PHILADELPHIA — In a filing with the SEC, institutional investor Janney Montgomery Scott revealed that it unloaded around 90% of its shares in Top 100 retailer RH, according to a report from BestStocks.com.
The report notes that in the first quarter, JMS sold 90.7% of its holdings in the Corte Madera-based retailer in the first quarter, going from owning 29,700 shares of RH to 3,051 shares.
In May, about a week before RH filed its first quarter earnings report, Berkshire Hathaway sold all its 2.36 million shares in the company.
In that most recent earnings report, RH posted net revenues of $739.162 million, down 22.79% from $957.292 million over the same period in 2022. Net income for the quarter came in at $41.890 million or $1.76 per diluted share, a drop of 79.13% from 2022’s $200.711 million, or $7.22 per diluted share.
RH is expected to report Q2 earnings later in August or in early September.