RH

$RH(RH.US) missed on 2Q Revs ($899M vs $905M est) and Adj EPS ($2.93 vs $3.22 est) and guided to lower 3Q revs (+8-10% YoY vs +11% est) and FY’26 revs (+9-11% YoY growth vs prior est of +10-13% YoY growth). Remarkably, RH is down just -3% AH, perhaps because mgmt blamed the FY Rev guidance cut on new tariffs that caused a seasonal catalogue to be delayed by 8 weeks so the company could finalize pricing, which will cause $40M in revs to be pushed to next year. We expect $RH(RH.US) stock to trend lower after the earnings call, which begins at 5pm ET. No position.