RH RH, +9.30% the home furnishings retailer formerly known as Restoration Hardware, announced a share buyback program of up to $700 million on Thursday. “We continue to believe our shares are undervalued and this new repurchase program reflects our confidence in the outlook for our business and continued improvements in our operating model,” said Gary Friedman, the company’s chief executive, in a statement. RH shares have rallied 25% for the year to date while the S&P 500 index SPX, +0.21% has grown 4.2% for the period.

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