As we've mentioned, there continues to be widespread discounting across our industry. Gross margin expanded 350 basis points in the second quarter, primarily due to increase in product margins as we continue to resist promoting the business as demand trends continue to slow. Results exceeded our revised guidance due to faster backlog relief despite a deteriorating macro environment. To our people, partners and shareholders, we are pleased to report better-than-expected results as revenue increased to $992 million versus $989 million a year ago, up 40% on a two-year basis from revenues of $709 million. I'm going to start with our letter, as I always do. But particularly, you usually can't find good breakfast in this town.Īt least that's what I believe.
So anybody looking for a good place for breakfast, lunch or dinner. And we have the best breakfast by the way in New York City. We'll be - I'll be here through next week, and it is a place you should come by and see. And for those of you in town, hopefully, you'll come by over the next few days and come to say hi. We are live from RH New York, the RH Guesthouse in New York. Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Please refer to our SEC filings, as well as our press release issued today for a more detailed description of the risk factors that may affect our results. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially.
Joining me today are Gary Friedman, chairman and chief executive officer and Jack Preston, chief financial officer.īefore we start, I would like to remind you of our reliable disclaimer that we will make certain statements that are forward looking within the meaning of the federal securities laws, including statements about the outlook of our business and other matters referenced in our press release issued today. Thank you for joining us for our second quarter 2022 earnings conference call. We apply stringent quality checks to all dictionaries produced or acquired by our expert team so our users can feel confident in our ability to accurately and meaningfully represent their language.Thank you. Our dictionaries aim to describe the way languages are and have been used by people around the world, rather than attempting to prescribe the way a language should be used.
This evidence-based approach to creating a dictionary is known as descriptive lexicography. The team uses this process to identify new words and senses as they come into use. Our lexicographers analyse genuine uses of words collected from these sources to determine a word’s definition, spelling, and grammatical behaviour, and to offer guidance on a word’s use based on this research.
The corpora, which collect these examples from a variety of language sources, are curated by the Oxford Languages team and enable us to analyse the ways words are used in context by people all around the world.
#CARPE DIEM HARDWARE SERIES#
The evidence we use to create our English dictionaries comes from real-life examples of spoken and written language, gathered through a series of corpora that continuously monitor language development. At Oxford Languages, we are committed to an evidence-based approach to creating dictionaries in order to provide the most accurate picture of a language.
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