Restoration Hardware 1Q Sales Fall 2.5%
First-quarter net sales for Restoration Hardware Inc., Corte Madera, CA, decreased 2.5 percent to $67.9 million, compared with $69.7 million in the year-ago period, the company said.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.
