Restoration Hardware sees improving results
Staff Staff -- Home Textiles Today, November 29, 2006
Corte Madera,Calif.– Coming off a third quarter during which it beat analysts’ expectations, Restoration Hardware is “encouraged” by its early holiday trends and expects solid comp increases during the fourth quarter.
During its conference call with analysts today, retail executives forecast a fourth-quarter comp store increase in the high single digits for its stores and revenue increases in its direct-to-customer division of 50% to 60%.
Net loss per share for the quarter ended Oct. 28 widened to 15 cents from a loss of 11 cents in last year’s period. Sales rose 22% to $157.1 million, with comps up 3.9%. Sales were boosted by the launch of two new catalogs – the Brocade “fashion brand” and Restoration Hardware Gifts – and higher transaction rates at retail.
During the first quarter of 2007, the company will launch another new book: Restoration Hardware Bed & Bath. “We believe this important expansion will position Restoration Hardware as the authority in these strategically important classifications,” said Gary Friedman, chairman, president and ceo.
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