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RH, the company formerly known as Restoration Hardware, says it has a plan to avoid losing money during the US-China trade war: Boost prices, renegotiate with suppliers and make furniture outside of China.
The company said its strategy is paying off: The high-end home retailer company reported late Wednesday that it brought in $598 million in revenue last quarter, which was above analysts’ expectations. It also lifted its full-year guidance for the rest of 2019.
In its earnings report, RH said it has “renegotiated product costs and selectively raised prices to mitigate the impact” of the increased tariffs on $250 billion worth of Chinese goods imported to the United States. The Trump administration raised those tariffs to 25% from 10% in May.
RH also said it’s shifting some product development and manufacturing out of China and will consider expanding manufacturing facilities in the United States. The company also said it is looking into building new partnerships that could help it ease the tariff burden.
“Long term, we do not believe the current trade climate will impair our ability to achieve our stated financial goals and the expected impact from the increased tariffs is embedded in our guidance for the year,” RH said in its earnings report.
RH also said its new New York flagship store, which has a fancy rooftop restaurant in addition to selling furniture, is expected to earn more than $100 million in annual revenue.
If the premarket gains hold, the stock will firmly be in the green for the year. It was down 20% year-to-date following Wednesday’s close.
The company said it believes its stock is undervalued, so it is continuing to buy back its stock and pay down debt to entice investors to give its share price a lift.
