2023-12-08 11:48:30 ET
Shares of RH (NYSE: RH) -- formerly known as Restoration Hardware -- are getting crushed today after the luxury home furnishings company came up short on its third-quarter report. The company reported an adjusted quarterly loss and had some stunning comments in its shareholder letter.
That led investors to dump the stock Friday morning. As of 11:05 a.m. ET, RH shares were down by 14%. The stock has now dropped by more than 33% over the last three months.
RH reported a drop in sales of about 14% year over year in the quarterly period. It led to an adjusted loss on the bottom line that surprised investors. In its letter to shareholders , the company said the rise in interest rates has left most existing homeowners with low enough mortgage rates to not want to move.
For further details see:
Why RH Stock Crumbled Friday