve. The Organization for Economic Cooperation and Development (“OECD”) proposed model rules to ensure a minimal level of taxation (commonly referred to as Pillar II) and the European Union member states have agreed to implement Pillar II’s proposed global corporate minimum tax rate of 15%. Many countries are actively considering, have proposed or have enacted, changes to their tax laws based upon the Pillar II proposals, which could increase our tax obligations in countries where we do business or cause us to change the way we operate our business. To mitigate the administrative burden for multinational enterprises in complying with the OECD Global Anti-Base Erosion rules during the initial years of implementation, the OECD developed the temporary “Transitional Country-by-Country Safe Harbor.” We considered the applicable tax law changes from Pillar II implementation in the relevant countries in which we operate, and there is no material impact to our tax provision for the three and six months ended August 3, 2024. We will continue to evaluate the impact of these tax law changes in future reporting periods.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Aug. 03, 2024
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 presented in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 ​ 2023 2024 2023 Weighted-average shares—basic ​ ​ 18,458,207 ​ ​ 20,960,329 ​ ​ 18,391,331 ​ ​ 21,503,090 Effect of dilutive stock-based awards ​ 1,305,180 ​ 1,564,678 ​ 1,360,103 ​ 1,534,731 Effect of dilutive convertible senior notes ​ 198,223 ​ 202,553 ​ 198,223 ​ 204,764 Weighted-average shares—diluted ​ 19,961,610 ​ 22,727,560 ​ 19,949,657 ​ 23,242,585 ​ The following number of options and restricted stock units, as well as shares issuable under convertible senior notes, were excluded from the calculation of diluted net income per share because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 ​ 2023 2024 2023 Options ​ ​ 1,947,762 ​ ​ 1,283,437 ​ ​ 1,776,005 ​ ​ 1,196,603 Restricted stock units ​ 11,890 ​ ​ 15,310 ​ 12,268 ​ ​ 16,002 Convertible senior notes ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​

SHARE REPURCHASE PROGRAM AND SH

SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT	6 Months Ended
	Aug. 03, 2024
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT	NOTE 14—SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT 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 $2,000 million 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”). We did not repurchase any shares of our common stock under the Share Repurchase Program during the three or six months ended August 3, 2024. As of August 3, 2024, $201 million remains available for future share repurchases under this program. In the three and six months ended July 29, 2023, we repurchased 3,698,887 shares of our common stock under the Share Repurchase Program at an average price of $325.65 per share, for an aggregate repurchase amount of approximately $1,205 million. In addition, we recorded $12 million of excise taxes payable related to the share repurchase activity during the three and six months ended July 29, 2023, which is recorded in accounts payable and accrued expenses on the condensed consolidated balance sheets. We had $12 million of excise taxes payable as of both August 3, 2024 and February 3, 2024. Share Retirement In the three and six months ended July 29, 2023, we retired 3,698,887 shares of common stock related to shares we repurchased under the Share Repurchase Program. As a result of this retirement, we reclassified a total of $8.6 million and $1,208 million from treasury stock to additional paid-in capital and retained earnings (accumulated deficit) , respectively, on the condensed consolidated statements of stockholders’ equity (deficit) as of and for the three and six months ended July 29, 2023.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Aug. 03, 2024
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 15—STOCK-BASED COMPENSATION The Restoration Hardware 2012 Stock Incentive Plan (the “Stock Incentive Plan”) was adopted on November 1, 2012. The Stock Incentive Plan provided for the grant of incentive stock options to our employees, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, cash-based awards and any combination thereof to our employees, directors and consultants and our parent and subsidiary corporations’ employees, directors and consultants. The Restoration Hardware 2012 Stock Option Plan (the “Option Plan”) was adopted on November 1, 2012. On November 1, 2022, both the Stock Incentive Plan and Option Plan expired. The RH 2023 Stock Incentive Plan (the “2023 Stock Incentive Plan”, together with the Stock Incentive Plan and Option Plan, “the Plans”) 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. As of August 3, 2024, there were a total of 2,206,463 shares issuable under the 2023 Stock Incentive Plan. 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 Plans 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. Stock Options Under the Plans A summary of options outstanding, vested or expected to vest, and exercisable as of August 3, 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED ​ WEIGHTED ​ AGGREGATE ​ ​ ​ ​ AVERAGE ​ AVERAGE ​ INTRINSIC ​ ​ ​ ​ EXERCISE ​ REMAINING TERM ​ VALUE ​ ​ ​ SHARES PRICE (in years) (in thousands) Options outstanding ​ ​ 3,881,295 ​ $ 206.36 ​ ​ 5.6 ​ $ 347 Options vested or expected to vest ​ ​ 3,503,891 ​ $ 199.66 ​ ​ 5.3 ​ $ 341 Options exercisable ​ ​ 2,477,618 ​ $ 172.44 ​ ​ 4.2 ​ $ 313 ​ Stock-based compensation expense, which is included in selling, general and administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 ​ 2023 ​ ​ (in thousands) Stock-based compensation expense (1) ​ $ 11,529 ​ $ 8,538 ​ $ 22,073 ​ $ 18,718 (1) 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 Stock Incentive Plan. The option will result in aggregate non-cash stock compensation expense of $174 million. Amounts presented include $0.9 million and $2.0 million in the three months ended August 3, 2024 and July 29, 2023, respectively, and $2.8 million and $5.6 million in the six months ended August 3, 2024 and July 29, 2023, respectively, related to Mr. Friedman’s option. No stock-based compensation cost has been capitalized in the accompanying condensed consolidated financial statements. As of August 3, 2024, the total unrecognized compensation expense and weighted average remaining term was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UNRECOGNIZED ​ WEIGHTED ​ ​ STOCK BASED ​ AVERAGE ​ ​ COMPENSATION ​ REMAINING TERM ​ ​ (in thousands) ​ (in years) Unvested options (1) ​ $ 141,217 ​ ​ 5.2 Unvested restricted stock and restricted stock units ​ ​ 6,108 ​ ​ 2.6 Total ​ $ 147,325 ​ ​ ​ (1) Excludes the remaining unrecognized compensation expense of $2.6 million related to the fully vested option grant made to Mr. Friedman in October 2020, which will be recognized on an accelerated basis through May 2025.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Aug. 03, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16—COMMITMENTS AND CONTINGENCIES Commitments We had no material off balance sheet commitments as of August 3, 2024. 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, including cases related to our employment practices, the application of state wage-and-hour laws, product liability and other causes of action. We have faced similar litigation in the past. Due to the inherent difficulty of predicting the course of legal actions related to complex legal matters, including 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 based upon the discovery of facts that are not presently known or developments during the course of the litigation. We have settled certain class action and other cases, but continue to defend a variety of legal actions and our estimates of our exposure in such cases may evolve over time. Accordingly, the ultimate costs to resolve litigation, including class action 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 these or other of our insurance policies may not be available. We may elect not to renew certain insurance coverage or renewal of coverage may not be available or may be prohibitively expensive. Even if we believe coverage does apply under our insurance programs, our insurance carriers may dispute coverage based on the underlying facts and circumstances. The outcome of any contingencies, including lawsuits, claims, investigations and other legal proceedings, could result in unexpected expenses and liability that could adversely affect our operations. In addition, any legal proceedings in which we are involved or 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 matters are expensed as incurred.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Aug. 03, 2024
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, Sourcebooks, and the Trade and Contract channels. The Real Estate segment represents operations associated with certain of our equity method investments and consolidated variable interest entities that are non-wholly-owned subsidiaries and have operations that are not directly related to RH’s operations. 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, other (income) expense—net, income tax expense and our share of equity method investments loss—net. Segment operating income excludes (i) legal settlements, (ii) non-cash compensation amortization related to an option grant made to Mr. Friedman in October 2020 and (iii) severance costs associated with a reorganization. These items are excluded from segment operating income in order to provide better transparency of segment operating results. Accordingly, these items are not presented by segment because they are excluded from the segment profitability measure that the CODM and our senior leadership team review. The following table presents segment operating income and a reconciliation to income from operations and income before income taxes and equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH Segment ​ $ 90,527 ​ $ 153,369 ​ $ 131,958 ​ $ 257,090 Waterworks ​ 6,461 ​ 7,995 ​ 12,265 ​ 14,666 Total segment operating income ​ ​ 96,988 ​ ​ 161,364 ​ ​ 144,223 ​ ​ 271,756 Legal settlements—net ​ ​ — ​ (8,000) ​ ​ 9,375 ​ (8,000) Non-cash compensation ​ ​ (861) ​ (2,024) ​ ​ (2,808) ​ (5,555) Reorganization related costs ​ ​ — ​ — ​ ​ — ​ (7,621) Income from operations ​ 96,127 ​ 151,340 ​ 150,790 ​ 250,580 Interest expense—net ​ 59,262 ​ 44,422 ​ 116,034 ​ 84,238 Other (income) expense—net ​ ​ (663) ​ (186) ​ ​ 502 ​ (839) Income before taxes and equity method investments ​ $ 37,528 ​ $ 107,104 ​ $ 34,254 ​ $ 167,181 ​ The following tables present selected statements of income metrics for our segments, including disaggregated net revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ ​ 2024 ​ 2023 ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 780,925 ​ $ 48,730 ​ $ 829,655 ​ $ 753,550 ​ $ 46,929 ​ $ 800,479 Gross profit ​ 348,624 ​ 26,133 ​ 374,757 ​ 354,425 ​ 25,648 ​ 380,073 Depreciation and amortization ​ 30,618 ​ ​ 1,639 ​ 32,257 ​ 26,828 ​ ​ 1,308 ​ 28,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ ​ 2024 ​ 2023 ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 1,457,991 ​ $ 98,624 ​ $ 1,556,615 ​ $ 1,444,066 ​ $ 95,575 ​ $ 1,539,641 Gross profit ​ 638,432 ​ 52,363 ​ 690,795 ​ 676,009 ​ 51,609 ​ 727,618 Depreciation and amortization ​ 60,001 ​ ​ 3,083 ​ 63,084 ​ 53,253 ​ ​ 2,653 ​ 55,906 ​ In the three months ended August 3, 2024 and July 29, 2023, the Real Estate segment share of equity method investments loss was $3.9 million and $3.4 million, respectively. In the six months ended August 3, 2024 and July 29, 2023, the Real Estate segment share of equity method investments loss was $6.7 million and $5.0 million, respectively. Our share of income from equity method investments for the Waterworks segment was immaterial in all fiscal periods presented. The following table presents selected balance sheet metrics for our segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ RH SEGMENT WATERWORKS REAL ESTATE TOTAL RH SEGMENT WATERWORKS REAL ESTATE TOTAL ​ ​ (in thousands) Goodwill (1) ​ $ 140,997 ​ $ — ​ $ — ​ $ 140,997 ​ $ 141,033 ​ $ — ​ $ — ​ $ 141,033 Tradenames, trademarks and other intangible assets (2) ​ 59,243 ​ 17,000 ​ — ​ 76,243 ​ 58,927 ​ 17,000 ​ — ​ 75,927 Equity method investments (3) ​ ​ — ​ ​ 3,011 ​ ​ 127,779 ​ ​ 130,790 ​ ​ — ​ ​ 3,609 ​ ​ 125,059 ​ ​ 128,668 Total assets ​ 4,022,273 ​ ​ 189,535 ​ ​ 164,588 ​ 4,376,396 ​ 3,798,572 ​ 183,804 ​ 161,521 ​ 4,143,897 (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 prior fiscal years. (3) The Waterworks segment balance represents membership interests in two European entities, whereby we hold a 50 percent membership interest in one entity and an approximately 25 percent membership interest in the other, and we are not the primary beneficiary of these VIEs. We sell furniture and non-furniture products. 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 ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Furniture ​ $ 593,814 ​ $ 560,602 ​ $ 1,099,085 ​ $ 1,056,993 Non-furniture ​ 235,841 ​ 239,877 ​ 457,530 ​ 482,648 Total net revenues ​ $ 829,655 ​ $ 800,479 ​ $ 1,556,615 ​ $ 1,539,641 ​ We are domiciled in the United States and primarily operate our retail locations and outlets in the United States. As of August 3, 2024, we operated four retail locations in Canada, two retail locations and one outlet in the United Kingdom, two retail locations in Germany, one retail location in Belgium and one retail location in Spain. Geographic revenues generated outside of the United States were not material in any fiscal period presented.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 28,952	$ 76,477	$ 25,327	$ 118,367

