and comments our going I'm call to Great. in questions. joining, to Thank everyone. the for our letter shareholder open with prepared then begin you
decline XX.X% outlook of and margin of partners businesses. the and environment, our for macro continued quarter home-related shareholders: in financial people, exceeded million especially despite operating $XXX a first our overall To Revenues adjusted the of
regional banking XXXX throughout at market economy inflation, XX-year luxury the uncertainty crisis, possibility next recent housing rates highs, remain into to year. tame we of and mortgage fiscal and challenging tightening regarding and economic With required expect the the XX-year broader trending continued to
demand forecasting clear above Based quarters. transformation support next current the several to discontinued on over our and we markdowns the increased product are inventory to trends, required now
revenue to our of up to an XX.X%, billion our to outlook and raising XXXX XX.X% adjusted includes global a drag expansion. to of the are range for ramp XXX $X outlook a fiscal approximate our due to $X.X We for basis-point operating margin billion range which of lowering
pursuing that creation unique own mentioned, present It’s the it’s can like As that like herds, and traveled road lead businesses to short-term separation for and path. adopted that strategies teams their in those significant mostly times value previously similar to strategies long-term to to pursue willing these less broadly these pursue strategic outcomes. opportunities take move that tend create times also
That and long-term RH of up Expansion our strategies path Generation. for is Product our climb the and luxury Platform mountain Cash Elevation,
the our by world. offering and more part RH Elevation: as efforts desirable our first value, the discerning fully in also more home difficult luxury as Product most designs. requires to design integrated quality the of attracting higher of It product our Our positioning to are customers central higher of brand it strategy is the quality, elevate climb
difficult more reach successfully over past becomes it’s been one that climb also years. navigating heights, we’ve a it’s While as the we new XX
current disruptive in These will and proposition market, value collections unveiling new Interiors, Baby with Teen. Contemporary, a XX of in new products across the furniture quality level a history, and across prolific Child markets. be our we’ll year, Modern, & of new and be RH that upholstery collections over most inaccessible reflect Outdoor, design This collection multiple and our
the in of an as collections believe new of our level the inflection will excitement serve a business and the half also second point year. generate We for
collections of the with collection inscribed design design and define a reinforcing the gracing new are a pieces of and cohesive our objective be cover, of The that “There furnish creating Book belief our pages titles across trademarked Source home, that the new it.” quality those a will leadership with
expand Platform Expansion: our markets RH Our brand American transform plan represents globally, to multi-billion North the dollar opportunity. and locally, new address Galleries a
estate summer Historic dramatic RH be of at that to fashion Aynho Food Celebration of the History, a XX will we Design, a Gallery Park, & This the unforgettable Wine. be a in introducing the The opening UK RH England, and XXth-century, with acre will
experiences, Salon plus RH views England from Wine XX Grand on herd Loggia, includes monolithic The can three Europe’s the Tea secondary afternoon of building property Lounge, Guests Conservatory adorning hospitality The The deer and appreciate largest Juicery. the of vast and three the service or and restaurants, and full-service The Terrace. main The south-facing while of white Viewing the enjoy The Orangery, wine will around windows stone on a scenic tea glass fire-pits sitting grazing
with have Alberti. the at of RH at and Ten is Aynho including Soane’s architects, touch Man centerpiece & and will Park. The his symbol exhibit century architectura, The The De detail Historic our of The RH which is story life London. Sir Design RH’s expansion embark Ethos, and after Vitruvius Aynho philosophy Gardens. the We believe printings across as core the England, will we original. unique Books our books the greatest collection of the featuring some RH architecture, of the famous first work most on Park, also in attractions of most Scamozzi one The on of Architecture, represents the Xst from Gallery will drawing Interiors Aynho at by England John honoring the inspired Design whose Palladio, in a also as of BC is One Sir X,XXX inspired his include in works, Europe. on our and act beliefs values also da England’s and The Soane Exhibition, Vitruvius, Museum of Library, reflected masters The The Galleries, John partnership Gallery sketched of Leonardo Vitruvian the Vitruvius’s greatest from work, Vinci’s rare of the principles Architecture foundational years one
We June the at Friday, England on to Xth. public and an event exclusive will June be Saturday, Xrd, private RH will unveiling open
Our Madrid an months, Munich Paris, by Brussels, XXXX. in as well global also in Dusseldorf, in followed XX expansion Design Milan and Sydney over and as next includes Studio Interior XXXX and opening London the London,
be open will XXXX. and in Indianapolis, a the at acre Montecito, Regarding transformation, year. as estate this Alto Gallery our design The Palo on RH American Gallery in will a North RH introducing private as Cleveland, well opening lake, a we new now Historic Firehouse XXX
American scheduled pipeline over open XX next Additionally, North in Galleries the we development the have to years. several
in believe neighborhoods, and address opportunity wealthy is there also small Design affluent opening to We and by where live, locally the and markets towns an visit vacation. new cities Studios
Gatos, San East to We strategy Yountville, to our have of the in the $X several million X,XXX Los in Gallery validate Pasadena existing revenues and we former in Hampton, $XX Design annual million range this in District, feet. where Francisco locations X,XXX that have generated square
over in identified could the and to locations believe have America lead will these previous those data in Studios of plans larger to North that our We incremental Galleries results opening are provide Design markets. XX that
debt are advantage ones in in “Those a themselves are difficult times of Cash before capitalize.” that raised markets capital to markets take That’s opportunities of Generation: who now uncertainty have may and We with in and the the position demonstrated of we $X.X why the that tightened long-term present dislocation. billion
