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RH expects sales to slow as consumers pull back on spending

Yahoo Finance Live anchors discuss RH stock performance.

Video Transcript

JULIE HYMAN: Some more individual stocks that we are watching includes RH, Restoration Hardware. And I see you laughing.

BRIAN SOZZI: I always giggle at RH's earnings. It just seems-- they're a retailers but a retailer operating on their own island somewhere. So look, the quarter continued to be under pressure. Company CEO Gary Freeman warned that this was going to happen a couple of months ago, consumers pulling back on high-end purchases, pulling back on home furnishings.

Company out here saying the third quarter revenue will fall 15% to 18%, overall sales down 3 and 1/2 to 5.5% for the full year. But Julie I can't--

This is just a company that does things so different. So if you search or keyword search their earnings release for Gulfstream, you will go down. And you will see that they are launching a new Gulfstream aircraft, the G650 and the G550, that one can charter later this year. They're also coming out with--

JULIE HYMAN: Wait. They're building a plane, or they do like the furnishings inside the plane?

BRIAN SOZZI: You will see the liftoff of the RH1 and RH2 are customized Gulfstream Jets that will be available for chater.

JULIE HYMAN: Ah, so they don't build the jet, but they customize and make it nice.

BRIAN SOZZI: Yes. And to that end, they're also launching a luxury yacht. That will be available for charter in the Mediterranean and Caribbean, where the wealthy and affluent visit and vacation. That's not my words. That's their words. But a really just strange earnings release. Bottom line, home furnishings are under pressure.