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RH (NASDAQ:RH) shares are trading lower after the company reported worse-than-expected fourth-quarter results and issued weak guidance. Morgan Stanley also lowered its price target on the stock.
What Happened: On Wednesday after market closure, RH (formerly Restoration Hardware) announced its results for the fourth-quarter ended Jan. 28, 2023. The company reported quarterly earnings of $2.88 per share, compared to the consensus estimate of $3.34 per share. RH reported quarterly sales of $772.5 million, compared to the analyst estimate of $779.75 million.
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RH also provided guidance for fiscal 2023, expecting revenues in the range of $2.9-$3.1 billion, compared to analyst estimates of $3.6 billion. The company also expects an adjusted operating margin between 15%-17%, stating that the company's "ramp up of global expansion" could cause a 150 basis point drag in operating margin.
Additionally, Morgan Stanley maintained RH with an Equal-Weight rating and lowered its price target from $300 to $275. Other groups such as Baird, Wedbush, and Citigroup all lowered their price targets but maintained their ratings of Neutral, Neutral, and Buy Respectively.
RH is a luxury retailer operating in the domestic furniture and home furnishing industry. The firm offers merchandise across many categories including furniture, lighting, textiles, bath, decor, children, and hospitality.
According to data from Benzinga Pro, RH was down 2.51%, trading at $239.55 at the time of publication. The stock has a 52-week high of $389.78 and a 52-week low of $207.65.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.