Restoration Hardware now projects much greater losses
Specialty retailer blames weak home furnishings and housing markets
By Furniture Today Staff -- Furniture Today, August 9, 2007
CORTE MADERA, Calif. — Specialty retailer Restoration Hardware said the net loss in its second quarter will be much greater than expected due to continued weakness in the home furnishings and housing markets.
The chain, which earlier projected a loss of 6 cents to 12 cents per share, now says the loss will be 19 cents to 21 cents.
Sales for the quarter should be $183 million to $185 million. That’s down from a range of $195 million to $199 million that was projected in May. In last year’s second quarter, sales totaled $179 million.
The company’s second quarter ended Aug. 4, but results for the period won’t be reported until Aug. 30.
“The challenging home furnishings environment and weakness in the home building sector continue to pressure our business,” said President and CEO Gary Friedman. “Despite these difficulties, the growth and infrastructure investments we made in the first half of 2007 should provide a catalyst for earnings improvements in the third and fourth quarters of this year.”
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