RH Stock Plummets 14% as Housing Freeze Damps Earnings and Outlook
• RH stock sinks 14% on weak earnings and guidance citing a "frozen" housing market where homeowners are not selling due to low mortgage rates • RH reports first earnings miss in 7 quarters with surprise loss of $0.12 per share • Company pins blame on lack of housing turnover and more promotional home furnishings market • RH postpones new catalog release to Q1 2024 due to market conditions • Company remains hopeful Fed rate cuts in 2023 will restore housing demand and company prospects