RH (NYSE:RH) Q3 2024 Earnings Call Transcript December 12, 2024 5:00 PM ET
Company Participants
Allison Malkin - IR, ICR
Gary Friedman - Chairman and CEO
Jack Preston - CFO
Conference Call Participants
Michael Lasser - UBS
Christopher Horvers - JPMorgan
Steven Zaccone - Citi
Steven Forbes - Guggenheim
Max Rakhlenko - TD Cowen
Curt Nagle - Bank of America
Seth Basham - Wedbush Securities
Andrew Carter - Stifel
Brian Nagel - Oppenheimer
Jonathan Matuszewski - Jefferies
Zach Fadem - Wells Fargo
Operator
Hello, and welcome to the RH Third Quarter Fiscal 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Allison Malkin of ICR. You may begin.
Allison Malkin
Thank you. Good afternoon, everyone. Thank you for joining us for our third quarter fiscal 2024 earnings conference call. Joining me today are Gary Friedman, Chairman and Chief Executive Officer; and Jack Preston, Chief Financial Officer.
Before we start, I would like to remind you of our legal disclaimer, that we will make certain statements today that are forward-looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our press release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause our actual results to differ materially. Please refer to our SEC filings as well as our press release issued today for a more detailed description of the risk factors that may affect our results. Please also note that these forward-looking statements reflect our opinion only as of date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.
Also, during this call, we may discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in today's financial results press release. A live broadcast of this call is also available on the Investor Relations section of our website at ir.rh.com.
With that, I'll turn the call over to Gary.
Gary Friedman
Great. Thank you, Allison, and welcome, everyone. I will start with our shareholder letter that was released in the last hour to our people, partners, and shareholders. The positive inflection of our business continued to gain momentum with third quarter demand increasing 13% despite operating in the worst housing market in 30 years. Our vector is increasing in both magnitude and direction, with November demand up 18% as the most prolific product transformation and platform expansion in the history of our industry continues to unfold.