RH (RH) 27 Mar 242024 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. My name is and I will be your conference operator today. At this time, I would like to welcome everyone to the RH Fourth Quarter 2023 Q&A Call. [Operator Instructions] I would now like to turn the conference over to Allison Malkin of ICR. Please go ahead.

you. Thank everyone. afternoon, Good joining Conference our Call. for year quarter XXXX Earnings us you fourth for fiscal Thank

Officer. Joining and and Financial Chief today Executive me are Officer; Jack Gary Preston, Friedman, Chairman Chief

remind issued and Before statements outlook you release we we our about make today meaning the within statements other of in are certain would press securities of start, like the will of legal federal matters disclaimer I referenced our today. that forward-looking the business that our to laws, including

date statements Please forward-looking of in measures, and as revise also reflect any note as and this our affect These our may statements forward-looking or only description release a financial new involve risks forward-looking this detailed the impact our these results discuss events. Also, call, items. opinion non-GAAP that filings more press of GAAP release we uncertainties number adjust during may actual our cause risk issued results. undertake to to revision the of that a publicly that statements of today the well SEC eliminate results of refer the Please information or could to as our differ for materially. to light no certain these obligation results future which of call, of to we factors

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[Operator Instructions] Morgan first question of comes line Stanley. Our Simeon the with Gutman from

the think the outlook I is and sales flipping because most to hasn't guide element the growth. important growing of been now it we're

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Curtis comes of line from with Nagle America. question Next of the Bank

out what $X a think was bigger called over piece at the a time maybe outlook getting time. like business it's now, you've it Gary, it's a I'll billion. long-term but kind first it with I Waterworks, of right small start bit sounds just of

I you've maybe out bold, what had pretty since guess it now? driving So point, the And the would this simply? more just I What's excitement, of I pretty to kind guess, it, why target? implying at XXXX, quintuple. a confidence put guess effectively I ask give impressive you, think,

I X said Sure. came years strategic back if this when we Sure. Good internally said well, I that said we know Yes, but math -- was X here had publicly, Waterworks don't XX businesses of on we question. a I ago. framework

a and and we of style of cool I pace bath vision, had kind X thought about maybe a high-end the I sensibility, -- acquisitions, I more and DeLuca different make a going, in I okay, enough I think thought next-generation a that merchandised I could packs the now knew food create some Williams-Sonoma the hard model money. a interesting And integrate brand and kind thought when to with Waterworks & aesthetically and really really food, kitchen I where part. like long-term the in DeLuca fresh & business, focused so they and too. here's didn't get mostly why that with of but have Waterworks the bath & hard that's bit here's sale make best -- well had the much little focus, said, food wasn't was walked kitchen the fresh we're all on Dean and DeLuca. money, Dean reason goods never I too it And brand that's of of door. focus, Dean

it. so make And I around a & passed couple Dean got didn't DeLuca times. of

it we looked times. multiple at buying So

was And almost at came come Waterworks available wrong right but We it might the it. not got time, again. have along, the brand it

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we of and we've bit time and through little the got spent And an years, team so -- job. aligned a has the outstanding done

been of products have think, to the Consumers have in part taking I the so I up showrooms. not total even [indiscernible] business. but we're mean that not smart, of EBITDA. platform, times in delivery, trying beginning. the hardware We graph were [indiscernible] consumers they're look in of and putting on now that's think almost merge categories. And is the it's that first their shop. business XX when what, have and platform our products long they years think most to like we're [indiscernible] for And do be for we the it's, and important think districts And have We that years But a here, a products, there do more control really consumer. not they putting front to view the our our though showroom life. of but bankruptcy brands we're and the and we also furniture trade-focused edge don't in have XX the we for positioned and that, that's in where showrooms, we're I business-to-business other these with has in most [indiscernible] the the consumer that we going from. and most experts. they're and sell up brands on don't They're term, so like a different trying distribution hard market is more multiple some for, the brands at the not the RH trade, the a in world have distributions. like then a transparent. consumer been than the consumer sell best more on And what brands has the But places And those only stage learning And I businesses of business, stuff entire and in, right, facing leader doubling be weren't on And XX the the and mostly their assortments they of though it's those the really where market, we've over know, to platform experience have about -- a years because mean in don't -- more think years. they both our CEO grow. think just for there, forth. And platform to what great and team mean from it's high-end these the we have going my set it's building you business categories, have best and experienced we doing it Bennett journey has front we're Sallick, third-party not CEO than have slow of been we they're of has this aligned. to business, And in been a XX brand. best almost markets. Peter than I in that perfect consumer. the is since for that's And I've think but building for business there the really business. They even into of design set I pretty of component, products, their family that, mean, I is of faucet Waterworks platform I is a I now we business. scale go and stumble doubling I water really the Ralph fit. consumer, they perfect no but any on. Direct-to-customer think leadership smart, business. And really great view couldn't

