Restoration Hardware Shares Hammered On Weak Q4 Guidance

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Restoration Hardware Holdings Inc RH reported Q3 results after the close.

  • EPS beat by $0.04, down 69% YoY
  • Revenue beat by $21.87M, up 3% YoY
  • Company sees Q4 EPS $0.60-$0.70 vs $1.08 Est, Revenues $562M-$592M vs $637.62M Est
  • Sees FY16 Adj EPS $1.19-$1.29 vs $1.64 Est, Revenues $2.11B-$2.14B vs $2.16B Est
  • Comps decreased 6%

CEO Gary Friedman said, “We are lowering our outlook for fiscal 2016 net revenues and adjusted EPS based on trends to-date during the fourth quarter. First, our business in November was below our expectations, which we largely attribute to consumer softness related to the US election and our Fall 2016 Source Books getting in homes later than planned. In addition, sales of our Holiday Collection are trending lower than our expectations. We are taking a more aggressive approach to clear seasonal merchandise as well as taking deeper markdowns to accelerate our overall SKU rationalization efforts which are expected to result in lower product margins during the quarter."

Shares of Restoration Hardware were down 17 percent to $32.30 in the after-hours session.

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Posted In: EarningsNewsGuidanceAfter-Hours CenterMovers
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