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Aug. 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

THE COMPANY (Policies)

THE COMPANY (Policies)	6 Months Ended
	Aug. 03, 2024
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 Sourcebooks. 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 August 3, 2024, we operated a total of 72 RH Galleries and 39 RH Outlet stores, one RH Guesthouse and 14 Waterworks Showrooms throughout the United States and Canada as well as in the United Kingdom, Germany, Belgium and Spain. We also have sourcing operations in Shanghai and Hong Kong.
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 August 3, 2024, and the results of operations for the three and six months ended August 3, 2024 and July 29, 2023. Our current fiscal year, which consists of 52 weeks, ends on February 1, 2025 (“fiscal 2024”). 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 and six months ended August 3, 2024. 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 February 3, 2024 (the “2023 Form 10-K”). The results of operations for the three and six months ended August 3, 2024, presented herein, are not necessarily indicative of the results to be expected for the full fiscal year.
New Accounting Standards or Updates Not Yet Adopted	New Accounting Standards or Updates Not Yet Adopted Segment Reporting: Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ASU”) 2023-07—Improvements to Reportable Segment Disclosures ​ Income Taxes: Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09 — Improvements to Income Tax Disclosures . This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures. The amendments of this update are related to the rate reconciliation and income taxes paid, requiring consistent categories and greater disaggregation of information in the rate reconciliation as well as income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently assessing the impact that adopting this ASU will have on our condensed consolidated financial statements.

PREPAID EXPENSE AND OTHER ASS_2

PREPAID EXPENSE AND OTHER ASSETS (Tables)	6 Months Ended
	Aug. 03, 2024
PREPAID EXPENSE AND OTHER ASSETS
Schedule of prepaid expense and other current assets	Prepaid expense and other current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Vendor deposits ​ $ 28,196 ​ $ 26,409 Prepaid expenses ​ ​ 27,318 ​ ​ 42,089 Capitalized catalog costs ​ ​ 25,866 ​ ​ 27,856 Federal and state tax receivable ​ ​ 18,075 ​ ​ 20,441 Value added tax (VAT) receivable ​ ​ 7,748 ​ ​ 6,532 Tenant allowance receivable ​ ​ 7,701 ​ ​ 8,220 Right of return asset for merchandise ​ 5,750 ​ 5,011 Promissory notes receivable, including interest (1) ​ 3,261 ​ 3,292 Other current assets ​ ​ 33,060 ​ ​ 29,180 Total prepaid expense and other current assets ​ $ 156,975 ​ $ 169,030 (1) Represents promissory notes, including principal and accrued interest, due from an affiliate of the managing member of the Aspen LLCs (as defined below). Refer to Note 5— Variable Interest Entities .
Schedule of other non-current assets	Other non-current assets consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Landlord assets under construction—net of tenant allowances ​ $ 160,690 ​ $ 118,897 Initial direct costs prior to lease commencement ​ ​ 72,705 ​ ​ 66,333 Capitalized cloud computing costs—net (1) ​ ​ 24,693 ​ ​ 22,646 Other deposits ​ ​ 7,502 ​ ​ 7,913 Vendor deposits—non-current ​ 5,388 ​ 8,862 Deferred financing fees ​ 2,016 ​ 2,520 Other non-current assets ​ 13,746 ​ 13,551 Total other non-current assets ​ $ 286,740 ​ $ 240,722 (1) Presented net of accumulated amortization of $24 million and $19 million as of August 3, 2024 and February 3, 2024, respectively.

GOODWILL, TRADENAMES, TRADEMA_2

GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Aug. 03, 2024
GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS
Schedule of goodwill, tradenames, trademarks and other intangible assets	Goodwill, tradenames, trademarks and other intangible assets activity for the RH Segment and Waterworks consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH SEGMENT WATERWORKS ​ ​ ​ ​ TRADENAMES, ​ ​ ​ TRADENAMES, ​ ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ TRADEMARKS AND ​ ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ ​ ​ OTHER INTANGIBLE ​ ​ GOODWILL ​ ASSETS ​ GOODWILL (1) ​ ASSETS (2) ​ ​ (in thousands) February 3, 2024 ​ $ 141,033 ​ $ 58,927 ​ $ — ​ $ 17,000 Additions ​ — ​ ​ 316 ​ ​ — ​ ​ — Foreign currency translation ​ ​ (36) ​ ​ — ​ ​ — ​ ​ — August 3, 2024 ​ $ 140,997 ​ $ 59,243 ​ $ — ​ $ 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 prior fiscal years.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Aug. 03, 2024
VARIABLE INTEREST ENTITIES
Schedule of variable interest entities	​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) ASSETS ​ ​ Cash and cash equivalents ​ $ 9,349 ​ $ 8,918 Prepaid expense and other current assets ​ 1,197 ​ 1,876 Total current assets ​ 10,546 ​ 10,794 Property and equipment—net (1) ​ 271,210 ​ 256,523 Other non-current assets ​ ​ 7 ​ 6 Total assets ​ $ 281,763 ​ $ 267,323 LIABILITIES ​ ​ Accounts payable and accrued expenses ​ $ 2,940 ​ $ 8,735 Other current liabilities ​ ​ 304 ​ ​ 1,041 Total current liabilities ​ ​ 3,244 ​ ​ 9,776 Real estate loans—net (2) ​ ​ 17,596 ​ ​ 17,766 Other non-current obligations ​ ​ 960 ​ 947 Total liabilities ​ $ 21,800 ​ $ 28,489 (1) Includes $53 million and $77 million of construction in progress as of August 3, 2024 and February 3, 2024, respectively. (2) 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. Excludes $0.3 million and $0.1 million of current obligations related to such loans that are included in other current liabilities on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively.

