RH Stock Sinks After Hours - Revenue Dip, Challenging Luxury Housing Market and More

RH RH shares are trading lower in the after-hours session Thursday after the company reported second-quarter earnings and issued guidance. Here's a summary of the details.

What To Know: RH reported quarterly earnings of $3.93 per share, which beat the analyst consensus estimate of $2.56, a 51.36% decrease over earnings of $8.08 per share from last year. 

The company reported quarterly sales of $800.48 million, which beat the analyst consensus estimate of $784.90 million, a 19.28% decrease over sales of $991.62 million in the same period last year.

RH repurchased 3.7 million shares in the second quarter at an average price of $325.65, representing approximately 17% of the total shares outstanding at the beginning of the second quarter.

The company raised the low end of its revenue guidance for the full-year 2023 to a range of $3.04 billion to $3.1 billion versus the $3.07 billion estimate. 

RH also sees third-quarter revenue between $740 million and $760 million, versus the $772.87 million estimate, and fourth-quarter revenue between $760 million and $800 million versus the $774.71 million estimate.

In its shareholder letter, the company stated, "We continue to expect the luxury housing market and broader economy to remain challenging throughout fiscal 2023 and into next year as mortgage rates continue to trend at 20-year highs and the current outlook is for rates to remain unchanged until the second quarter of 2024."

Related Link: Why ASML Stock Is Falling Today

RH Price Action: Shares of RH were down 9.37% at $334.60 in the after-hours session at the time of publication, according to Benzinga Pro.

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