Shares of RH (RH) sank Friday, a day after the upscale home furni🦩shings retailer posted a bigger-than-expected loss and gave soft guida🅠nce 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官方开奖结果体彩网: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 remain challenging until inte❀rest rates ease and the housing market begins to rebound.”

He explained thಌat may take some time, since the Federal Reserve’s efforts to fight inflation “will continue to weigh on the housing🃏 market through the second half of 2024 and possibly into 2025.”

However, Friedman said that RH believ༺es demand trends will accelerate through⛎out this year.

♒The company predicts current-quarter sales gr𝐆owth in a range of 3% to 4%, short of forecasts. It reiterated its outlook of full-year revenue 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.