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Aug. 03, 2024
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Accounts payable ​ $ 293,810 ​ $ 192,345 Accrued compensation ​ 50,875 ​ 43,840 Accrued occupancy ​ 29,212 ​ 29,144 Accrued sales and use tax ​ 28,917 ​ 26,823 Accrued freight and duty ​ 18,650 ​ 14,333 Accrued legal settlements (1) ​ ​ 16,645 ​ ​ 16,704 Excise tax payable on share repurchases ​ ​ 11,988 ​ ​ 11,988 Accrued professional fees ​ 8,905 ​ 5,754 Accrued legal contingencies (1) ​ ​ 2,237 ​ ​ 2,795 Other accrued expenses ​ 34,722 ​ 22,859 Total accounts payable and accrued expenses ​ $ 495,961 ​ $ 366,585 (1) Refer to Note 16 ¾ Commitments and Contingencies .
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Current portion of term loans ​ $ 25,000 ​ $ 25,000 Allowance for sales returns ​ ​ 21,906 ​ ​ 19,588 Unredeemed gift card and merchandise credit liability ​ ​ 17,992 ​ ​ 24,720 Finance lease liabilities ​ ​ 15,755 ​ ​ 14,668 Other current liabilities ​ 3,418 ​ 12,137 Total other current liabilities ​ $ 84,071 ​ $ 96,113

OTHER NON-CURRENT OBLIGATIONS (

OTHER NON-CURRENT OBLIGATIONS (Tables)	6 Months Ended
	Aug. 03, 2024
OTHER NON-CURRENT OBLIGATIONS.
Schedule of other non-current obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ (in thousands) Unrecognized tax benefits ​ $ 3,733 ​ $ 3,633 Other non-current obligations ​ ​ 7,927 ​ ​ 7,006 Total other non-current obligations ​ $ 11,660 ​ $ 10,639 ​

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Aug. 03, 2024
LEASES
Summary of lease costs-net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, JULY 29, ​ AUGUST 3, JULY 29, ​ 2024 2023 ​ 2024 2023 ​ ​ ​ (in thousands) Operating lease cost (1) ​ ​ $ 33,357 ​ $ 27,454 $ 66,238 ​ $ 53,754 Finance lease costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of leased assets (1) ​ ​ ​ 12,913 ​ ​ 13,641 ​ ​ 25,318 ​ ​ 27,345 Interest on lease liabilities (2) ​ ​ ​ 7,922 ​ ​ 8,794 ​ ​ 15,329 ​ ​ 17,280 Variable lease costs (3) ​ ​ ​ 6,478 ​ ​ 5,997 ​ ​ 13,121 ​ ​ 12,165 Sublease income (4) ​ ​ ​ (1,179) ​ ​ (1,420) ​ ​ (2,333) ​ ​ (2,966) Total lease costs—net ​ ​ $ 59,491 ​ $ 54,466 ​ $ 117,673 ​ $ 107,578 (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. (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 $3.6 million and $3.7 million for the three months ended August 3, 2024 and July 29, 2023, respectively, and $7.5 million and $7.6 million for the six months ended August 3, 2024 and July 29, 2023, respectively, as well as charges associated with common area maintenance of $2.9 million and $2.3 million for the three months ended August 3, 2024 and July 29, 2023, respectively, and $5.6 million and $4.6 million for the six months ended August 3, 2024 and July 29, 2023, 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 any period presented. (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ ​ 2024 2024 ​ ​ ​ ​ (in thousands) ​ ​ Balance Sheet Classification ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease right-of-use assets ​ $ 624,641 ​ $ 625,801 Finance leases (1)(2)(3) ​ Property and equipment—net ​ ​ 877,301 ​ ​ 836,814 Total lease right-of-use assets ​ ​ ​ $ 1,501,942 ​ $ 1,462,615 Liabilities ​ ​ ​ ​ ​ ​ ​ ​ Current (4) ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Operating lease liabilities ​ $ 86,106 ​ $ 85,523 Finance leases ​ Other current liabilities ​ ​ 15,755 ​ ​ 14,668 Total lease liabilities—current ​ ​ ​ ​ 101,861 ​ ​ 100,191 Non-current ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ Non-current operating lease liabilities ​ ​ 573,204 ​ ​ 576,166 Finance leases ​ Non-current finance lease liabilities ​ ​ 584,677 ​ ​ 566,829 Total lease liabilities—non-current ​ ​ ​ ​ 1,157,881 ​ ​ 1,142,995 Total lease liabilities ​ ​ ​ $ 1,259,742 ​ $ 1,243,186 (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 $293 million and $268 million as of August 3, 2024 and February 3, 2024, respectively. (3) Includes $36 million and $37 million as of August 3, 2024 and February 3, 2024, respectively, 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 August 3, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ OPERATING ​ FINANCE ​ ​ FISCAL YEAR ​ ​ LEASES LEASES TOTAL ​ ​ ​ ​ (in thousands) Remainder of fiscal 2024 ​ ​ ​ $ 53,793 ​ $ 20,615 ​ $ 74,408 2025 ​ ​ ​ ​ 124,837 ​ ​ 50,533 ​ ​ 175,370 2026 ​ ​ ​ ​ 116,388 ​ ​ 51,300 ​ ​ 167,688 2027 ​ ​ ​ ​ 109,207 ​ ​ 52,107 ​ ​ 161,314 2028 ​ ​ ​ ​ 75,534 ​ ​ 51,292 ​ ​ 126,826 2029 ​ ​ ​ ​ 63,793 ​ ​ 50,799 ​ ​ 114,592 Thereafter ​ ​ ​ ​ 339,049 ​ ​ 745,649 ​ ​ 1,084,698 Total lease payments (1)(2) ​ ​ ​ ​ 882,601 ​ ​ 1,022,295 ​ ​ 1,904,896 Less—imputed interest (3) ​ ​ ​ ​ (223,291) ​ ​ (421,863) ​ ​ (645,154) Present value of lease liabilities ​ ​ ​ $ 659,310 ​ $ 600,432 ​ $ 1,259,742 (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 $727 million of legally binding payments under the non-cancellable term for leases signed but not yet commenced under our accounting policy as of August 3, 2024, of which $14 million, $40 million, $38 million, $40 million, $41 million and $44 million will be paid in the remainder of fiscal 2024, fiscal 2025, fiscal 2026, fiscal 2027, fiscal 2028 and fiscal 2029, respectively, and $510 million will be paid subsequent to fiscal 2029. (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, ​ JULY 29, ​ ​ ​ 2024 ​ 2023 Weighted-average remaining lease term (years) ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 8.9 ​ ​ ​ 8.1 ​ Finance leases ​ ​ ​ 19.7 ​ ​ ​ 21.5 ​ Weighted-average discount rate ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ ​ 5.5 % ​ ​ 4.3 % Finance leases ​ ​ ​ 5.3 % ​ ​ 5.3 %
Summary of other information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ ​ AUGUST 3, ​ JULY 29, ​ ​ ​ 2024 ​ 2023 ​ ​ ​ (in thousands) Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ ​ $ (64,645) ​ $ (53,745) Operating cash flows from finance leases ​ ​ ​ (15,329) ​ ​ (17,280) Financing cash flows from finance leases—net (1) ​ ​ ​ (11,957) ​ ​ (5,454) Total cash outflows from leases ​ ​ $ (91,931) ​ $ (76,479) Non-cash transactions: ​ ​ ​ ​ ​ ​ ​ Lease right-of-use assets obtained in exchange for lease obligations—net of lease terminations ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ $ 45,747 ​ $ 45,219 Finance leases ​ ​ ​ 28,278 ​ ​ 750 Reclassification from other non-current assets to finance lease right-of-use assets ​ ​ ​ 38,182 ​ ​ — ​ (1) Represents the principal portion of lease payments, partially offset by tenant allowances received subsequent to lease commencement of $2.4 million for the six months ended July 29, 2023. No such amounts were received from landlords during the six months ended August 3, 2024.

