(Bloomberg) -- High-end furniture retailer RH slumped in extended trading after slashing its forecast for the second time in less than a month, blaming soaring mortgage rates and shrinking sales of luxury homes.

The shares tumbled as much as 8.1% after markets closed in New York. The stock had already fallen 56% this year through Wednesday’s close.

Chief Executive Officer Gary Friedman’s propensity for dire commentary about the US economy has attracted the attention of investors over the past couple of quarters. In the latest statement, he says the company expects “demand will continue to slow throughout the year.”

Sales for the year ending in January are now forecast to drop as much as 5%, RH said. Just four weeks ago, the retailer predicted revenue for the fiscal year would be flat to up 2%. With about a month to go in the second quarter, the company left its outlook unchanged for the current period, suggesting the brunt of the slowdown will be felt later in 2022.

RH, based in Corte Madera, California, also said it has yet to repurchase any shares since announcing a $2 billion buyback authorization on June 2.

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