Tags: Restoration | Hardware | Shares | Sales

Restoration Hardware Shares Fall on Reduced Sales Forecast

Wednesday, 10 Sep 2014 07:57 PM

Shares of Restoration Hardware Holdings Inc., a seller of high-end home furnishings, fell in late trading Wednesday after the company lowered its annual revenue forecast.

Sales will be $1.85 billion to $1.87 billion in the fiscal year ending Jan. 31, the Corte Madera, California-based company said in a statement. Restoration Hardware had previously predicted as much as $1.89 billion.

The company mailed out its source books — massive catalogs of its furniture and housewares — seven weeks later than last year, hurting sales in the second quarter, Chief Executive Officer Gary Friedman said in the statement. Still, the company has seen business accelerate during the second half, he said.

“Being in the retail business is like being at war — you need to have a solid strategy that is constantly evolving,” Friedman said on a conference call. “No matter what your plan or forecast is, it is some degree of wrong and what matters is how quickly you improvise, adapt and overcome. That is what I believe we are very good at.”

At about 8 p.m. in New York, Restoration Hardware shares were down 4.8 percent at $78.15, after trading as low as $73. The stock had climbed 22 percent to $82.05 this year through Wednesday’s New York close.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Companies
Shares of Restoration Hardware Holdings Inc., a seller of high-end home furnishings, fell in late trading Wednesday after the company lowered its annual revenue forecast.
Restoration, Hardware, Shares, Sales
206
2014-57-10
Wednesday, 10 Sep 2014 07:57 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved