Housing Market Will Get Worse Before Better, Says Restoration Hardware CEO
Corte Madera, CA, December 23, 2022-Restoration Hardware’s revenues dropped 14% in 2021, reports Unity Marketing. Restoration Hardware is a home furnishings retailer.
The company’s CEO, Gary Friedman, “predicts fiscal 2022 will end with revenue down between 3.5% to 4.5%, Friedman expects things to get worse before they get better.
“‘As noted in our previous shareholder letter, we expect our business trends will continue to deteriorate as a result of accelerating weakness in the housing market over the next several quarters and possibly longer due to the Federal Reserve’s anticipated monetary policy,’ he said.
And he added, ‘We expect the next several quarters to pose a short-term challenge as we cycle the extraordinary growth from the Covid-driven spending shift and shedding less valuable marketshare.’
“No matter how far and fast the housing market declines next year-“From the housing point of view, there is no soft landing. We’re way beyond the soft landing. It’s looking more like a crash landing in the housing market. It’s looking like 2008, 2009.”-RH will push ahead introducing more new products than ever in its history, most notably RH Contemporary, which will triple in size next year.”