Market Updates
U.S. Movers: Adobe, RH
Scott Peters
14 Jun, 2024
New York City
RH declined 14.4% to $237.02 after the high-end furniture retailer reported a larger loss in its latest quarter.
Revenue in the fiscal first quarter ending on May 4 declined to $726.9 million from $739.1 million, net income swung to a loss of $3.6 million from a profit of $41.9 million, and diluted earnings per share were a loss of 20 cents compared to a profit of $1.76.
The company's weak sales growth outlook dampened investor enthusiasm, and the retailer estimated revenue in the fiscal second quarter to increase between 3% and 4% and adjusted operating margin between 11% and 12%.
"While we expect business conditions to remain challenging until interest rates ease and the housing market begins to rebound, we expect our demand trends to accelerate throughout fiscal 2024.
As previously communicated, due to the extensive transformation of our assortment, we expect revenue to lag demand during the year by approximately 4 to 8 points until we read and react to the new collections, reduce backorders, and shorten special order lead times," said chief executive officer Gary Friedman in a letter to shareholders.
Adobe Inc. soared 14.5% to $525.34 after the software company reported better-than-expected quarterly results and lifted its annual outlook.
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