we had didn't hardware, just always hardware. it's had fit. I restoration it in fittings that. And really And there's really the XX grid. looked funny. the a in it that's with think found been best. found mean, that plus but Waterworks, we sometimes another and bought came different is do, great in it time acquisition, battle amateur like years to than here. doing is it's lot deep getting was RH that in we're where a And again, how and Waterworks way the so ago, other so X like then Every Dmitriy, about what faucets [indiscernible] while, made good added with leading And bath, just the person -- and from but through bath. Jeup. things it's some our from through we've towel said than taste take involved, now X, then once market. and And we've just these that. just less Waterworks more X, quality, we and learning at Einstein upholstery better right? to added we're had I to more X, there's think an brand talent point at. a at plus it's having and -- relationship. And X little [indiscernible] us you've fittings, us than Joseph or we're and with bars but and higher them, so It get furniture few synergies. Bespoke I doing It simplicity. great complexity things hear not this inside There's at smarter later we better Waterworks, think And people it's only faucets complexity And the always the found and we're In Jeup, that no radar, But X maybe It I got -- I I talk I think we and back there's and looking to brand partnership about a you'll you wanted Joseph picture out is right? I equals mean looked a our not it another of when hooks thing you power when with pull trade out Waterworks model have necessarily and when much times synergies. It's organization, and

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quality think And in do. other not earlier to the into it's -- to customers to I going I RH be may thing you the the it's to benefits bring that think the I frequent it's going really point with be end, other the consumer is with going point. And ready stage. is the architectural the highest a at trade and in consumer bring the business done, to unbelievable. a get at us interactive yet. get stage. you're on Waterworks so home at front We design much here they're later it, forth. Interactive The at sometimes furnish so an

stuff. other and the plumbing point all at You're this

think I if ever really think dominant, say it's in to categories access I the like the be heaven it's into we're design match that continue to will to all integrate that you I to get in -- it's heaven, more supposed customer, and expand that mean a that customer, it's the the match So in opportunity there's like can made become be. building holistically made was categories and

excited. really we're So

really going it's and they're I big. think excited, I to think be

one, Got just And it. Gary. another then quick

in but... the Just outlook, the there? the or something peak is demand for or think on you reflection outlook Obviously, the year, -- in had terms Any effect last a -- like call, spring? changes you expected peak XQ of had you of something the mid I strong said

things, to Like we more there's going there's done can work think see I peaking things. because more since more we've then.

yes, a which in excitement, so right, like transformation, Phase X that phases we peak, hit work got as kind will Phase got late we've Phase There's kind what I lot think that there's of now There's -- a about whole this So of that's be be But that But I QX. right? a like will will unfolding, we've that of X, kind unveiling. multiple is great I a phases. X, being of -- think And coming. lot we've I done. coming I think of of then Phase think,

inflection April, cycling going tells kind rates right, goes not meaningfully May peak it's glad Modern, that's and got around images, And Contemporary at books. might guarantee Franklin -- And of coming data I interiors all like which go so there's adjustments incredible. March, point order Walk like, of and mean people the a down, get June, be just up. will Back going that's and that's doesn't a that more QX. and inflection peak you pointed Interiors, when all in just but go? add the we've how so might hitting and because think Like metrics to curve, it is actually X, and so inflection, That in can okay, you're see to by. time? the you've steady. all Outdoor you big it? you'll what Aretha time yes, the and that not like X, move big leapfrog. looks QX, means arrow, are RH you. we'll peak line about and up, and going Phase the laid at like to back see a -- think all over in-stocks that, it them it the -- delayed on kind later do be that I period Phase the that's a so to RH outcome, going it It's direction. How or bit high it will mean, of down, to unfold the say know I'd here I -- walk it we it's And took peak Outdoor, demand would How in of that's do to through. of I But it's like take of you it I think a When up rates fresh QX like I get kind kinds that go an here And better. sequence on of should in, from little peak to it And are in then learnings And will got order took On right? little next bit, it's like it's the talk going feels cool that and angle am QX. the Modern I create out. And inflection, be like a I By. right? kind it's mean wow, what And

there still little changed but changed. in Modern Maybe that Modern get QX. a in it going -- So house is little, you hasn't to a has we because pushed

a that You'll that's pipeline. the read, And Phase keeps you just things get enough you'll coming X just then I like X got and through where are of think and see all it going. And building. Phase

color -- there. so a yes to you give correct helpful. we're Hopefully, bit more So directionally it's little Tried

