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RH
Our take
RH London is the boldest version yet of Gary's gallery strategy, and the clearest look at its trade-offs: a Mayfair mansion where hospitality gets the space and the furniture gets squeezed. For now, fixing gross margin in the US matters more than Europe, and the key thing to watch is where discounting goes from here.
Financial model
Updated: October 26, 2026
Research
Deep Dive on RH comparing its new London gallery with RH Atlanta, the first of its Next Generation Galleries.
Tracking RH's international margin drag through every shareholder letter, why EBITDA guidance understates occupancy, and what European D&A means for 2027.
4Q25 was RH's first quarter since 2014 with no adjustments to operating income, and what that rare change may signal.
RH's restaurant push, compared with Ralph Lauren's Chicago spot, plus our visit to RH Paris.
A month in, RH Paris traffic looks soft and RH's long-term goal to double the business looks stretched.
Takeaways from RH's 1Q25 results, focused on its international expansion; our view on the stock stays negative.
What to watch as RH reports 1Q25, with sentiment turning negative and heavy discounting looking permanent.
RH's Aspen Guesthouse is delayed again after a contested historical commission vote; a city council hearing follows.
Audited UK filings back our doubts about RH's European expansion against the $50 to $250 million first-year sales forecast.
Postmortems
They might have beat revenue and earnings this quarter, but we also got a necessary guide down for the rest of the year.
Gary sounded a lot more upbeat right off the bat. Still a ton of “trust me” for a guy that has said that for many years now only to not deliver on anything new in over a decade (international in particular).
Am I the only person that read the shareholder letter and felt like Gary was angrily typing various sentences in all caps because he thinks everyone else is stupid?