RH Announces Chairman & CEO Gary Friedman Purchased $10 Million of RH Stock in the Open Market
RH announced today that Chairman & CEO Gary Friedman completed the purchase of $10 million of RH stock at an average price per share of $216.10 representing 46,274 shares.
With this purchase, Mr. Friedman beneficially owns as of June 26, 2024, 5,051,337 shares, or 25.1% of the outstanding shares of RH common stock, based on 18,445,222 shares outstanding as of June 7, 2024, as reported in RH's first quarter fiscal 2024 Form 10-Q. This represents an increase in Mr. Friedman's beneficial ownership by 0.2%. Mr. Friedman's beneficial ownership is determined for these purposes in accordance with the rules and regulations of the SEC and includes 1,700,000 shares of common stock issuable upon the exercise of options that were exercisable within 60 days of June 26, 2024. As of June 26, 2024, 583,334 of these options were subject to selling restrictions.
ABOUT RH
RH (NYSE:RH) is a curator of design, taste and style in the luxury lifestyle market. The company offers collections through its retail galleries, sourcebooks and online at RH.com, RHContemporary.com, RHModern.com, RHBabyandChild.com, RHTEEN.com, and Waterworks.com
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, those relating to purchases of our common stock by our Chairman & CEO and any assumptions or implications of such statements, such as that our common stock may be undervalued. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. We cannot assure you that future developments affecting us will be those that we have anticipated. Important risks and uncertainties that could cause actual results to differ materially from our expectations include, among others, risks related to civil unrest; risks related to general economic conditions and the housing market as well as the impact of economic conditions on consumer confidence and spending; changes in customer demand for our products; our ability to anticipate consumer preferences and buying trends; consumer spending based on weather and other conditions beyond our control; risks related to the number of new business initiatives we are undertaking; our ability to obtain our products in a timely fashion or in the quantities required; risks related to our sourcing and supply chain including our dependence on imported products produced by foreign manufacturers and risks related to importation of such products, as well as those risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in RH's most recent Form 10-K and Forms 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on our investor relations website at ir.rh.com and on the SEC website at www.sec.gov. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
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