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RH dropped 9.1% to $335 after the home goods retailer forecasted weak third quarter outlook citing weakness in the luxury residence market on elevated mortgage rates.

Revenue in the second quarter ending in July decreased to $800 million from $991.6 million and net income declined to $76.4 million from $122 million and diluted earnings per share fell to $3.36 from $4.54 a year ago.

The company forecasted third quarter revenue between $740 and $760 million and adjusted operating margin in the range of 8% to 10%.

The retailer raised to the low end of revenue guidance for the year to a range of $3.04 billion to $3.1 billion and reiterated its outlook for adjusted operating margin in the range of 14.5% to 15.5%.

RH estimate the 53rd week will result in revenues of approximately $60 million.

The company repurchased 3.7 million shares in the second quarter at an average price of $325.65, representing approximately 17% of the total shares outstanding at the beginning of the second quarter.

08 Sep, 2023

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