The double gold medallist at the Vancouver Olympics and 2011 overall World Cup champion covered the course in 1 minute, 55.09 seconds on an afternoon when the temperature at the finish was below minus-15 degrees (minus-25 C). Hoefl-Riesch also won a downhill on Friday.
Tina Weirather of Liechtenstein, who was disqualified on Friday for wearing an arm protector over her ski suit, came in second in 1:55.43. Anna Fenninger of Austria was third in 1:55.56.
Lindsey Vonn of the U.S., the reigning Olympic downhill champion, finished 11th of 60 skiers in 1:56.35. It was the second race of her comeback after reconstructive knee surgery 10 months ago.