RH reported USD4.6 million of revenue from earlier gift-card deferrals in the quarter ended August 1, compared with USD5.2 million a year earlier. Its September 10 quarterly filing puts the corresponding six-month amounts at USD10 million and USD12 million.
RH revenue recognised from earlier gift-card deferrals
Same fiscal second-quarter measure in the issuer’s contract-liability footnote.
USD million
Tap or hover for details. All values are also available in the data table.
Source
Rounded issuer-reported revenue from previous gift-card deferrals, not new card sales or customer cash loads. Unaudited consolidated quarterly disclosure. These values do not explain the separate change in management’s redemption expectation.
Show data tableHide data table
| Category | Revenue recognised |
|---|---|
| Quarter ended August 2, 2025 | 5.2 USD million |
| Quarter ended August 1, 2026 | 4.6 USD million |
The home-furnishings retailer now expects approximately 70% of remaining gift-card liabilities to become revenue when customers redeem their cards. Its preceding June 11 report stated 75%, making the disclosed expectation five percentage points lower. The documents do not establish the cause of that change or a new contractual expiry rule.
RH's combined liability for unredeemed gift cards and merchandise credits was USD16.611 million at August 1. That is above USD15.422 million at May 2 and below USD18.138 million at January 31. The combined figure cannot be treated as a gift-card-only balance.
These are accounting disclosures about deferred amounts and estimated future redemption. They do not measure new card sales, September consumer spending or a realized loss of 30% of customers' balances. The comparison preserves the distinction between current recognition, outstanding obligations and management's redemption expectation.
In this article
Maya Bennett
Maya Bennett covers customer loyalty, employee rewards and incentive programmes for Gift Card News.