Restoration Hardware is plummeting after reporting an earnings loss and slashing its outlook

Restoration Hardware shares fell as much as 14% in after-hours trading on Wednesday after the company cut its outlook for the year.

The luxury-furnishings retailer lowered its forecast for full-year adjusted earnings per share (EPS) to a range of $1.60 to $1.80, missing analysts' forecast for $2.66 according to Bloomberg.

Its guidance for revenues for the full year also fell short of expectations, as did its second-quarter projections.

For the first quarter, the company reported an earnings loss of $0.05 per share, missing the expectation for a gain of five cents.

"Our near term business performance is being pressured by the continued headwinds in the markets impacted by energy and currency, as well as a general slowdown in the luxury consumer market," said Gary Friedman, Restoration Hardware CEO, in the earnings statement.

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