Restoration Hardware Slashes Profit, Sales Outlook For 2016

Shares of Restoration Hardware (RH) - Get Report are trading lower on Thursday after cutting its 2016 guidance late Wednesday. The home-furnishing retailer now expects earnings for 2016 to be between $1.60 and $1.80 a share. expectations had been for profits of $2.66 a share for the year. The company also cut its sales guidance for the year. It now expects them to be up just one to three percent, previous estimates had been for low-to-mid-single-digits. Restoration Hardware CEO Gary Friedman pointed to 'macro factors affecting the luxury market' which he expects to accelerate throughout the year. Shares of the company are down about 55 percent so far in 2016.

This article was written by a staff member of TheStreet.