Now Public, Restoration Hardware Ready to Expand
Home & Textiles Today Staff -- Home Textiles Today, December 26, 2012
CORTE MADERA, CALIF. - As Restoration Hardware reported third quarter earnings last week, it also announced the introduction of three new businesses this spring: RH Tableware, which includes linens; RH Objects of Curiosity; and RH Fine Art.
RH Tableware and RH Objects of Curiosity will launch their own catalogs, with planned in-home dates in the first quarter of 2013. RH Fine Art will launch with an Art Journal, a website, and an art gallery in New York during the first half of 2013.
Some items from the new nameplates will also be featured in the retailer's exiting formats, the company said.
Restoration Hardware is currently transforming its legacy mall real estate into new full line Design Galleries in locations such as Boston, Indianapolis, Greenwich and Atlanta and is eyeing locations in other markets.
The company went public last month.
Net income for the third quarter ended Oct. 27 soared 147% to $2.7 million, with earnings per share of 7 cents.
Net revenues increased 22% on top of a 25% revenue increase in the year-ago quarter. Comp sales grew 29% versus 36% comp growth in 2011. Direct sales increased 24% over a 17% increase the prior year.
"This performance, which is consistent with the 22% growth achieved for the year-to-date period, marks our 11th consecutive quarter of double-digit revenue growth," said ceo Carlos Alberini.
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