Restoration Hardware 1Q Sales Fall 2.5%
Same-store net sales decreased 16.2 percent. The cataloger had said in March that there would be a same-store net-sales decrease of 15 percent to 18 percent. The company, however, saw a net-sales increase of 49.8 percent in its direct-to-consumer division from the year-ago quarter.
CEO Gary Friedman said the company is in the midst of a transition, focused on repositioning merchandise assortment, closing underperforming stores and investing in the growth of its direct marketing division. During the first quarter, the company opened a store in Santa Clara, CA, and closed its Soho location in New York. The company plans to close two more stores this month in Illinois and Tennessee.