Restoration Hardware's Third Quarter Net Sales Dip 5.4 Percent
Restoration Hardware had net sales of $76.6 million for the third quarter, a 5.4 percent decline from $81 million for the same period last year, the company said yesterday.Comparable-store sales for the quarter that ended Nov. 3 fell 8.8 percent from the year-ago period.
Corte Madera, CA-based Restoration Hardware operates 104 retail stores in North America.
Sales in the direct-to-customer division, which includes catalog and Web sales, skyrocketed 32.4 percent for the quarter compared with last year.
Revenue for the quarter was hurt by the Sept. 11 terrorist attacks against the United States, the company said. However, sales improved each week last month as merchandise margins normalized. By the end of October, the company had marked down and sold about 85 percent of its 3,000 discontinued SKUs.