Yes, helpful. very

Christopher question Next comes from of line JPMorgan. Horvers the with

questions just there. out two I'm to going So my put

little that all I through if of And do worse. So that at my that that it retailers first look get other is of is, was from question to of second back far million it before like is all long it if looks the weeks $XX we're guess deferred much a wouldn't January, why that [indiscernible] pressure? how a recapture non-occupancy hearing sooner you come was Red clearance question and my the domestic -- gross of the Seas expect and clearance? you delivery? And pressure, lot then how margin we got it all bit

their pipeline. content special what's coming -- and content. about say then furniture what's those like, think And of when order Asia and and the to for their -- you've you goods mean lot people you well, to and furnishings around home we're okay, about there's goods, when the -- -- in like or I Yes. home got think look a have kind of -- what's

now Sea that's the coming not through So Red canal. and and around Africa the

have So the a a have content, to anyone. we anyone I highest significantly business, than bigger think, that right? holds us category. outdoor I candle don't probably in We think

had and weeks. take all And travel that's couple extra a of so

And so number. that's a meaningful

other Our businesses, of special right, our any order that newness, our or all business our all to things orders, attached back got delayed.

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delay, will generally like bought that to like outdoor tomorrow delay were if cycle design are they selling of back. orders design a it you stuff is it's that look not mix got comes like so. So cash all that's or they're all that. the it price what's the that they projects, If to it, that Christmas had the was that back not buy. January, stuff going delayed that no doing furniture it's just Yes, has and It's special on Like sale it up But with the back, Christmas actually in timing. Like that December have more course, and anything yes, X-week things people if yes. carry, at product you're comes you product all problem. of

furniture domestically model a product just got and If furnishings cash categories you and have else. products, if content kind DC. selling accessories, home carry selling might mix that We from businesses or you're compare shift and highest very there's food-related you're the to home, are of anybody that different a any with. anyone name of all than all We've probably us cash cookware, tabletop, categories the

to product the Chris, continue impact margin And that on margin. -- there side, was it on gross

Max Next question TD Rakhlenko comes from of Cowen. the with line

U.S., how as are past, Gary, a design well a Jack, that time. gallery? I but as online legacy the that galleries provided in just an on curious, as evolved You provide has all you recent demand to update color the given congratulations convert gallery seeing the economics strong you're that the the to can over new curious was openings. you gallery in coming new

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Yes.

great. current speak And my are with Okay, is, how over follow-up you then question stepping vendors product you're up much then product can margins the the your then level? points just expand from to balancing price the how sharp elevated opportunity time and to maintaining And margins?

sounded Repeat recognizing One like had line just question are that -- second. the the because dead it we gone bit. was a for

question for Gary, both please. So repeat the and me

Yes, Okay. no problem.

price you the expand And product can points how to vendors balancing levels? the the margins stepping directionally? Just over from speak sharp current up just margins much maintaining to how you're are product time opportunity elevated with then your

and our addressed shareholders. And as to up? work about -- in I value talking my focused, of kind why a try and wouldn't we're think Yes. people about not it's that and spent It's so call letter And is try as to are Again, partners our have -- stepping look that's thinking be more from partners, going if they our to how we people, the X so and what's term. always, partners win we lose say and think at we bigger value. one -- one order. with kind and business, that necessarily dimensions together time to about of person a of compelling lot long and So right? partnership quality picture that the those if things market, -- never we it's in are have earlier a you And Like design, works don't price that we -- -- I we that's first those price is right? and to wins the person vendors, I not right? much

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that Not do And are long all. we these so lower that would term, at think hey, say, I aged? margins

Our the Securities. Basham of next from question comes with Wedbush Seth line

elaborate just comment Gary? on without the your this, you're trying more you of My income the terms that you you're earlier lower you what that opening compromising Can build. your pandemic? about you bit question customers "fired" a back win to thinking customer are Are in during getting aperture about is targeting? demographics to And trying

customers. fired never We've Yes.

