Restoration Hardware readies IPO
David Perry -- Furniture Today, September 12, 2011
Corte Madera, Calif. - Restoration Hardware has been a private company since its acquisition by private equity firm Catterton Partners in November 2008, but its recent filing for an initial public offering has offered a glimpse into the stake of its financials.
The high-end home furnishings chain hopes to raise up to $150 million through the IPO.
According to its filing with the Securities and Exchange Commission, Restoration Hardware earned $1.1 million in net income on sales of $420 million during the six months ended July 30 of this year.
That compared to a net loss of $11.3 million on sales of $331 million in the six month period ended July 31, 2010.
Fiscal year figures show Restoration Hardware narrowing its net loss to $8.1 million for the year ended Jan. 29, 20011 from a net loss of $27.8 million for the fiscal year ended Jan. 31, 2009.
Revenues during the same period rose to $722.8 million for the fiscal year ended this past January from just under $500 million for the fiscal year ended Jan. 2009.
The filing also reported that the company shut down its Shanghai souring operation this past April, moving those functions into its West Coast headquarters. Earlier this summer, according to the filing, Restoration Hardware closed four retail stores in advance of their lease termination dates.
In its filing, Restoration Hardware said it intends to use proceeds from the IPO to pay down debt and fund general operations.
No date for the public offering was provided.
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