Restoration Hardware to Restate Results

Share this content:
Restoration Hardware Inc. issued financial results yesterday for the quarter and year ending Feb. 2 and said that it will restate financial results for the first three quarters of fiscal 2001 as well as fiscal 2000.


The Corte Madera, CA, company gave the SEC information showing the effects of the recognition of furniture revenue at the time of shipment as opposed to the time of delivery to the customer. It had been recognizing furniture revenue at the time of shipment, but the company determined that the proper way to account for these sales is at the time of delivery.


After completion of the restatement analysis, amounts for the current quarter are not expected to vary by more than $800,000 for sales and $250,000 for net income, while totals for the current year are not expected to vary by more than $3.5 million for sales and $700,000 for net income.


Net sales were $144.3 million in the 13-week fourth quarter of fiscal 2001 compared with $144.5 million in the 14-week fourth quarter of 2000. Direct-to-customer sales -- including catalog and Internet -- skyrocketed 46.9 percent to $14.1 million from $9.6 million.


Net sales in the 52-week fiscal year 2001 totaled $365.8 million compared with $367.3 million for the 53-week 2000 fiscal year. Direct-to-customer sales rose 50 percent to $33.9 million from $22.6 million.


For the 13 weeks ended Feb. 2, the company incurred a net loss to common shareholders of $12.8 million, down from net income of $9.5 million the previous year. For the 52 weeks ended Feb. 2, the company incurred a net loss to common shareholders of $36.9 million, compared with a net loss of $3.4 million.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here