Retail
RH Slides After Second Forecast Cut in Weeks on Sour Economy
- Retailer blames slump on interest rates, housing market
- CEO has made waves with dire warnings about consumer demand
A Restoration Hardware store in New York.
Photographer: Michael Nagle/Bloomberg
High-end furniture retailer RH slumped after slashing its forecast for the second time in less than a month, blaming soaring mortgage rates and shrinking sales of luxury homes.
The shares sank 8% at 9:34 a.m. Thursday in New York. The stock has now fallen 56% so far this year.