‘Oh sh * t’: the CEO of luxury furniture reacts to tanking in stock during the call for profits

Gary Friedman, the CEO of the HR luxury furniture retailer, had a very unresolved reaction when he discovered during a call for results on Wednesday according to which the actions of his company had sang approximately 25% after the announcement of the heavy rate of President Donald Trump.

“Really? Oh shit,” said Friedman during the call when he saw the figures.

“I just watched the screen. I hadn’t watched it,” he said. “It was touched when I think the price is out, and everyone can see in our 10-K (annual report) from where we happen, so it’s not a secret.”

The company’s deposits show that HR, formerly known as catering equipment, sources about 70% of its Asian materials, largely from China and Vietnam, where Trump has taken some of its most aggressive tariffs.

“You can therefore understand it and do the calculation,” said Friedman during the call.

Trump slapped an additional 34% rate in China in addition to the 20% he imposed earlier this year. He also struck Vietnam with a price of 46%.

Thursday morning, HR shares have dropped by more than 40%.

Friedman said the impact should be felt in the furniture and home products industry.

“Any scale of the scale in the home sector has a high percentage of its content that comes out of Asia,” he said. “Whoever said no, it would shock me.”

Wayfair, the home electronic market giant for the budget, saw its stock of stock 28% on Thursday. Williams-Sonoma, which sells furniture and kitchen utensils on its brands, saw the stock drop by 16% and the Arhaus furniture retailer saw its stock drop by around 20%.

The day after the announcement of Trump’s price, which revealed much heavier sanctions on imports than expected, the US markets have seen their most steep drop over two years old. Until now, the main stock market indices have dropped to 5.6% and the shares have lost approximately 2.7 billions of dollars of market value.