Restoration Hardware Holdings Inc, which does business as RH (NYSE:RH), saw its stock drop after its fourth-quarter earnings missed Wall Street estimates.
For the period ended January 2023, the luxury home furnishings retailer reported earnings of $2.88 per share on revenue of $772.5 million. The consensus earnings estimate was $3.35 per share on revenue of $779.8 million.
The company said in its letter to shareholders that it expects first-quarter revenue of $720 million to $735 million and fiscal-year revenue of $2.90 billion to $3.10 billion.
The current consensus revenue estimate is $836.90 million for the quarter ending April 30, 2023, and revenue of $3.46 billion for the year ending January 31, 2024.
RH (NYSE:RH) opened at $244.24 after falling heavily by 5% in the pre-market trading session.
Restoration Hardware, together with its subsidiaries, is a luxury home furnishings retailer that provides furniture, lighting, textiles, bathware, decor, outdoor and garden, tableware and children’s furnishings.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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