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RH (RH), once known as Restoration Hardware, posted a surprise quarterly loss on December 7 and provided downbeat guidance.
RH, formerly known as Restoration Hardware, has transformed into a luxury brand under the leadership of CEO Gary Friedman. RH has guided to 20%+ operating margins, in line with luxury brands. RH has expanded into different areas such as travel and residential real estate, and has plans for global expansion, aiming to become one of the world's most prestigious brands.
Shares of RH (RH), the upscale furniture retailer formerly known as Restoration Hardware, slid 14% Friday morning after the company narrowed its full-year sales and margin guidance as a deep freeze in the housing market spilled over into furniture sales.
California-based home furnishings company RH (NYSE: RH ), formerly Restoration Hardware, indirectly rang the alarm over potential concerns bubbling in the U.S. housing market in its recent earnings call. Indeed, RH stock is down a brutal 14% today after issuing weak earnings and guidance stemming from housing market-related headwinds.
Slowness in the housing market has hit the former Restoration Hardware. Sales slumped 14% year over year.
The home restoration retailer blames higher mortgage rates for weak sales.
RH (NYSE:RH ) Q3 2023 Earnings Call Transcript December 7, 2023 5:00 PM ET Company Participants Allison Malkin - IR Gary Friedman - Chairman & CEO Jack Preston - CFO Conference Call Participants Simeon Guttman - Morgan Stanley Steven Zaccone - Citi Chris Horvers - JPMorgan Curtis Nagle - Bank of America Max Rakhlenko - TD Cowen Steven Forbes - Guggenheim Securities Michael Lasser - UBS Jonathan Matuszewski - Jefferies Seth Basham - Wedbush Securities Peter Benedict - Baird Brad Thomas - KeyBanc Capital Markets Operator Hello and welcome to the Q3 2023 RH Q&A Conference Call. All lines have been placed on mute to prevent any background noise.
RH (NYSE: RH ) just reported results for the third quarter of 2023. RH reported earnings per share of -42 cents.
While the top- and bottom-line numbers for RH (RH) give a sense of how the business performed in the quarter ended October 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
RH (NYSE:RH) shares lost more than 8% after hours on third quarter earnings that significantly missed expectations. The luxury furniture retailer posted an adjusted loss of $0.42, compared to expectations of a $1.19 per share profit.