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Restoration Hardware shares plunge on weak guidance
Shares of Restoration Hardware Holdings (NYSE: RH) plummeted more than 18 percent Friday after the home-furnishings company gave weak current quarter guidance, blaming the U.S. election and delayed deliveries.
The company said it's lowering its fourth quarter outlook due to "consumer softness related to the election," and because its catalogs were mailed to customers later than expected.
"This is resulting in a shift of sales that would have been booked in the fourth quarter into the first quarter of next year. In addition, sales of our Holiday Collection are trending lower than our expectations," said CEO Gary Friedman, in the company's third-quarter earnings release.
For the current quarter, Restoration Hardware expects earnings between 60 cents to 70 cents a share and revenue between $562 million and $592 million. Analysts expected $1.08 per share on revenue of $637.6 million, according to Thomson Reuters.
The company expects earnings per share for the full year to total $1.19 to $1.29 and revenue to come in between $2.11 billion and $2.14 billion.
Despite the disappointing guidance, the company reported an adjusted quarterly profit of 20 cents a share, 4 cents above Thomson Reuters estimates. Revenue also beat forecasts at $549.3 million, compared to the $527.1 million expected.
The stock is down more than 59 percent year-to-date.
Restoration Hardware Holdings 5-Day Chart
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