RH (NYSE:RH) shares are sliding in Wednesday's after-hours session after the company updated its fiscal 2022 outlook.
"The deteriorating macro-economic environment has resulted in lower than expected demand since our prior forecast, and we are updating our outlook, particularly for the second half of the year," said Gary Friedman, chairman and CEO of RH.
RH said it expects demand to continue to soften during the remainder of fiscal 2022. As a result, the company now expects full-year revenue to be down 2% to 5%. RH maintained its second-quarter revenue outlook of down 1% to 3%.
The company also noted that it hasn't repurchased any shares since announcing the expansion of its common stock repurchase authorization on June 2.
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RH Price Action: RH has traded between $744.56 and $227.26 over a 52-week period.
The stock was down 5.61% in after hours at $224 at press time, according to data from Benzinga Pro.
Photo: justinedgecreative from Pixabay.
