RH (RH): RH shares rose 1% after hours after the retailer beat on both the top and bottom lines for the second quarter but cut its full year revenue forecast. Sales for the quarter totaled $991.6 million, up 0.3% from a year ago, on adjusted earnings of $8.08 per share.
CEO Gary Friedman attributed the second-quarter performance to “faster backlog relief despite a deteriorating macro environment.” Despite this improvement, RH lowered its full-year revenue forecast to -3.5% to -5% from its previous view of -2% to -5%.
DocuSign (DOCU): DocuSign shares soared 17% after the company posted better-than-expected second quarter results and raised its subscription revenue guidance for the year. DocuSign posted adjusted earnings of 44 cents on revenue of $622.2 million, up 22% year-over-year. Subscription revenue for the quarter totaled $605.2 million, an increase of 23% from a year ago.
DocuSign’s interim CEO Maggie Wilderotter wrote in the earnings release, “results reflect the focus and dedication of our team on execution during this transition period, with a stronger foundation in place to deliver in the second half of the year.” DocuSign lifted its full year subscription revenue forecast to $2.55 billion to $2.57 billion, up from its prior guidance of $2.52 billion to $2.54 billion.
Zumiez (ZUMZ): Shares sank after the retailer missed on earnings and lowered its third quarter sales guidance. Zumiez sees net sales of $220 million to $228 million, short of Wall Street’s estimate for $277.3 million.
CEO Rick Brooks noted “inflation weighed on consumer discretionary spending,” putting pressure on Zumiez’s U.S. business. For the second quarter, the company reported earnings of 16 cents per share on sales of $220 million.
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