California-based luxury home goods retailer Restoration Hardware (RH) was among the biggest losers in Thursday’s stock market rout. As of 2 p.m. Eastern Tuesday, the stock was down more than 39 percent, after being off as much as 44 percent in mid-morning trading.

Gary Friedman, chief executive of Restoration Hardware, was unusually frank in the company’s quarterly earnings call on Thursday. The transcript reveals the moment he saw its decimated stock price:

“I guess the stock was down based on some of the numbers we reported and then it got killed because of — really, [Oh sh—t], OK. I just looked at the screen. I hadn’t looked at it,” Friedman said of the stock, adding that he thinks the tariffs whacked it.

“It got hit when I think the tariffs came out,” Friedman said, adding that many of their goods come from Asia which has been heavily tariffed.

Still, the company’s earnings report didn’t help. Restoration Hardware reported adjusted earnings of $1.58 a share, while analysts polled by FactSet (FDS) had predicted adjusted earnings of $1.92 a share

Despite the bloodbath in the stock market and blaming tariffs, Friedman praised the Trump administration.

“I think we’ve got a very smart administration negotiating at a level we haven’t seen any administration, at least in our lifetimes, negotiate. I think it’s not a time — like I say to our team, it’s a don’t move until you see it. Take your time. This is a chess game, not a checker chain,” Friedman said.

He said the company is well stocked with in-the-warehouse furniture to withstand some uncertainty in the supply chain.

“I’m really happy about the inventory position we’re in because I think we can really cut back on receipts until we have clarity,” Friedman said.

Restoration Hardware operates 111 stores in 30 states.

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