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Restoration Hardware cuts its outlook, blames the election, and its stock is crashing
(Restoration Hardware)
Restoration Hardware on Thursday lowered its outlook for full-year earnings per share (EPS), citing slow holiday sales. Its shares plunged by as much as 17% in pre-market trading on Friday.
The retailer of high-end furniture said it now sees full-year adjusted EPS in a range of $1.19-$1.29, down from $1.60-$1.80.
For the third quarter, its adjusted EPS topped the forecast for $0.16, at $0.20.
"Our business in November was below our expectations, which we largely attribute to consumer softness related to the US election and our Fall 2016 Source Books getting in homes later than planned," CEO Gary Friedman said in the earnings statement.
Restoration Hardware shares plunged 57% this year through the market close on Thursday, as wealthy shoppers reined in spending. The company said it was addressing several issues including the costs related to the launch of RH Modern — its offering of modern-style furniture — and the transition from a promotional to a membership model.
"While we are clearly disappointed in our fourth quarter outlook, we believe we are making the necessary investments and changes to position our business for the long-term," Friedman said.
The company also announced that its name will change in January to simply become RH. That's the same as its stock ticker, which will remain unchanged.
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