Q1 Beat And Raised Guidance Boosts Restoration Hardware

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Restoration Hardware Holdings Inc (NYSE: RH) shares are trading higher by $1.89 at $96.72 in Friday's session. The catalyst for the rally is a Q1 beat for EPS ($0.23 vs Est. $0.20) and for revenues ($422.44M vs. Est. $418.97).

Despite lowering Q2 guidance, the company has guided higher for the fiscal year ending September 16.

The reaction to the beat rallied the issue to $100 in the after-hours session, but stopped shy of that reaching $98.99 shortly after the open. The current high coincides with its April 1 high ($98.98).

After making the high, it retreated to $95.30 before rebounding to its current level.

The all-time high in the issue was made on March 30 at $102. The all-time closing high was made the following day at $99.17.