CONVERTIBLE SENIOR NOTES (Table

CONVERTIBLE SENIOR NOTES (Tables)	6 Months Ended
	Aug. 03, 2024
CONVERTIBLE SENIOR NOTES
Outstanding balances under the 2024 Notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ ​ FEBRUARY 3, ​ ​ 2024 ​ ​ 2024 ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ PRINCIPAL ​ ISSUANCE ​ CARRYING ​ ​ AMOUNT COST AMOUNT ​ AMOUNT COST ​ AMOUNT ​ ​ (in thousands) Convertible senior notes due 2024 ​ $ 41,904 ​ $ (14) ​ $ 41,890 ​ $ 41,904 ​ $ (69) ​ $ 41,835 ​

CREDIT FACILITIES (Tables)

CREDIT FACILITIES (Tables)	6 Months Ended
	Aug. 03, 2024
CONVERTIBLE SENIOR NOTES
Schedule of outstanding balances under our credit facilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ UNAMORTIZED ​ ​ ​ ​ ​ ​ ​ ​ ​ DEBT ​ NET ​ ​ ​ ​ DEBT ​ NET ​ ​ INTEREST ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ OUTSTANDING ​ ISSUANCE ​ CARRYING ​ ​ RATE AMOUNT COSTS AMOUNT AMOUNT COSTS AMOUNT ​ ​ (dollars in thousands) Asset based credit facility (1) ​ 6.69% ​ $ 25,000 ​ $ — ​ $ 25,000 ​ $ — ​ $ — ​ $ — Term loan B (2) ​ 7.96% ​ ​ 1,945,000 ​ ​ (13,481) ​ ​ 1,931,519 ​ ​ 1,955,000 ​ ​ (15,115) ​ ​ 1,939,885 Term loan B-2 (3) ​ 8.69% ​ ​ 491,250 ​ ​ (17,887) ​ ​ 473,363 ​ ​ 493,750 ​ ​ (20,054) ​ ​ 473,696 Total credit facilities ​ ​ ​ $ 2,461,250 ​ $ (31,368) ​ $ 2,429,882 ​ $ 2,448,750 ​ $ (35,169) ​ $ 2,413,581 (1) Deferred financing fees associated with the asset based credit facility as of August 3, 2024 and February 3, 2024 were $2.0 million and $2.5 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. (2) Represents the Term Loan Credit Agreement (defined below), of which outstanding amounts of $1,925 million and $1,935 million were included in term loan—net on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively, and $20 million was included in other current liabilities on the condensed consolidated balance sheets as of both August 3, 2024 and February 3, 2024. (3) Represents the outstanding balance of the Term Loan B-2 (defined below) under the Term Loan Credit Agreement, of which outstanding amounts of $486 million and $489 million were included in term loan B-2—net on the condensed consolidated balance sheets as of August 3, 2024 and February 3, 2024, respectively, and $5.0 million was included in other current liabilities on the condensed consolidated balance sheets as of both August 3, 2024 and February 3, 2024.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Aug. 03, 2024
FAIR VALUE MEASUREMENTS
Schedule of estimated fair value and carrying value of the 2024 Notes, the Term Loan Credit Agreement and the real estate loans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ ​ PRINCIPAL ​ PRINCIPAL ​ ​ FAIR ​ CARRYING ​ FAIR ​ CARRYING ​ ​ VALUE ​ VALUE (1) ​ VALUE ​ VALUE (1) ​ ​ (in thousands) Convertible senior notes due 2024 ​ $ 41,485 ​ $ 41,904 ​ $ 39,879 ​ $ 41,904 Term loan B ​ ​ 1,821,006 ​ ​ 1,945,000 ​ ​ 1,917,715 ​ ​ 1,955,000 Term loan B-2 ​ 469,144 ​ ​ 491,250 ​ 490,545 ​ 493,750 Real estate loans ​ ​ 17,757 ​ ​ 17,950 ​ ​ 17,425 ​ ​ 17,966 (1) The principal carrying value of the 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 real estate loans represent the outstanding principal balance and exclude debt issuance costs.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Aug. 03, 2024
INCOME TAXES
Summary of income tax expense and effective tax rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, JULY 29, ​ AUGUST 3, JULY 29, ​ 2024 2023 ​ 2024 2023 ​ ​ (dollars in thousands) Income tax expense ​ $ 3,717 ​ ​ $ 27,245 ​ $ 1,626 ​ ​ $ 43,830 ​ Effective tax rate ​ ​ 11.4 % ​ ​ 26.3 % ​ ​ 6.0 % ​ ​ 27.0 %

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Aug. 03, 2024
NET INCOME PER SHARE
Schedule of weighted-average shares used for net income per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 ​ 2023 2024 2023 Weighted-average shares—basic ​ ​ 18,458,207 ​ ​ 20,960,329 ​ ​ 18,391,331 ​ ​ 21,503,090 Effect of dilutive stock-based awards ​ 1,305,180 ​ 1,564,678 ​ 1,360,103 ​ 1,534,731 Effect of dilutive convertible senior notes ​ 198,223 ​ 202,553 ​ 198,223 ​ 204,764 Weighted-average shares—diluted ​ 19,961,610 ​ 22,727,560 ​ 19,949,657 ​ 23,242,585
Schedule of anti-dilutive securities excluded from diluted net income per Share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 ​ 2023 2024 2023 Options ​ ​ 1,947,762 ​ ​ 1,283,437 ​ ​ 1,776,005 ​ ​ 1,196,603 Restricted stock units ​ 11,890 ​ ​ 15,310 ​ 12,268 ​ ​ 16,002 Convertible senior notes ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Aug. 03, 2024
STOCK-BASED COMPENSATION
Schedule of options outstanding, vested or expected to vest, and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED ​ WEIGHTED ​ AGGREGATE ​ ​ ​ ​ AVERAGE ​ AVERAGE ​ INTRINSIC ​ ​ ​ ​ EXERCISE ​ REMAINING TERM ​ VALUE ​ ​ ​ SHARES PRICE (in years) (in thousands) Options outstanding ​ ​ 3,881,295 ​ $ 206.36 ​ ​ 5.6 ​ $ 347 Options vested or expected to vest ​ ​ 3,503,891 ​ $ 199.66 ​ ​ 5.3 ​ $ 341 Options exercisable ​ ​ 2,477,618 ​ $ 172.44 ​ ​ 4.2 ​ $ 313
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 ​ 2023 ​ ​ (in thousands) Stock-based compensation expense (1) ​ $ 11,529 ​ $ 8,538 ​ $ 22,073 ​ $ 18,718 (1) 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 Stock Incentive Plan. The option will result in aggregate non-cash stock compensation expense of $174 million. Amounts presented include $0.9 million and $2.0 million in the three months ended August 3, 2024 and July 29, 2023, respectively, and $2.8 million and $5.6 million in the six months ended August 3, 2024 and July 29, 2023, respectively, related to Mr. Friedman’s option.
Schedule of total unrecognized compensation expense and weighted average remaining term	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UNRECOGNIZED ​ WEIGHTED ​ ​ STOCK BASED ​ AVERAGE ​ ​ COMPENSATION ​ REMAINING TERM ​ ​ (in thousands) ​ (in years) Unvested options (1) ​ $ 141,217 ​ ​ 5.2 Unvested restricted stock and restricted stock units ​ ​ 6,108 ​ ​ 2.6 Total ​ $ 147,325 ​ ​ ​ (1) Excludes the remaining unrecognized compensation expense of $2.6 million related to the fully vested option grant made to Mr. Friedman in October 2020, which will be recognized on an accelerated basis through May 2025.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Aug. 03, 2024
SEGMENT REPORTING
Schedule of Segment Operating Income and Income Before Income Taxes and Equity Method Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Operating income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RH Segment ​ $ 90,527 ​ $ 153,369 ​ $ 131,958 ​ $ 257,090 Waterworks ​ 6,461 ​ 7,995 ​ 12,265 ​ 14,666 Total segment operating income ​ ​ 96,988 ​ ​ 161,364 ​ ​ 144,223 ​ ​ 271,756 Legal settlements—net ​ ​ — ​ (8,000) ​ ​ 9,375 ​ (8,000) Non-cash compensation ​ ​ (861) ​ (2,024) ​ ​ (2,808) ​ (5,555) Reorganization related costs ​ ​ — ​ — ​ ​ — ​ (7,621) Income from operations ​ 96,127 ​ 151,340 ​ 150,790 ​ 250,580 Interest expense—net ​ 59,262 ​ 44,422 ​ 116,034 ​ 84,238 Other (income) expense—net ​ ​ (663) ​ (186) ​ ​ 502 ​ (839) Income before taxes and equity method investments ​ $ 37,528 ​ $ 107,104 ​ $ 34,254 ​ $ 167,181
Summary of Statements of Income Metrics Reviewed by CODM to Evaluate Performance Internally or As required under ASC 280 - Segment Reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ ​ 2024 ​ 2023 ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 780,925 ​ $ 48,730 ​ $ 829,655 ​ $ 753,550 ​ $ 46,929 ​ $ 800,479 Gross profit ​ 348,624 ​ 26,133 ​ 374,757 ​ 354,425 ​ 25,648 ​ 380,073 Depreciation and amortization ​ 30,618 ​ ​ 1,639 ​ 32,257 ​ 26,828 ​ ​ 1,308 ​ 28,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ ​ 2024 ​ 2023 ​ RH SEGMENT WATERWORKS TOTAL RH SEGMENT WATERWORKS TOTAL ​ ​ (in thousands) Net revenues ​ $ 1,457,991 ​ $ 98,624 ​ $ 1,556,615 ​ $ 1,444,066 ​ $ 95,575 ​ $ 1,539,641 Gross profit ​ 638,432 ​ 52,363 ​ 690,795 ​ 676,009 ​ 51,609 ​ 727,618 Depreciation and amortization ​ 60,001 ​ ​ 3,083 ​ 63,084 ​ 53,253 ​ ​ 2,653 ​ 55,906
Summary of Balance Sheet Metrics as Required Under ASC 280 - Segment Reporting	The following table presents selected balance sheet metrics for our segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AUGUST 3, ​ FEBRUARY 3, ​ ​ 2024 ​ 2024 ​ RH SEGMENT WATERWORKS REAL ESTATE TOTAL RH SEGMENT WATERWORKS REAL ESTATE TOTAL ​ ​ (in thousands) Goodwill (1) ​ $ 140,997 ​ $ — ​ $ — ​ $ 140,997 ​ $ 141,033 ​ $ — ​ $ — ​ $ 141,033 Tradenames, trademarks and other intangible assets (2) ​ 59,243 ​ 17,000 ​ — ​ 76,243 ​ 58,927 ​ 17,000 ​ — ​ 75,927 Equity method investments (3) ​ ​ — ​ ​ 3,011 ​ ​ 127,779 ​ ​ 130,790 ​ ​ — ​ ​ 3,609 ​ ​ 125,059 ​ ​ 128,668 Total assets ​ 4,022,273 ​ ​ 189,535 ​ ​ 164,588 ​ 4,376,396 ​ 3,798,572 ​ 183,804 ​ 161,521 ​ 4,143,897 (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 prior fiscal years.
Summary of net revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ THREE MONTHS ENDED ​ SIX MONTHS ENDED ​ ​ AUGUST 3, ​ JULY 29, ​ AUGUST 3, ​ JULY 29, ​ 2024 2023 2024 2023 ​ ​ (in thousands) Furniture ​ $ 593,814 ​ $ 560,602 ​ $ 1,099,085 ​ $ 1,056,993 Non-furniture ​ 235,841 ​ 239,877 ​ 457,530 ​ 482,648 Total net revenues ​ $ 829,655 ​ $ 800,479 ​ $ 1,556,615 ​ $ 1,539,641