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We this have in company Green sofa selling Chanel best Green $XXX a to like course, Of is don't Channel be Sofa. $XXX Sofas.

have Chanel it, So not have a you those. things that We if we to even sell. to $X,XXX don't Green lot maybe Sofa. task We used don't inflation of

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I And [Technical so would just say, Difficulty] think I

Gary? still there, you Are

can now? the Can you somebody conference Okay. [indiscernible] separately call, us Seth, call operator? hear

yes. now, you hear can I

taking answer. out of margins, same Along the your differently lower excluding referenced. versus the be asked selling been edge, I were should not And quality freight, you're question. assume or just To to 'XX? I follow-up in lines, I on product new a if merchandise you the as ask sharpening appreciate before, think you're same value it's why than And product better got the question not, price? most you've that. your I NAV

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but and leveraging and that's smart buying here. [indiscernible] yes creativity in and and what partnerships you're you're takes, about and how it in investing what got we what So being you're --

were needed no pretty price the But my now. And down. content a demand this move take increases coming when that big had tariffs, to to everybody then a So for and we need inventory, right? have only trying have I through if supply, smaller prices go the to period period period, When we so period. up. increases going multiple a out and you are take can And comments have of through X-year prices the those COVID It's increases during there's China, that -- than we price it's than go I you margins and think because prior back different. then cost much of your that meaning to lower COVID through to you And supply, more products. Like and want you up much mean, come demand right? leverage, period, had no of can different

market. housing down It's

so same doing we're And thing -- we're and with the investments.

what intention just crystal yes, just and margin, there's no taking you're so down. that Never gross value be looking but And engineering. aren't down get gross that of lot -- a take company inside here So wrong. there's to investments are dead at in clear our been people price the well, of opposite. product, thinking -- There's -- uttered they're no right? about margin, the Yes, to not that's quality necessarily so

Okay.

Our Jefferies. of next Matuszewski question comes from the with line Jonathan

this was some elevated margin all mentioned. year, that with good but may First on for you have XXXX. some have Imagine you then should newness you this early margins gross clearance lingering one

each net how gross upon does the And build trend as margin So does other? all product that in each the year? sequentially for improve year-over-year out quarter launches

Yes, margins gross guiding not we're you But can... quarter-by-quarter.

don't guiding, don't not margin guide we're And we on no longer the year. and we gross

[indiscernible] we'll about the So talk result. as guidance But it is through

operating in and implied Yes, guidance. it's all margin EBITDA the

anything like should Jarrett changes hired real changes and should any recently aspects Officer. we a or estate think in food Gary, going And approach on development-related with Estate like that? to Chief beverage new then, expect to you company, the Real Got How the it. about And we forward board? other

Jarrett, here how now? long you been

Eight weeks.

Jarrett Yes. weeks. X has here been

I going on you leader he's bright kind we've strong a creative his point, hear going him. guy, I up the to give so bit Like learning and all think of some a of likely business, us. he's of think a the I in opportunities And very levels. had meet part to to prove we're him. the And the be at to this think step for business we can big share little But be ever very multiple to he a best and when thoughts. point And it's of guy, and excited situation the view, really time assess happy

being very we're about for now. So the on excited it that's and team, and about

question Michael UBS. of Next from with Lasser comes the line

in weeks, of yet, messaging quarter the that number of out sales suggest adjust And space. was your was A behind in cleaning peers of evident the that sales communication a we also growth aggressive for the from fourth was experienced the more then during the it some quarter that cursory inventory, had the gross view growth RH the And trailed it fourth if compression would on margin during price. quarter. like the

-- to do much how think a, quarter? of from do pricing And in why you some in you the think the took might you you sector? share sales b, be that competitors terms actions your So, fourth of you losing from saw in of key some the

question. I your to I -- know of what don't down break if get I second, one mean... the Michael, kind question trying we're

a in we on His with first basis. that down part is the peers underperformed fourth XX% XX-week quarter being

So...

like there is a lot It's peered, people know. you're There's specific I of I about? -- you're a calling don't who talking you're that who Yes, know not.

which and business, for there's the outdoor better, performed anything of little what affected specifically, some a who people of think the we've and impacted the better, of [indiscernible] that happened exposed times If outperformed you furniture about I more I we some I peers, amount major that more. have I'd us. at think people a in are [indiscernible] furniture say, Indonesia, were sourcing if broadly little don't maybe quarter storms our fourth expected, and impact to it the people the But in And but that lead worse. out you business the you deliveries except line, when like don't everybody. think And positively again, than look say know, comes that longer I is size some that different were capital think will we

not sure want I'm where -- like So do going. be specific -- I'm more not you you're to or

look the XX% down versus competitors quarter at that's clearing more But... there, with RH X% of and inventory. to the fourth a some out aggressive path X% even were we they in on down If out for

hit want things Barn, downturn and to talk compare cookware But in compare a housing than about us talking compare to people If to furniture-related ornaments market okay? going don't us to comparison about Depot, you Williams-Sonoma. sell. furniture, kinds people furniture-related to sell seasonal Pottery Yes, less -- all What's mix? tabletop businesses Are we us don't you product Home people. don't and don't and of get are and their that those that Christmas

apples about talking You're oranges. and

quarter the compares or -- people end. quarter And same fiscal with fiscal year-end

Yes, year-end, yes. fiscal

you If don't...

in January. end It's [indiscernible] even don't We not

didn't get why I'll sense your hit a like Yes. try and didn't relevant. They they by but as the like didn't more Canal by like said then ice want question, answer end get that, January, I storms. hit be the you to broad in to specific not That's

year the the Okay. some which My that for profitability margin follow-up is, in basis question add a we how if expect to XX% years, to pressure way XXXX. investment this persist should would multiple you modeling you going happen to is Or will highlighted time? of you the this put right to would we Is years? drags be operating back few for of next cycle about that the think going margin year, that period is extended an over the for have

margins that. couple We're guiding the guiding data we're to you XXXX. over back I Yes. just said next giving Like to all to questions I as to think operating XXXX, about several that We're very feel ago of we years. it a getting relates XX% good the and not

in with lows. challenging the record housing we're is market So still at market a

anybody guiding yet. Are I don't they? is think So 'XX

No.

Yes, I think no.

the profitability that was specific about persistence than asking for might long so I [indiscernible]. and I guess impact looking investment of the cycle for guidance how your more rather

would on 'XX that Is anybody in because right? guiding be yet that guidance,

Yes.

to say 'XX some that in build not a guidance And And can have have yes, [indiscernible] they're mean yet. to all so a beyond never that's return have we operating where trying we'll know that to our we cycles the I We We roll to model we're investment margins. is. long-term view. -- but we XX% people yes, through. we'd guiding have,

up own dots you can't your work, ask assumptions. going I work. do with me to I'm to connect mean, come and work. your my don't to do the not your to have You're asking I do

from the Thomas of Capital line comes question Markets. with Brad KeyBanc Next

with Curious little year, timing wanted just was the a us to did of this light You on what any seeing exceptional there as something in that been wondering focus demand about call up how reaction been against if And more demand share unusual of bit the think Just quarter-to-date? comparisons late? reference nuances, given are the more catalog. aligned this you've trended outdoor quarters from a some standpoint, or you sales? has had out just with trends not I to you'd you're little you about bit the could we perhaps demand a maybe and of the

kind first Look, -- far up to the probably we pretty we're right? close can some the demand a you demand, -- gave quarter, down quarter come yes. pretty first of So with

So...

digits, Mid-single so...

QX. going Yes, where demand to mid-single digits is be is in think we

guidance monthly We're quarterly anything breakdown not providing that. any with or

trends Yes. they're whole building, to the would build through going say our and I demand are year.

So to -- is a as biggest The off year its extraordinary of have bread we confidence expect next of is we outdoor an let lot crumbs. that look me part X. So quarter the a at the right? we up, business or you give coming more And start. of couple

lot have lot We year, have you confidence think right? whole about we a of a of if but that, the in visibility

Like a buying the in and February. about even March outdoor buying buying furniture, And more think lot they're when business, less a in you they're -- more in they're are April. people buying just outdoor lot again, can

we've been is we've data. now there weeks, to those really real, got to there's -- that off dots connect and for start, good that's So forecast as you out and several business if real should -- a easy great

that are That's supply one, add I could to guess, port of bread confidence all closure appreciate of chain partners, you and sort suppliers then I Baltimore of And year? you right you kind your this new disruptions now? talk great. with for any have relative the the up ramping your the can if sourcing. can I And crumbs. about your a products follow-up on in sourcing these contemplating

confidence your with of great. And you're products on would but partly just all kind I those more in why you assuming new any greater of the presume color year with degree that's a be end backlog, executing

look, the in Baltimore right is but center don't his head, right in Yes. devastating big have We the in here Maryland. room super a think major shaking The he's is happened disruptions. recent. Fernando facility now, obviously -- that any there's unfortunate we and accident

maybe analysis And are offloaded perspective, before our boat it's getting cost-benefit of -- inbound New York goods our some Baltimore. York. discuss to down But Jack. let of We on in in New actually -- the comes product me the do much then earlier of the an out

as example, was that New the but containers we on X per in accident boat York that the had For our practice. it, unloaded in

getting other and containers any have stuck don't we boat on rerouted. that So particular boats are to

disruption. that minimal So from impact

second in question think I your our And our product. we partners have Yes. new the with part is ramping confidence what of

our going more to on it be We respond and your to have to And going new you're on degree great new to product to with never the told going to on and so never be things some right. that right that it's the for you're something so right going the companies, wrong. trends more going and before a be products ramping be scale expectations, product going more but take something exactly that's overperform it's to -- is and you're and to there's forth. forecast I period partners

So mean with, are had very so to issues able to just it's more like minimal -- has I so being issues biggest forecast do in the newness. but far, we've the good. I think,

we but data, finishes get reacting say, as we and phase to we data wrong. the collection get finish of shifting And getting from and the then things. last kind the -- but and orders, of factory. Well so on collection improvising adapting if the -- the they're changing and let's right finishes is start we're that directionally we're all still And one another the and we the in to and we're once those

have like so forth. -- partnerships so have always And so -- we new we and on developed and and

newer that, in partnerships of worked the while, knew -- try we someone it's of maybe at this that. some But sometimes, once anticipate scale the but big every haven't And to they yet, a haven't one collections.

experience we but a get with for right we organization would And help the really so have inside data. we work outcome new and and that partner to the just in them, great have the try to maybe and is partners country people that once

other. kind lurking doing So than scale. kind I'd at of now. anything there's that other of out some expect there you don't issues -- ramp-up have no anything say We [indiscernible] don't a right if shaking there's and this their Okay. nothing the problems. know guys mean no, is but -- room head you everybody no team have in I I And any here, the No? everybody is like,

So today nothing haven't so came up heard. new far that we

have BNP And of the question our from last Steve line McManus we do comes Paribas. with

about the upbeat very collection. outdoor clearly, So

data got You've there. the

interiors could for Just expecting? what what to be the contemporary collection the reception customers' you is demand been and speak versus you That hoping has how would the and helpful. ramping were

read responding better us new we chance creative our feel responding the so refreshed and have I'll and information, contemporary a emails we've product have as forth, in-stocks react and more to so and modern, And we on of Yes, all expect selections new gives -- because optimistic from then and the interiors which galleries, got book next the we'd in it be very better latest expectations, data as with and is to big and lift. and then a and new about that. of we and

really good, And we feel really optimistic. so

think got any that commentary have I other And there's don't . so I

one in. if squeeze And right. I more All could

like think you rampings, digital [indiscernible] print business? with right do past, the On that ad and done think don't run sourcebook the for like something advertising, in the commentary I how drove that's together really we about and rate the piecing into pivot what

Yes.

It's always like new. do. There's launch what do we generally mode we when of kind this. It's in what really nothing we're

home, and generally building and so so home right? kind we're forth, home home, anybody they're forth. on of see generally, remodeling anyone with of who's They're talk marketing fish if so and or looking magazines a so fishing at key and so publications, a or consumer And are, and inspiration a magazines where you're on and digital print those all to furnishing -- for the kind the where design

traffic in and of right? force. in sales purpose, a get -- our tend names There's out customer built of lot we new get really So a the our the files people with difference prospect direct some where to and with that way. those mail list business And about invest we and from we websites and thinking how we've

contact see is confidence that what investment say So I far. see the investment. of anything cadence think is of right investment indications cadences. I us different, thus cadence And you what learned based we've And wouldn't a you ramp-up in on our given the that's -- and

So yes. I changed. has say anything wouldn't

as It's launches. do what that's but like, I'd have pivot. like not sounded around said, Gary we It a that, may

Yes.

at over no time. call Mr. There are you. to the Friedman, this further I questions turn back

in the everybody's help I'd the I efforts a Team baton these partners the as supporting you're supply countries all interior teams in distribution Okay. the and proud RH, going you handing the our And through have other and been Asia And country, everyone, this work, teammates around world. across we're so and to our their has products our all team especially galleries I and extraordinary. and but and teams about work participation. design, thank say the for to tremendous you, in you Well, with and I unfold I accomplished. what teams chain be off your feel been everyone, has leadership know for It and thank excited think amount think of

is finest is and our this think a leadership. courage result and And of really be your going it commitment I to your moment.

Thank you want we'll speak So you. to for quarter. thank we just and everyone next that, to

conference concludes This call. today's

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