Global furnishings retailer posts Q1 loss

Global home furnishings company RH has reported a higher-than-expected loss during the first quarter.

According to its latest Q1 trading update, RH said sales fell to $726.9m, down from $739.2m against the same time last year.

Net losses stood at $3.6m, significantly lower that is profit of $41.9m year-on-year.

RH added that it expects sales to grow 3-4% for Q2, while remaining firm on its full year forecast of revenue growth between 8-10%.

The business said it expects demand to improve due to the launch of new luxury furniture selections. RH also has plans to open new stores in the US as well as in Europe, Australia and the Middle East in the years ahead.

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