Why RH Stock Skyrocketed Today
Shares of Restoration Hardware parent RH (NYSE: RH) skyrocketed today, closing 17% higher, after CEO Gary Friedman released an annual letter to shareholders. Friedman expressed optimism that the company would emerge from the COVID-19 pandemic stronger and more profitable.
In April, RH took steps to cut costs in response to the pandemic, including furloughing 2,300 employees, laying off another 440 workers, and cutting executive salaries. Those actions are expected to yield $130 million to $150 million in savings this fiscal year.
Image source: RH.
Source Fool.com
