Hoefl-Riesch, the 2011 overall World Cup champion and a double gold medallist at the 2010 Olympics, finished in one minute 56.03 seconds.
Marianne Kaufmann-Abderhalden of Switzerland was next in 1:56.73, with Elena Fanchini of Italy third in 1:57.23.
Larisa Yurkiw of Owen Sound, Ont., finished seventh.
Lara Gut of Switzerland, who began the day leading the overall standings, was 10th.
Four-time overall champion and reigning Olympic downhill gold medallist Lindsey Vonn raced for the first time in 10 months. The American finished 40th among 60 starters.
Vonn had won seven consecutive races here but is coming back from major knee surgery after a crash at the world championships in February.