Why RH Stock Soared Over 20% Today
Consumers may be struggling on some levels, but it looks like they're not cutting back on luxury furniture. RH (NYSE: RH), formerly known as Restoration Hardware, just reported its fiscal second-quarter results that indicated demand is strong and accelerating.
That report has the stock soaring Friday morning. Shares were up by 22.8% as of 11:15 a.m. ET, and that brought the stock's return positive for the year.
RH management has been saying that sales of its luxury brand furnishings were approaching an inflection point with consumers. The company, and investors, now see that inflection point becoming a reality.
Source Fool.com
