Restoration Hardware achieves 22% holiday-season revenue gain
By Furniture Today Staff -- Furniture Today, January 14, 2007
Corte Madera, Calif. — Specialty retailer Restoration Hardware reported a 22% revenue gain and a 10.3% same-store sales jump for the nine-week holiday period ended Dec. 30, despite what its top executive called a challenging environment for home furnishings.
Chairman, President and CEO Gary Friedman said growth was strong in both the company's store and direct-to-consumer segments.
"Our fourth-quarter earnings will be up significantly (from) last year despite lower-than-anticipated margins due to a challenging and highly promotional holiday season for home furnishings retailers," he said. "We are currently projecting EPS toward the lower end of our prior guidance for the quarter, given the margin pressure we have experienced."
Restoration had projected earnings of 34 to 44 cents per share in the fourth quarter, compared with a loss of 52 cents in the same period a year earlier.
"We expect the home furnishings environment to remain challenging in 2007, but we are cautiously optimistic about our ability to continue driving profitable (market) share growth," said Friedman.
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