Gary Friedman, the CEO of fancy furniture retailer Restoration Hardware, was recorded saying "Oh shit" after someone showed him the company's collapsing stock price. It's not clear what the exact number was he was but at time time I checked it was 44% down. The company's items are made abroad and will be hit hard by the Trump tariffs.
"Oh, sh–. OK. … I just looked at the screen. I hadn't looked at it. It got hit when I think the tariffs came out. And everybody can see in our 10-K where we're sourcing from, so it's not a secret, and we're not trying to disguise it by putting everything in an Asia bucket."
Worse, that's just today. The stock was already down sharply from its new year high. Cumulatively, it's down about two thirds, from $447 to $149. Comically, he's a Trump supporter.
Notably, Trump slapped levies of 46% on Vietnam and 32% on Taiwan. China's true tariff rate rose to 54% following the new increases unveiled during the White House announcement. "Anybody of scale in the home business has a high percentage of their content coming out of Asia," he said. "Anybody who says they don't, that would just shock me."
Other big losers today include apparel retailer group V.F. Corporation, down 28%, online furniture retailer Wayfair, down 26%, teen-oriented junk importer Five Under, down 25%, and household gadget company SharkNinja, down 20%.
Previously: Trump Media stock also back in the toilet