THE COMPANY - Nature of Busines

THE COMPANY - Nature of Business (Detail)	Aug. 03, 2024 item store
RH Galleries
Segment Reporting Information [Line Items]
Number of Stores	72
RH outlet stores
Segment Reporting Information [Line Items]
Number of Stores | store	39
RH Guesthouse
Segment Reporting Information [Line Items]
Number of Stores	1
Waterworks
Segment Reporting Information [Line Items]
Number of Stores	14

PREPAID EXPENSE AND OTHER ASS_3

PREPAID EXPENSE AND OTHER ASSETS - Total (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
PREPAID EXPENSE AND OTHER ASSETS
Vendor deposits	$ 28,196	$ 26,409
Prepaid expenses	27,318	42,089
Capitalized catalog costs	25,866	27,856
Federal and state tax receivable	18,075	20,441
Value added tax (VAT) receivable	7,748	6,532
Tenant allowance receivable	7,701	8,220
Right of return asset for merchandise	5,750	5,011
Promissory notes receivable, including interest	3,261	3,292
Other current assets	33,060	29,180
Total prepaid expense and other current assets	$ 156,975	$ 169,030

PREPAID EXPENSE AND OTHER ASS_4

PREPAID EXPENSE AND OTHER ASSETS - Other non-current assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Aug. 03, 2024	Feb. 03, 2024
PREPAID EXPENSE AND OTHER ASSETS
Landlord assets under construction-net of tenant allowances	$ 160,690	$ 118,897
Initial direct costs prior to lease commencement	72,705	66,333
Capitalized cloud computing costs-net	24,693	22,646
Other deposits	7,502	7,913
Vendor deposits-non-current	5,388	8,862
Deferred financing fees	2,016	2,520
Other non-current assets	13,746	13,551
Total other non-current assets	286,740	240,722
Accumulated amortization	$ 24,000	$ 19,000

GOODWILL, TRADENAMES, TRADEMA_3

GOODWILL, TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Aug. 03, 2024	Feb. 03, 2024	Feb. 02, 2019
GOODWILL ACTIVITY
Goodwill, Beginning balance	$ 141,033,000
Goodwill, Ending balance	140,997,000	$ 141,033,000
TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS ACTIVITY
Indefinite-lived intangible assets, Beginning balance	75,927,000
Indefinite-lived intangible assets, Ending balance	76,243,000	75,927,000
RH Segment
GOODWILL ACTIVITY
Goodwill, Beginning balance	141,033,000
Goodwill, Foreign currency translation	(36,000)
Goodwill, Ending balance	140,997,000	141,033,000
TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS ACTIVITY
Indefinite-lived intangible assets, Beginning balance	58,927,000
Indefinite-lived intangible assets, Ending balance	59,243,000	58,927,000
RH Segment | TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS
TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS ACTIVITY
Indefinite-lived intangible assets, Beginning balance	58,927,000
Indefinite-lived intangible assets, Additions	316,000
Indefinite-lived intangible assets, Ending balance	59,243,000	58,927,000
Waterworks
GOODWILL ACTIVITY
Goodwill impairment charge			$ 51,000,000
TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS ACTIVITY
Indefinite-lived intangible assets, Beginning balance	17,000,000
Tradename impairment	35,000,000	35,000,000
Indefinite-lived intangible assets, Ending balance	17,000,000	17,000,000
Waterworks | TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS
TRADENAMES, TRADEMARKS AND OTHER INTANGIBLE ASSETS ACTIVITY
Indefinite-lived intangible assets, Beginning balance	17,000,000
Indefinite-lived intangible assets, Ending balance	17,000,000	$ 17,000,000
Real Estate segment
GOODWILL ACTIVITY
Goodwill, Ending balance	$ 0

VARIABLE INTEREST ENTITIES - Co

VARIABLE INTEREST ENTITIES - Consolidated Variable Interest Entities and Noncontrolling Interests (Detail) $ in Millions	Sep. 09, 2022 USD ($)	Jan. 28, 2023 entity	Aug. 03, 2022 USD ($)
Variable Interest Entity [Line Items]
Number of privately-held limited liability companies | entity		8
Secured Promissory Note | One Member LLC
Variable Interest Entity [Line Items]
Principal amount			$ 2
Interest rate (in %)			6%
Promissory Note | One Member LLC
Variable Interest Entity [Line Items]
Principal amount	$ 16
Interest rate (in %)	5.37%
Interest rate basis added to the five-year treasury rate (in %)	2%
Interest rate, floor (in %)	3%

VARIABLE INTEREST ENTITIES - Cl

VARIABLE INTEREST ENTITIES - Classification of the Member LLCs' Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Jul. 29, 2023	Jan. 28, 2023
ASSETS
Cash and cash equivalents	$ 78,333	$ 123,688	$ 417,047	$ 1,508,101
Restricted cash			$ 3,538	$ 3,662
Prepaid expense and other current assets	156,975	169,030
Total current assets	1,219,283	1,101,902
Property and equipment-net	1,753,727	1,685,858
Other non-current assets	286,740	240,722
Total assets	4,376,396	4,143,897
LIABILITIES
Accounts payable and accrued expenses	495,961	366,585
Other current liabilities	84,071	96,113
Total current liabilities	1,010,554	872,868
Real estate loans-net	17,596	17,766
Other non-current obligations	11,660	10,639
Total liabilities	4,611,113	4,441,291
Other Current Liabilities [Member]
LIABILITIES
Real estate loans-net	300	100
Member LLCs
ASSETS
Cash and cash equivalents	9,349	8,918
Prepaid expense and other current assets	1,197	1,876
Total current assets	10,546	10,794
Property and equipment-net	271,210	256,523
Other non-current assets	7	6
Total assets	281,763	267,323
LIABILITIES
Accounts payable and accrued expenses	2,940	8,735
Other current liabilities	304	1,041
Total current liabilities	3,244	9,776
Real estate loans-net	17,596	17,766
Other non-current obligations	960	947
Total liabilities	21,800	28,489
Construction in Progress
ASSETS
Property and equipment-net	$ 53,000	$ 77,000

