Restoration Hardware Has Profitable Quarter, Launches Gift Book
Restoration Hardware Inc. reported Aug. 28 that net revenue for the second quarter ended July 29 increased 24 percent to $179.3 million. Same-store sales rose 4.3 percent during the same period.
The Corte Madera, CA-based merchant's direct-to-consumer revenue increased 58 percent to $67.9 million as well.
Net income for the second quarter was $0.2 million. In the same period last year, the company reported a net loss of $2.5 million. Diluted net income per share in the second quarter was $0.01 compared to a net loss per share of $0.07 last year.
This is the first time in the company's history that it was profitable outside of the fourth quarter, according to a statement.
Following the recent announcement that it would launch a new catalog title, Brocade Home, in September, Restoration Hardware also said that it would introduce a second title this holiday season, the Restoration Hardware Gift Catalog. It will offer a unique assortment, fresh merchandising approach and a supporting Web site, according to the company.