RH cuts FY2022 guidance: expects net revenue decline of 2-5%, adjusted operating margin 21-22%

2022-Q1 EPS reported $12.16 revenue$957,292,000

FY2022 net revenue growth guidance revised to (2%) to (5%) vs. prior; adjusted operating margin forecast 21.0%-22.0%.
Q2 net revenue growth expected (1%) to (3%); adjusted operating margin 23.0%-23.5% unchanged from prior.
CEO cites deteriorating macro: mortgage rates double, luxury home sales down 18% in Q1, demand expected to slow.
No share repurchases executed since stock buyback authorization expansion on June 2, 2022.

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