VARIABLE INTEREST ENTITIES - Eq

VARIABLE INTEREST ENTITIES - Equity Method Investments (Detail)		3 Months Ended		6 Months Ended
	Aug. 03, 2024 USD ($)	Aug. 03, 2024 USD ($)	Jul. 29, 2023 USD ($)	Aug. 03, 2024 USD ($)	Jul. 29, 2023 USD ($)	Jan. 28, 2023 entity
Variable Interest Entity [Line Items]
Number of privately-held limited liability companies | entity						8
Share of equity method investments loss-net		$ 4,859,000	$ 3,382,000	$ 7,301,000	$ 4,984,000
Equity contributions				9,423,000	33,727,000
Aspen LLCs
Variable Interest Entity [Line Items]
Distributions received or undistributed earnings of equity method investments		$ 0	$ 0	$ 0	$ 0
Equity contributions	$ 146,000,000

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accounts payable	$ 293,810	$ 192,345
Accrued compensation	50,875	43,840
Accrued occupancy	29,212	29,144
Accrued sales and use tax	28,917	26,823
Accrued freight and duty	18,650	14,333
Accrued legal settlements	16,645	16,704
Excise tax payable on share repurchases	11,988	11,988
Accrued professional fees	8,905	5,754
Accrued legal contingencies	2,237	2,795
Other accrued expenses	34,722	22,859
Total accounts payable and accrued expenses	$ 495,961	$ 366,585

ACCOUNTS PAYABLE, ACCRUED EXP_4

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Reorganization Related Costs (Detail) $ in Millions	6 Months Ended
	Jul. 29, 2023 USD ($)	Apr. 29, 2023 employee
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Number of roles affected due to reorganization | employee		440
Restructuring charges | $	$ 7.6

ACCOUNTS PAYABLE, ACCRUED EXP_5

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Other Current Liabilities (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Current portion of term loans	$ 25,000	$ 25,000
Allowance for sales returns	21,906	19,588
Unredeemed gift card and merchandise credit liability	17,992	24,720
Finance lease liabilities	15,755	14,668
Other current liabilities	3,418	12,137
Total other current liabilities	$ 84,071	$ 96,113

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		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Contract Liabilities
Revenue related to previous deferrals related to gift cards	$ 4.3	$ 5.3	$ 10	$ 11
Percentage of remaining revenue recognized on gift card liabilities (in %)	75%	75%	75%	75%

ACCOUNTS PAYABLE, ACCRUED EXP_7

ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Supplier Finance Program (Detail) - USD ($) $ in Millions	Aug. 03, 2024	Feb. 03, 2024
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Financing Program included in accounts payable and accrued expenses	$ 49	$ 28
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current

OTHER NON-CURRENT OBLIGATIONS_2

OTHER NON-CURRENT OBLIGATIONS (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
OTHER NON-CURRENT OBLIGATIONS.
Unrecognized tax benefits	$ 3,733	$ 3,633
Other non-current obligations	7,927	7,006
Total other non-current obligations	$ 11,660	$ 10,639

LEASES - Lease Costs-Net (Detai

LEASES - Lease Costs-Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Lease costs-net:
Operating lease cost	$ 33,357	$ 27,454	$ 66,238	$ 53,754
Finance lease costs
Amortization of leased assets	12,913	13,641	25,318	27,345
Interest on lease liabilities	7,922	8,794	15,329	17,280
Variable lease costs	6,478	5,997	13,121	12,165
Sublease income	(1,179)	(1,420)	(2,333)	(2,966)
Total lease costs-net	59,491	54,466	117,673	107,578
Variable lease payments	3,600	3,700	7,500	7,600
Common area maintenance	$ 2,900	$ 2,300	$ 5,600	$ 4,600

LEASES - Lease Right-of-Use Ass

LEASES - Lease Right-of-Use Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Assets and Liabilities, Lessee [Abstract]
Operating leases	$ 624,641	$ 625,801
Balance Sheet Classification, Operating lease right-of-use assets	Operating leases	Operating leases
Finance leases	$ 877,301	$ 836,814
Balance Sheet Classification, Property and equipment-net	Property and equipment-net	Property and equipment-net
Total lease right-of-use assets	$ 1,501,942	$ 1,462,615
Liabilities, Current [Abstract]
Operating leases, current	$ 86,106	$ 85,523
Balance Sheet Classification, Operating lease liabilities	Operating leases, current	Operating leases, current
Finance leases, current	$ 15,755	$ 14,668
Balance Sheet Classification, Other current liabilities	Other current liabilities	Other current liabilities
Total lease liabilities-current	$ 101,861	$ 100,191
Liabilities, Noncurrent [Abstract]
Operating leases, noncurrent	$ 573,204	$ 576,166
Balance Sheet Classification, Non-current operating lease liabilities	Operating leases, noncurrent	Operating leases, noncurrent
Finance leases, noncurrent	$ 584,677	$ 566,829
Balance Sheet Classification, Non-current finance lease liabilities	Finance leases, noncurrent	Finance leases, noncurrent
Total lease liabilities-non-current	$ 1,157,881	$ 1,142,995
Total lease liabilities	1,259,742	1,243,186
Finance lease right-of-use assets, accumulated amortization	293,000	268,000
RH Design Gallery lease with a landlord that is an affiliate of the managing member of the Aspen LLCs	$ 36,000	$ 37,000

LEASES - Maturities of Lease Li

LEASES - Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Feb. 03, 2024
OPERATING LEASES
Remainder of fiscal 2024	$ 53,793
2025	124,837
2026	116,388
2027	109,207
2028	75,534
2029	63,793
Thereafter	339,049
Total lease payments	882,601
Less-imputed interest	(223,291)
Present value of lease liabilities	659,310
FINANCE LEASES
Remainder of fiscal 2024	20,615
2025	50,533
2026	51,300
2027	52,107
2028	51,292
2029	50,799
Thereafter	745,649
Total lease payments	1,022,295
Less-imputed interest	(421,863)
Present value of lease liabilities	600,432
TOTAL
Remainder of fiscal 2024	74,408
2025	175,370
2026	167,688
2027	161,314
2028	126,826
2029	114,592
Thereafter	1,084,698
Total lease payments	1,904,896
Less-imputed interest	(645,154)
Present value of lease liabilities	$ 1,259,742	$ 1,243,186
Short-term lease agreements, commitments	true
Operating and finance leases
Non-cancellable term for leases signed but not yet commenced
Remainder of 2024	$ 14,000
2025	40,000
2026	38,000
2027	40,000
2028	41,000
2029	44,000
Subsequent to fiscal 2029	510,000
Total lease payments excluded, Legally binding payments for leases signed but not yet commenced	$ 727,000

LEASES - Supplemental Informati

LEASES - Supplemental Information Related to Leases (Detail)	Aug. 03, 2024	Jul. 29, 2023
Weighted-average remaining lease term (years)
Operating leases, years	8 years 10 months 24 days	8 years 1 month 6 days
Finance leases, years	19 years 8 months 12 days	21 years 6 months
Weighted-average discount rate
Operating leases, percent	5.50%	4.30%
Finance leases, percent	5.30%	5.30%

LEASES - Other Information Rela

LEASES - Other Information Related to Leases (Detail) - USD ($)	6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ (64,645,000)	$ (53,745,000)
Operating cash flows from finance leases	(15,329,000)	(17,280,000)
Financing cash flows from finance leases	(11,957,000)	(5,454,000)
Total cash outflows from leases	(91,931,000)	(76,479,000)
Lease right-of-use assets obtained in exchange for lease obligations-net of lease terminations (non-cash)
Operating leases	45,747,000	45,219,000
Finance leases	28,278,000	750,000
Reclassification from other non-current assets to finance lease right-of-use assets	38,182,000
Lease payments offset by tenant allowances received	$ 0	$ (2,400,000)

CONVERTIBLE SENIOR NOTES - Narr

CONVERTIBLE SENIOR NOTES - Narrative (Detail) - Private Placement [Member] - 2024 Notes - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024	Sep. 30, 2019
Debt Instrument
Debt instrument, principal amount			$ 350,000
Debt instrument, interest rate			0%
Long term debt	$ 41,890	$ 41,835

