May 22, 2003
Restoration Hardware Q1 Net Sales Up 18 Percent
Restoration Hardware Inc., Corte Madera, CA, posted net sales during the first quarter of $81.8 million, representing an 18 percent increase compared to $69.4 million in the same period last year. Comparable store sales in the first quarter increased 11.9 percent as direct-to-customer sales, which include catalog and Internet, jumped 72 percent to $11.3 million in the first quarter.
Operating loss for the quarter amounted to $8.1 million compared with an operating loss of $16.6 million for the first quarter a year ago. The prior-year results included $4 million of one-time additional income tax benefits as a result of the economic stimulus bill enacted March 9, 2002, the company said.