‘Oh Sh-t’: RH Chief Is Shocked as Tariffs Drag Down Stock 44%

“Oh sh-t.” That was RHChief Executive Officer Gary Friedman’sreaction to what was happening to the luxury furniture maker’s stock price on Wednesday evening.

Donald Trump had just announced plans for an avalanche of new tariffs on goods from around the world, but Friedman was discussing RH’s earnings on a call with analysts, seemingly unaware of the scale of the market chaos the US president had unleashed.

He was trying to persuade investors that the retailer — which operates the Restoration Hardware chain — was “well-positioned,” when he looked at the company’s share price. “I guess the stock went ...