to will sheet costs organization, throughout optionality. maximize we further balance turning mentioned, and the As continuing be focused strengthening into our inventory cash, on to optimize
of $X.X Outlook: We due are an for basis-point to the a a raising result outlook our and margin drag billion our approximately adjusted in expansion. our fiscal up to outlook XXXX to of to ramp for revenue range billion of XX.X% $X.X million. will $XX approximate week global the of We operating XXrd lowering estimate which includes XXX range XX.X%, to revenues
XXXX, of forecasting the revenues of are to million and XX.X%. quarter second $XXX the to $XXX margin in adjusted million of XX% For operating range we
versus Contemporary incremental plus the Interiors of Source $XX expense year operating representing of for England, margin of opening fiscal points Books of XXXX quarter. deleverage the the advertising XXX quarter second includes RH basis approximately RH The approximately and new million RH last in
Long the those taste and with no & We with taste,” and scale, those Ecosystem RH The idea scale of are far View: and reaching. taste large scaling Vision Business believe, no “There and and - is
world. as position RH lucrative, as admired in to for most the proven to quest arbiter brand goal of the has home the disruptive both the our to build Our taste we and be continue
home scaling the RH attracts and curate designers, work of more leading brand the collection the manufacturers, platform, across products most enabling our rendering and on integrated valuable artisans compelling Our to planet. luxury their
over Antiques RH with continue RH new and to and RH collections our next of elevate Color, Atelier & Bespoke, expand will to Couture, decade. efforts the Artifacts, Our scheduled launch the other RH introductions RH collection
immersive Our will plan generating revenues billion the billion $XX value in to to of to North globally. Design $X billion open our unlock market in and major America, Galleries of billion vast every $XX $X assortment,
and building global is the ecosystem to conceptualizing spaces, the selling as taste place establishes curating thought brand brand move RH and an Spaces Services leader, beyond Places, selling product strategy Our a Products, to by and of and maker. that
experience. our our Our elevated further more services and elevated interior Galleries, rendered by products are architecturally more design valuable inspiring hospitality by valuable integrated and rendered are and which seamlessly
our Galleries we the efforts American $XXX hospitality travelers the RH privacy Guesthouses, industry. into goal elevate billion to where North RH Our hotel as extend will seeking is new in continue create beyond of brand luxury our walls and market for four a the to
Wine, and yacht authority the and and the Design and private in our RHX, landscape experiences bespoke architecture. architecture, existing wealthy experiences our Food, Valley, and charter affluent immersive Additionally, is in are available that for visit RHX, Mediterranean creating customers These RH to in we evolving & Caribbean and Yountville, and integration luxury new expose interior where vacation. the Art design jets, an of Napa like our RHX
architecture, to industries. redefining amplifying brand new core multiple This design platform adding interior building of inside consumer-facing RH landscape strategy the elevating disrupting first the business Galleries, services and architecture our while streams leads by and our our revenue long-term world’s and
and the integrated Our taste we value condominiums fully into and conceptualize circle deliver as furnished moving furnishings market time luxury Residences, with to market strategy RH the time-starved homes, with sell beyond that trillion to spaces, billion discerning of consumers. launch begin apartments $XXX home comes American services and North the housing $X.X full
The portal customers with RH, can the by entirety be to our brand. digitally and our of dimension and life inspired The World depth explore an of of strategy comes where online
who as Our and Media, and authority be influential the the innovative content an taste will most architecture further shaping will RH leaders celebrate design. introduce a platform amplified world when we are arbiter of that of
addressed valuable RH expand trillion to any X% the multiplies largest opportunity. most the of A opportunity globally $XXX market brand $XX the in plan trillion, billion global ecosystem today. to $X of to $XX a share market the by world Our one the and billion to represents
Products, of emotional customers in Spaces RH, thoughtfully other live ecosystem the dine, Places, creating design, any unlike and inspires dream, to travel curated Our Services world. in an a brand by and world connection
believe positioned an elusive, one inclusive no and, is doing valuable. makes we our that can of Taste and elevating better taste rendering to ecosystem and RH more create so, be than way life by
you and the Never make No other a born luxury climb top Mountain Hermès, nor Luxury Every Piana, attempted mountain. brand Harry at want Vuitton Peer: to Louis the the to Cartier, the brand, the Climbing Chanel do has luxury the Winston brands top, with to from Brand to a Loro of to. to before Building was
their We a respect. of, have the forced the what it work top extraordinary reconsideration are of that mountain to that a has and those who so hat creates we capable we of requiring at tip understanding be deep in to are our
the the work appreciate ascent odds also this this for faint We introduction demonstrate of continue fashion, we of to relentless design, new pursuit to believe the and in and unforgettable and slim. determination, of Gallery the that team, heart, air RH will this our Collections, of thin, we immersive and become introduce of plan is We new our courage year climb inclusive gets dream. the imagination, not as Source of the our Book level to design an and new and creativity continue UK the the
the in nearly and luxury passion bankrupt leading required, years XX a in builds the ago by a getting reaching laundry character a the and managing by detergent be organizations. getting The XX transforming with developed lessons the forms on Lessons we into scar and that a mountain. learned the must of the cover to and the the down of that Over journey leads cap of or, $XX up million building or in of brand one, persistence, business, learnings, knocked the be and a times Oxydol catalog market began that earned XX cultures in strength individuals the with a lessons the home world. top moral the tissue development business classroom, by box and vision and of courage mental can’t by
Team RH. Onward
Gary. diem, Carpe
operator, point, open we’ll this the to At call question.