RH Stock Slumps After Cutting 2022 Sales Forecast As Consumer Demand Wanes

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The Street

By Martin Baccardax “With mortgage rates double last year’s levels … our expectation is that demand will continue to slow throughout the year,” said CEO Gary Friedman RH (RH) – Get RH Report shares slumped lower Thursday after the high-end furniture chain slashed its full-year sales forecast amid what it called a “deteriorating macro-economic environment.” RH, previously Restoration Hardware prior to its re-listing on the Nasdaq in 2012, said full-year sales would likely fall between 2% and 5% from 2021 levels, down from its prior forecast — which was only published in early June — of a ga…

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