RH Stock Plummets as CEO Warns of Challenging Luxury Housing Market and Slowing Sales
TL;DR
RH (formerly Restoration Hardware) stock plunged 15% after CEO Gary Friedman warned of ongoing challenges in the luxury housing market, projecting stabilization in 2023. The company's second-quarter earnings exceeded expectations, but its third-quarter revenue forecast fell short of Wall Street estimates. RH has been cautioning about a slowdown for several quarters, citing high mortgage rates and the need for interest rate cuts or price reductions to drive acceleration in the market.
- RH stock sinks 15% after CEO warns of 'challenging' luxury housing market Yahoo Finance
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- RH stock sinks after CEO warns of impact from housing Yahoo Finance
- RH Warns High Mortgage Rates Will Crimp Luxury Housing Market, Hurt Furniture Sales Investopedia
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