High End Customer Weakness in Core Categories Tempers No-Moat RH's 2019 Outlook
Pointing to equity market volatility and weakness in the high end housing market, no-moat RH lowered its 2019 top and bottom line outlooks materially, sending shares tumbling. The firm now anticipates 3%-5% sales growth and earnings per share of $8.41-$9.08 in 2019, versus its preliminary, prior forecast calling for about 10% sales growth and $9.30-$10.70 in EPS (representing a 6% haircut in sales and 13% haircut in EPS at the midpoint). We plan to moderate our previous forecast which included s...RH is a holding company. Together with its subsidiaries, the company is a retailer in the home furnishings marketplace. The company provides merchandise assortments across a number of categories, including furniture, lighting, textiles, bathware, decor, outdoor and garden, and child and teen furnishings. The company positions its Galleries as showrooms for its brand, while its Source Books and websites act as virtual extensions of its stores. The company's business is integrated across its various channels of distribution, consisting of its stores, Source Books, and websites. The company operates its retail Galleries throughout the U.S. and Canada, and its Waterworks showrooms throughout the U.S. and in the U.K.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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