'Oh Sh*t': Luxury Furniture CEO Reacts To Stock Tanking During Earnings Call
HuffPost
"It's not a secret" that RH, formerly known as Restoration Hardware, sources most of its products from Asia, CEO Gary Friedman told investors.
Gary Friedman, the CEO of luxury furniture retailer RH, had a very unfiltered reaction when he found out during a Wednesday earnings call that his company’s stock had tanked around 25% following President Donald Trump’s hefty tariff announcement.
“Really? Oh shit,” Friedman said on the call when he saw the figures.
“I just looked at the screen. I hadn’t looked at it,” he said. “It got hit when I think the tariff came out, and everybody can see in our 10-K [annual report] where we’re sourcing from, so it’s not a secret.”
Company filings show that RH, formerly known as Restoration Hardware, sources about 70% of its materials from Asia, largely from China and Vietnam, where Trump has levied some of his most aggressive tariffs.
“So you can kind of figure it out and do the math,” Friedman said on the call.
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