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Investing.com — RH (NYSE:RH) reported Wednesday quarterly results that fell short Wall Street estimates as the home furnishing retailer continued to warn of a challenging backdrop amid weakness in the housing market and bumps in the banking sector.
RH fell more than 6% in after-hours trading following the report.
RH reported Q4 EPS of $2.88 on revenue of $772.0 million, missing consensus estimates for EPS of $3.33 on revenue of $772.3M.
The miss comes as the home furnishing retailer’s continued efforts to cut inventories following a surge during the pandemic when stay-at-home restrictions of the pandemic bolstered home-related businesses.
For the first quarter, revenue was guided in the range of $720 to $735M, compared with analyst estimates for $831M.
Looking ahead, the company said it continued to “expect business conditions to remain challenging for the next several quarters and possibly longer,” but will continue efforts on “reducing inventories and generating cash, further strengthening our balance sheet to maximize optionality.”
Revenue for 2023 is expected to be between $2.9B to $3.1 billion.
