RH Expects No Impact to Results From New China Tariffs
August 01 2019 - 4:12PM
Business Wire
RH (NYSE:RH) announced today that it expects no impact to Fiscal
2019 or Fiscal 2020 financial results from the tariffs imposed on
new product categories imported from China effective September 1,
2019.
The impacted product categories represent less than 1% of total
inventory receipts for fiscal 2019 and less than 2% of anticipated
total inventory receipts for fiscal 2020.
The Company expects that any impact from this minimal percentage
of inventory receipts and revenues will be offset by vendor price
reductions and product price increases.
Additionally, since the vast majority of the impacted product
categories are textile based, we have multiple sourcing
alternatives outside of China that the Company has been
evaluating.
ABOUT RH
RH (NYSE: RH) is a curator of design, taste and style in the
luxury lifestyle market. The Company offers its collections through
its retail galleries across North America, the Company’s multiple
Source Books, and online at RH.com, RHModern.com,
RHBabyandChild.com, RHTeen.com and Waterworks.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the
meaning of the federal securities laws, including without
limitation, statements regarding the anticipated impact of tariffs
on our fiscal 2019 and fiscal 2020 financial performance and any
statements or assumptions underlying any of the foregoing.
You can identify forward-looking statements by the fact that
they do not relate strictly to historical or current facts. These
statements may include words such as “anticipate,” “estimate,”
“expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,”
“should,” “likely” and other words and terms of similar meaning in
connection with any discussion of the timing or nature of future
events. We cannot assure you that future developments affecting us
will be those that we have anticipated. Important risks and
uncertainties that could cause actual results to differ materially
from our expectations include, among others, risks related to our
dependence on key personnel and any changes in our ability to
retain key personnel; successful implementation of our growth
strategy; risks related to the number of new business initiatives
we are undertaking; successful implementation of our growth
strategy including our real estate transformation and the number of
new gallery locations that we seek to open and the timing of
openings; uncertainties in the current performance of our business
including a range of risks related to our operations as well as
external economic factors; general economic conditions and the
housing market as well as the impact of economic conditions on
consumer confidence and spending; changes in customer demand for
our products; our ability to anticipate consumer preferences and
buying trends, and maintaining our brand promise to customers;
risks related to the number of new business initiatives we are
undertaking; strikes and work stoppages affecting port workers and
other industries involved in the transportation of our products;
our ability to obtain our products in a timely fashion or in the
quantities required; our ability to employ reasonable and
appropriate security measures to protect personal information that
we collect; our ability to support our growth with appropriate
information technology systems; risks related to our sourcing and
supply chain including our dependence on imported products produced
by foreign manufacturers and risks related to importation of such
products including risks related to tariffs, the countermeasures
and mitigation steps that we adopt in response to tariffs and other
similar issues, as well as those risks and uncertainties disclosed
under the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in RH’s most recent Form 10-K and Form 10-Q filed with
the Securities and Exchange Commission, and similar disclosures in
subsequent reports filed with the SEC, which are available on our
investor relations website at ir.rh.com and on the SEC website at
www.sec.gov. Any forward-looking statement made by us in this press
release speaks only as of the date on which we make it. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20190801006047/en/
Allison Malkin 203-682-8225 allison.malkin@icrinc.com
RH (NYSE:RH)
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