Shares of RH (RH) sank Friday, a day after the upsca♓le homeꦚ furnishings retailer posted a bigger-than-expected loss and gave soft guidance as the tight housing market squeezed demand.

The company formerly known as Restoration Hardware reported an adjusted first-quarter loss of $0.40 per share, wider than estimates. Revenue fell 1.7% year-over-year to $727.0 million, although that beat expectations. 

RH CEO Calls It 'Most Challenging Housing Market in Three Decades'

澳洲幸运5开奖号码历史查询:Chief Executive Officer (CEO) Gary Friedman wrote in a letter to shareholders that the company faced “the💝 most challenging housing market in three decades,” and that it anticipates “business conditions to rem𒀰ain challenging until interest rates ease and the housing market begins to rebound.”

He expl🌱ained that may take some time, since the Federal Reserve’s efforts to fight inflation “will continue to weigh on the h🐷ousing market through the second half of 2024 and possibly into 2025.”

However, Friedman said that RH believes demand trends will accelerate throughout this year.﷽

The company predicts current-quarter sales growth in a range of 3% to 4%, short of forecasts. It reiterated its outlook of full-year revenu🦩e to increase by 8% to 10%🌳. 

RH shares tumbled more than 16% as of 10 a.m. ET Friday to $231.34, their lowest level in seven months.