Restoration Hardware shuffles personnel, reports numbers
August 26, 2005-- Home Textiles Today,
CORTE MADERA, Calif. -- Restoration Hardware’s Patricia McKay, executive vice president and chief financial officer, has resigned, effective Sept. 9.
She plans to join Office Depot, where she had been on the board of directors, in the same capacities. McKay has served as chief financial officer since October 2003.
Murray Jukes, vice president and corporate controller, has been appointed acting chief financial officer until a permanent successor is named. Jukes, who retains his current responsibilities, has more than 16 years of experience. A search for McKay’s permanent replacement has already commenced.
Restoration has also appointed Robert Hamer III as an independent member of its board of directors. Hamer is currently the CEO and chairman of Primitive Logic, a San Francisco-based private technology services firm that provided consulting services to Restoration Hardware from May to August of this year.
On the merchandise front, Restoration has introduced an “our drapery, your style” program in window fabrics like Thai silk, Belgian linen and others to be offered in French pleat, invert pleat and flat panel constructions. In addition, it has reintroduced its “our sofa, your style” program featuring 55 custom fabrics and eight leather selections. A new one-to-two-week in-stock upholstery delivery is now available in all major markets.
The company reported a loss of $2.5 million compared with a loss of $1.9 million last year. Net revenue for its second quarter increased 20 percent, to $144.8 million from $120.9 million last year. Comps increased 5.6 percent on top of a 9.4 percent increase during the second quarter a year ago.
For the six months ended July 30, net revenue was up 19 percent, to $262.2 million. Comps for the period were up 5.3 percent.
For the third quarter, Restoration is calling for comps to increase in the mid single digits, but predicts a loss per share of between 3 and 5 cents.
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