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Reformation Q2 Results Support Investment Thesis, RBC Says

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Reformation (REF) delivered its first quarterly report as a public company at or above the high end of its preliminary range, supporting RBC's investment thesis while prompting modest forecast adjustments, RBC Capital Markets said.

Fiscal Q2 revenue rose 24.1% to $155.2 million which was above RBC's $154.7 million estimate. Adjusted EBITDA increased 53.9% to $25.4 million and exceeded RBC's $24.7 million forecast. It also marked the company's 21st consecutive quarter of double-digit revenue growth.

The company expect fiscal 2026 adjusted EBITDA margin of 14.0% to 14.2%, implying adjusted EBITDA of $84 million to $86 million. RBC raised its fiscal 2026 adjusted EBITDA estimate to $85 million.

Management's growth outlook remains supported by store expansion and customer acquisition, with 15 to 16 new stores planned, while its growth and margin strategy remains intact, RBC said in a note Thursday.

RBC maintained its outperform rating and a $18 price target on the stock.

Reformation shares were up 6.1% in Friday trading.

Price: $13.96, Change: $+0.81, Percent Change: +6.12%

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Box, OpenAI Launch Integration to Access Enterprise Content in ChatGPT

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