Restoration Hardware Reports First Year in the Black Since Going Public
Restoration Hardware said yesterday that net revenue for the fiscal year ended Jan. 29 totaled $526 million, a 20 percent increase compared with a year ago. Annual comparable-store sales gained 7.8 percent.The Corte Madeira, CA-based multichannel marketer of items for the home also reported that annual direct-to-consumer sales skyrocketed 75 percent to $119 million.
"We are pleased to report our first full year of profitability since 1998, the year in which the company went public," president/CEO Gary Friedman said in a statement.
For the fourth quarter ended Jan. 29, Restoration Hardware said its net revenue totaled $188 million, a 14 percent gain over last year. Comparable-store sales rose 5.7 percent in the period while DTC sales climbed 51 percent to $40 million.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters
