Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Price to Earnings (P/E) since 2013
- Price to Sales (P/S) since 2013
- Aggregate Accruals
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RH, common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29).
- Gross Profit Margin
- The gross profit margin exhibits an overall upward trend across the periods, increasing from approximately 30.29% in April 2017 to a peak near 52.76% in July 2022. This improvement indicates enhanced cost control or pricing power, although a slight decline is observed in the latest two quarters, settling around 47% by April 2023.
- Cost of Goods Sold (COGS)
- Cost of goods sold as a percentage of net revenues correspondingly decreases from around 69.71% to levels near 47% in mid-2022, reflecting improved efficiency or favorable cost conditions. However, COGS increases modestly again toward the end of the series, reaching close to 53% by early 2023, partially offsetting prior gains in gross profit.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses show variability, mostly fluctuating between approximately 23% to 35% of net revenues. There is no clear consistent trend, but notable spikes occur in May 2020 and October 2020 with SG&A reaching about 34% and 35.2% respectively, suggesting episodic rises in operating costs. In more recent periods, SG&A settles near 33%, indicating moderate expense pressure relative to revenues.
- Income from Operations
- Operating income improves markedly over time, rising from a marginal positive 1.23% in early 2017 to a peak of about 27.08% in late 2021. Subsequent quarters show a decline but maintain healthy profitability between 13% and 19%. The fluctuations reveal overall strengthening in operational earnings with some volatility.
- Interest Expense, Net
- Interest expense generally declines as a percentage of revenues from around 2.17% to a low near 1.31%, before increasing again from early 2022 onwards, reaching about 5.39% by April 2023. This upward shift potentially signals rising debt costs or leverage.
- Other Expenses and One-Off Items
- Impairments related to goodwill and tradenames occur sporadically, with notable negative impacts in early 2018 and mid-2020. Gains or losses on extinguishment of debt occur irregularly, with a significant loss in late 2022. The aggregate other expenses display periodic spikes, affecting income volatility throughout the periods reviewed.
- Income Before Taxes and Equity Method Investments
- This metric shows an increasing trend from a slight loss to consistently positive levels, peaking around 23.93% of net revenues in late 2021. Following this peak, a retrenchment is observed, with the figure falling to around 8.13% by April 2023, indicating a reduction in pre-tax profitability.
- Income Tax Expense
- Income tax percentages fluctuate widely, with periods of tax benefits and expenses reflecting variable effective tax rates. A pronounced swing occurs from positive tax benefits in early years to significant expenses and reversals, including a notable tax benefit spike in mid-2022, suggesting irregular tax events or credits.
- Net Income
- Net income grows from slightly negative or marginally positive levels to highs above 22% of net revenues by mid-2021, followed by declines to around 5.67% in April 2023. Overall, net profitability strengthens substantially over the full period but experiences volatility likely influenced by interest, other expenses, and tax fluctuations.
- Summary Insight
- The company demonstrates a general trend toward improving gross margins and operating income over the six-year span, with intermittent fluctuations in operating expenses and other non-operating items impacting net profitability and pre-tax income. Interest costs have increased notably in recent periods, exerting downward pressure on net income despite strong underlying operational performance. Tax expense variability also contributes to income volatility. Continued attention to cost management, financing structure, and tax planning would be essential for sustaining profitability.