CONVERTIBLE SENIOR NOTES - Outs

CONVERTIBLE SENIOR NOTES - Outstanding Balances under 2023 Notes and 2024 Notes (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Debt Instrument
Principal amount	$ 2,461,250	$ 2,448,750
Private Placement [Member] | 2024 Notes
Debt Instrument
Principal amount	41,904	41,904
Unamortized Debt Issuance Cost	(14)	(69)
Net Carrying Amount	$ 41,890	$ 41,835

CONVERTIBLE SENIOR NOTES - Bond

CONVERTIBLE SENIOR NOTES - Bond Hedge and Warrant Terminations and Notes Repurchases (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Debt Instrument
Outstanding Amount	$ 2,461,250	$ 2,448,750
Private Placement [Member] | 2024 Notes
Debt Instrument
Outstanding Amount	$ 41,904	$ 41,904

CONVERTIBLE SENIOR NOTES - Note

CONVERTIBLE SENIOR NOTES - Notes Due 2024 (Detail)	1 Months Ended	6 Months Ended
	Sep. 30, 2019 USD ($)	Aug. 03, 2024 USD ($)	Jul. 29, 2023 USD ($)
Debt Instrument
Debt amount settled in cash			$ 1,696,000
Debt instrument, convertible earliest date	Jun. 15, 2024
2024 Notes
Debt Instrument
Debt instrument, conversion principal amount	$ 1,000
Conversions during the period		$ 0
Debt instrument, convertible earliest date	Jun. 15, 2024
2024 Notes | Private Placement [Member]
Debt Instrument
Debt instrument, principal amount	$ 350,000,000
Debt instrument, interest rate	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

CONVERTIBLE SENIOR NOTES - No_2

CONVERTIBLE SENIOR NOTES - Notes Due 2023 (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Sep. 30, 2019	Jul. 29, 2023
Debt Instrument
Debt amount settled in cash		$ 1,696
Debt instrument, convertible earliest date	Jun. 15, 2024

CREDIT FACILITIES - Outstanding

CREDIT FACILITIES - Outstanding Balances (Detail) - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2024	Feb. 03, 2024
Line of Credit Facility
Outstanding Amount	$ 2,461,250	$ 2,448,750
Unamortized Debt Issuance Costs	(31,368)	(35,169)
Net Carrying Amount	2,429,882	2,413,581
Outstanding revolving line of credit	25,000
Term loan-net | Term Loan Credit Agreement
Line of Credit Facility
Outstanding Amount	$ 1,925,000	1,935,000
RHI | Term loan B
Line of Credit Facility
Interest Rate	7.96%
Outstanding Amount	$ 1,945,000	1,955,000
Unamortized Debt Issuance Costs	(13,481)	(15,115)
Net Carrying Amount	$ 1,931,519	1,939,885
RHI | Term loan B-2
Line of Credit Facility
Interest Rate	8.69%
Outstanding Amount	$ 491,250	493,750
Unamortized Debt Issuance Costs	(17,887)	(20,054)
Net Carrying Amount	$ 473,363	473,696
RHI, Canadian subsidiary and other subsidiaries | Asset based credit facility
Line of Credit Facility
Interest Rate	6.69%
Outstanding Amount	$ 25,000
Net Carrying Amount	25,000
RHI, Canadian subsidiary and other subsidiaries | Other Noncurrent Assets | Asset based credit facility
Line of Credit Facility
Deferred financing fees	2,000	2,500
RHI, Canadian subsidiary and other subsidiaries | Term loan B-2 | Term loan B-2
Line of Credit Facility
Net Carrying Amount	486,000	489,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B | Term Loan Credit Agreement
Line of Credit Facility
Long term debt	20,000	20,000
RHI, Canadian subsidiary and other subsidiaries | Other current liabilities | Term loan B-2 | Term Loan Credit Agreement
Line of Credit Facility
Long term debt	$ 5,000	$ 5,000

CREDIT FACILITIES - Asset Based

CREDIT FACILITIES - Asset Based Credit Facility (Detail) $ in Thousands		6 Months Ended
	Jul. 29, 2021 USD ($)	Aug. 03, 2024 USD ($)
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. As of August 3, 2024, RHI was in compliance with the FCCR Covenant.
Debt Instrument, Covenant Compliance		As of August 3, 2024, RHI was in compliance with the FCCR Covenant.
Outstanding revolving line of credit		$ 25,000
ABL Credit Agreement | RHI, Canadian subsidiary and other subsidiaries
Line of Credit Facility
FCCR Covenant, threshold amount	$ 40,000
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	$ 600,000
Line of credit facility, accordion feature	300,000
Floor interest rate		0%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		LIBOR [Member]
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	900,000
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	600,000
Revolving line of credit | ABL Credit Agreement | Restoration Hardware Canada, Inc.
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 10,000
Asset based credit facility | RHI, Canadian subsidiary and other subsidiaries
Line of Credit Facility
Line of Credit Facility, Remaining Borrowing Capacity		$ 499,000
FCCR Covenant, threshold amount (percentage)		10%
Amount available for borrowing		$ 439,000
Letters of credit
Line of Credit Facility
Line of Credit, outstanding amount		$ 45,000

CREDIT FACILITIES - Term Loan C

CREDIT FACILITIES - Term Loan Credit Agreement (Detail) - RHI - USD ($) $ in Millions				6 Months Ended
	Aug. 01, 2023	May 13, 2022	Oct. 20, 2021	Aug. 03, 2024
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 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%
Term Loan Credit Agreement
Line of Credit Facility
Principal amount			$ 2,000
Debt instrument, basis spread on variable rate	2.50%			2.50%
Percentage of discount on face value			0.50%
Percentage of prepayment premium		1%
Term Loan Credit Agreement | 2022 Incremental Amendment
Line of Credit Facility
Principal amount		$ 500
Term Loan Credit Agreement | LIBOR
Line of Credit Facility
Debt instrument, basis spread on variable rate			2.50%
Floor interest rate			0.50%	0.50%
Term Loan Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility
Debt instrument, interest rate	0.50%

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Value and Carrying Value of Notes, Term Loan Credit Agreement and the Real Estate Loans (Detail) - Recurring - Level 2 - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
2024 Notes | Fair value | Observable market data
Fair Value Balance Sheet Grouping Financial Statement Captions
Convertible senior notes	$ 41,485	$ 39,879
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	1,821,006	1,917,715
Term loan B | Principal carrying value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	1,945,000	1,955,000
Term loan B-2 | Fair value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	469,144	490,545
Term loan B-2 | Principal carrying value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	491,250	493,750
Real estate loans | Fair value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	17,757	17,425
Real estate loans | Principal carrying value | Discounted cash flows
Fair Value Balance Sheet Grouping Financial Statement Captions
Term Loan Credit Agreement	$ 17,950	$ 17,966

INCOME TAXES (Detail)

INCOME TAXES (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	May 04, 2024	Oct. 31, 2017
Income tax expense	$ 3,717,000	$ 27,245,000	$ 1,626,000	$ 43,830,000
Effective income tax rate	11.40%	26.30%	6%	27%
Unrecognized tax benefits	$ 3,200,000		$ 3,200,000
Amount that would reduce income tax expense and the effective tax rate, if recognized	2,600,000		2,600,000
Exposures related to unrecognized tax benefits that are expected to decrease in the next 12 months	$ 200,000		$ 200,000
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority					$ 0	$ 0
Scenario, Plan Subject to Satisfaction of Conditions
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority						$ 5,400,000

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		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
NET INCOME PER SHARE
Weighted-average shares-basic	18,458,207	20,960,329	18,391,331	21,503,090
Effect of dilutive stock-based awards	1,305,180	1,564,678	1,360,103	1,534,731
Effect of dilutive convertible senior notes	198,223	202,553	198,223	204,764
Weighted-average shares-diluted	19,961,610	22,727,560	19,949,657	23,242,585

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		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from diluted net income per share	1,947,762	1,283,437	1,776,005	1,196,603
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share
Anti-dilutive securities excluded from diluted net income per share	11,890	15,310	12,268	16,002

