RH shares crater on disappointing forecast, says it's been hurt by a downturn in high-end housing market

📆 3/29/2019 6:03 PM
📰 CNBC

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Shares RH, the company formerly known as Restoration Hardware, plunged nearly 19 percent Friday morning after it cut its 2019 forecast, suggesting that the company's new strategy will take longer to pay off than originally expected.

div > div.group > p:first-child"> Late Thursday, RH posted its fiscal fourth-quarter results, which were mixed as revenue fell short of expectations.

RH said it will continue to reshape the company and promote it as a high-end lifestyle brand, saying"Leaders have to comfortable making others uncomfortable." RH also noted disappointing fourth-quarter results of Waterworks, the luxury kitchen and bath brand RH acquired in 2016. Its performance forced RH to take additional impairment charges.

Revenue, however, inched up only slightly to $670.9 million from $670.3 million a year ago, and was below estimates of $686.3 million.

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Pays too much for the stupid catalog that weighs a thousand pounds

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