RH (NYSE:RH), formerly known as Restoration Hardware Holdings Inc., announced the results of its annual shareholder meeting held on June 27, 2024. Shareholders voted on several key proposals, including the election of board members and executive compensation.
During the meeting, three nominees were elected as Class III directors to RH's Board of Directors. These directors are set to serve a three-year term until the annual meeting of shareholders in 2027. The elected directors are Gary Friedman, with 14,371,243 votes for and 539,302 withheld; Carlos Alberini, with 13,499,035 votes for and 1,411,510 withheld; and Keith Belling, with 13,234,237 votes for and 1,676,308 withheld. Each director's election saw a significant number of broker non-votes, totaling 1,368,215.
In addition to the board elections, RH's shareholders approved, on a non-binding advisory basis, the compensation of named executive officers. The proposal received 14,369,159 votes for, 523,282 against, and 18,104 abstentions. Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as RH's independent registered public accounting firm for the fiscal year 2024, with a substantial majority of 16,182,583 votes for, 83,897 against, and 12,280 abstained.
The voting results reflect shareholder confidence in the current leadership and direction of the company, which operates in the retail-furniture stores sector under the Standard Industrial Classification (SIC) code 5712. RH, headquartered in Corte Madera, California, has been incorporated in Delaware and has its fiscal year end on February 1.
InvestingPro Insights
As RH (NYSE:RH) continues to navigate the competitive retail-furniture landscape, recent data from InvestingPro provides a nuanced view of the company's financial health and market performance. With a market capitalization of $4.48 billion, RH is trading at a high earnings multiple, with a P/E ratio of 55.64, reflecting investor expectations for future earnings growth. Despite a revenue decline of 10.54% over the last twelve months as of Q1 2025, the company maintains a robust gross profit margin of 45.0%, underscoring its ability to generate earnings relative to its revenue.
InvestingPro Tips highlight that analysts have revised their earnings expectations downwards for the upcoming period, suggesting that investors should keep a close eye on upcoming financial reports. Additionally, the stock has experienced significant volatility, with a notable return of 10.8% over the last week, yet a decline of 31.29% over the last three months. These fluctuations indicate a potentially higher risk-reward scenario for investors considering RH's stock.
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