SHARE REPURCHASE PROGRAM AND _2

SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023	Feb. 03, 2024	Jun. 02, 2022
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT
Share repurchase program authorized amount					$ 2,450,000
Repurchase of common stock - including excise tax	$ 1,216,635		$ 1,216,635
Amount of shares available under repurchase program		$ 201,000
Treasury stock, shares retired	3,698,887		3,698,887
Amount of treasury stock reclassified to additional paid-in capital	$ 8,600		$ 8,600
Additional amount authorized
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT
Share repurchase program authorized amount					$ 2,000,000
Retained Earnings [Member]
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT
Treasury stock reclassified, amount	1,208,012		1,208,012
Treasury Stock, Common [Member]
SHARE REPURCHASE PROGRAM AND SHARE RETIREMENT
Repurchase of common stock - including excise tax	$ (1,216,635)		$ 1,216,635
Repurchase of common stock-including excise tax, Shares	3,698,887		3,698,887
Aggregate amount of shares repurchased	$ 1,205,000		$ 1,205,000
Shares of common stock purchased at an average price per share under repurchase program	$ 325.65		$ 325.65
Treasury stock, shares retired	3,698,887		3,698,887
Excise tax payable on share repurchase	$ 12,000	$ 12,000	$ 12,000	$ 12,000
Treasury stock reclassified, amount	$ 1,216,635		$ (1,216,635)

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Oct. 18, 2020	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Selling, general and administrative expenses
Share Based Compensation Arrangement By Share Based Payment Award
Stock-based compensation expense		$ 11,529	$ 8,538	$ 22,073	$ 18,718
Chief Executive Officer | Selling, general and administrative expenses
Share Based Compensation Arrangement By Share Based Payment Award
Stock-based compensation expense		$ 900	$ 2,000	$ 2,800	$ 5,600
2012 Stock Incentive Plan and 2012 Stock Option Plan | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award
Options granted	700,000
Aggregate non-cash stock compensation expense	$ 174,000
Exercise price of option granted	$ 385.30
2023 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award
Shares available for future issuance		2,206,463		2,206,463

STOCK-BASED COMPENSATION - Opti

STOCK-BASED COMPENSATION - Options outstanding, vested or expected to vest, and exercisable (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Aug. 03, 2024 USD ($) $ / shares shares
STOCK-BASED COMPENSATION
Options outstanding, Shares | shares	3,881,295
Options vested or expected to vest, Shares | shares	3,503,891
Options exercisable, Shares | shares	2,477,618
Options outstanding, Weighted average exercise price | $ / shares	$ 206.36
Options vested or expected to vest, Weighted average exercise price | $ / shares	199.66
Options exercisable, Weighted average exercise price | $ / shares	$ 172.44
Options outstanding, Weighted average remaining term (In years)	5 years 7 months 6 days
Options vested or expected to vest, Weighted average remaining term (In years)	5 years 3 months 18 days
Options exercisable, Weighted average remaining term (In years)	4 years 2 months 12 days
Options outstanding, Aggregate intrinsic value | $	$ 347
Options vested or expected to vest, Aggregate intrinsic value | $	341
Options exercisable, Aggregate intrinsic value | $	$ 313

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Selling, general and administrative expenses
Share Based Compensation Arrangement By Share Based Payment Award
Stock-based compensation expense	$ 11,529	$ 8,538	$ 22,073	$ 18,718

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized compensation expense and weighted average remaining term (Details) $ in Thousands	6 Months Ended
	Aug. 03, 2024 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award
UNRECOGNIZED STOCK BASED COMPENSATION	$ 147,325
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award
UNRECOGNIZED STOCK BASED COMPENSATION	$ 141,217
Unrecognized compensation expense with weighted-average period	5 years 2 months 12 days
Employee Stock Option [Member] | 2023 Stock Incentive Plan | Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award
Unrecognized compensation expense	$ 2,600
Unvested restricted stock and restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award
UNRECOGNIZED STOCK BASED COMPENSATION	$ 6,108
Unrecognized compensation expense with weighted-average period	2 years 7 months 6 days

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail)	Aug. 03, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES
Material off balance sheet commitments	$ 0

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Detail)	6 Months Ended
	Aug. 03, 2024 store item segment
Segment Reporting Information
Number of operating segments | segment	3
RH Galleries
Segment Reporting Information
Number of Stores | item	72
RH outlet stores
Segment Reporting Information
Number of Stores	39
RH Guesthouse
Segment Reporting Information
Number of Stores | item	1
CANADA | RH Galleries
Segment Reporting Information
Number of Stores	4
UNITED KINGDOM | RH Galleries
Segment Reporting Information
Number of Stores	2
UNITED KINGDOM | RH outlet stores
Segment Reporting Information
Number of Stores	1
Germany | RH Galleries
Segment Reporting Information
Number of Stores	2
Belgium | RH Galleries
Segment Reporting Information
Number of Stores	1
Spain | RH Galleries
Segment Reporting Information
Number of Stores	1

SEGMENT REPORTING - Segment Ope

SEGMENT REPORTING - Segment Operating Income and Reconciliation to Income from Operations and Income (Loss) Before Income Taxes and Equity Method Investments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Segment Reporting Information
Income from operations	$ 96,127	$ 151,340	$ 150,790	$ 250,580
Reorganization related costs				(7,600)
Interest expense-net	59,262	44,422	116,034	84,238
Other (income) expense-net	(663)	(186)	502	(839)
Income before taxes and equity method investments	37,528	107,104	34,254	167,181
Segment operating income
Segment Reporting Information
Income from operations	96,988	161,364	144,223	271,756
Segment operating income | RH Segment
Segment Reporting Information
Income from operations	90,527	153,369	131,958	257,090
Segment operating income | Waterworks
Segment Reporting Information
Income from operations	6,461	7,995	12,265	14,666
Excluded from segment operating income
Segment Reporting Information
Legal settlements		(8,000)	9,375	(8,000)
Non-cash compensation	$ (861)	$ (2,024)	$ (2,808)	(5,555)
Reorganization related costs				$ (7,621)

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		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Segment Reporting Information
Net revenues	$ 829,655	$ 800,479	$ 1,556,615	$ 1,539,641
Gross profit	374,757	380,073	690,795	727,618
Depreciation and amortization	32,257	28,136	63,084	55,906
Share of equity method investments loss-net	4,859	3,382	7,301	4,984
RH Segment
Segment Reporting Information
Net revenues	780,925	753,550	1,457,991	1,444,066
Gross profit	348,624	354,425	638,432	676,009
Depreciation and amortization	30,618	26,828	60,001	53,253
Waterworks
Segment Reporting Information
Net revenues	48,730	46,929	98,624	95,575
Gross profit	26,133	25,648	52,363	51,609
Depreciation and amortization	1,639	1,308	3,083	2,653
Real Estate Investments
Segment Reporting Information
Share of equity method investments loss-net	$ 3,900	$ 3,400	$ 6,700	$ 5,000

SEGMENT REPORTING - Balance She

SEGMENT REPORTING - Balance Sheet Metrics Under ASC 280 (Detail) - USD ($) $ in Thousands	Aug. 03, 2024	Feb. 03, 2024
Segment Reporting Information
Goodwill	$ 140,997	$ 141,033
Tradenames, trademarks and other intangible assets	76,243	75,927
Equity method investments	130,790	128,668
Total assets	4,376,396	4,143,897
RH Segment
Segment Reporting Information
Goodwill	140,997	141,033
Tradenames, trademarks and other intangible assets	59,243	58,927
Total assets	4,022,273	3,798,572
Waterworks
Segment Reporting Information
Tradenames, trademarks and other intangible assets	17,000	17,000
Equity method investments	3,011	3,609
Total assets	189,535	183,804
Real Estate
Segment Reporting Information
Equity method investments	127,779	125,059
Total assets	$ 164,588	$ 161,521

SEGMENT REPORTING - Balance S_2

SEGMENT REPORTING - Balance Sheet Metrics Under ASC 280 Footnotes (Detail) $ in Millions	6 Months Ended	12 Months Ended
	Aug. 03, 2024 USD ($) entity	Feb. 03, 2024 USD ($)	Feb. 02, 2019 USD ($)
European entity one
Segment Reporting Information
Ownership percentage	50%
European entity two
Segment Reporting Information
Ownership percentage	25%
Waterworks
Segment Reporting Information
Goodwill impairment			$ 51
Tradename impairment	$ 35	$ 35
Waterworks | Europe
Segment Reporting Information
Number of entities in which membership interests held by segments | entity	2

SEGMENT REPORTING - Net Revenue

SEGMENT REPORTING - Net Revenues, Categories (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2024	Jul. 29, 2023	Aug. 03, 2024	Jul. 29, 2023
Segment Reporting Information
Total net revenues	$ 829,655	$ 800,479	$ 1,556,615	$ 1,539,641
Furniture [Member]
Segment Reporting Information
Total net revenues	593,814	560,602	1,099,085	1,056,993
Non-furniture [Member]
Segment Reporting Information
Total net revenues	$ 235,841	$ 239,877	$ 457,530	$ 482,648