Wells Fargo attributes the after-hours pullback in shares of Restoration Hardware to a misinterpretation of the retailer's revenue outlook. Wells points out that sales are recognized when merchandise is delivered, and that the bulk of Restoration's P&L benefit from the design gallery openings in the second half will likely start in Q4, and build into early 2016. It also adds that the guidance for Q1 implies comps of approximately 10%, which would have been closer to 14% when excluding the West Coast port issues. The firm keeps an Outperform rating on the stock.