{"id":59083,"date":"2023-09-10T00:54:18","date_gmt":"2023-09-10T04:54:18","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-furniture-retailer-rh-shares-tumble-as-slowing-sales-prompt-dour-revenue-forecast\/"},"modified":"2023-09-10T00:54:21","modified_gmt":"2023-09-10T04:54:21","slug":"us-furniture-retailer-rh-shares-tumble-as-slowing-sales-prompt-dour-revenue-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=59083","title":{"rendered":"US furniture retailer RH shares tumble as slowing sales prompt dour revenue forecast"},"content":{"rendered":"
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\u00a9 Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS\/Brendan McDermid<\/span>
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By Chibuike Oguh<\/p>\n

NEW YORK (Reuters) – Shares of U.S. home furniture retailer RH (NYSE:) dropped more than 15% on Friday after the company warned that slower quarterly sales would result in disappointing revenue.<\/p>\n

RH after the closing bell on Thursday forecast third-quarter revenue of $740 million-$760 million, below the average Wall Street analyst estimate of $772.87 million according to LSEG data. <\/p>\n

RH’s second-quarter net revenue fell 19% to $800 million while net income slumped 37% to $76.5 million as furniture sales declined due to weaker demand for luxury items. <\/p>\n

RH’s stock fell more than 15% to $312.95, its biggest daily drop since March 2020.<\/p>\n

“We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs and the current outlook is for rates to remain unchanged until the second quarter of 2024,” RH Chairman and CEO Gary Friedman said in a letter to shareholders.<\/p>\n

Multiple analysts, including from Citigroup <\/span><\/span> (NYSE:), UBS and Wedbush, slashed their price targets for RH’s shares following the report. JPMorgan and Jefferies analysts, however, raised their price targets.<\/p>\n

The median Wall Street price target for RH’s shares is $340 with a current recommendation of “Hold,” LSEG data showed.<\/p>\n

RH estimated increased advertising costs of $50 million as it begins printing and mailing out its product catalog in coming weeks to homes across the United States and UK.<\/p>\n

“With majority of mailings not hitting homes yet, it’s likely management is embedding some degree of conservatism in 3Q (third quarter) sales guide,” Jefferies analysts, led by Jonathan Matuszewski, wrote in a note to investors. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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