Restoration Hardware Holdings, Inc. (NYSE: RH) today announced financial results for the third quarter of fiscal year 2012 ended October 27, 2012.
Third Quarter Highlights
- Net revenues increased 22% on top of a 25% revenue increase last year
- Comparable store sales grew 29% on top of 36% comp growth last year
- Direct sales increased 24% on top of a 17% increase in direct sales last year
- Adjusted net income increased 147% to $2.7 million; GAAP net income increased to $1.7 million
- Adjusted earnings per diluted share of $0.07
Carlos Alberini, Chief Executive Officer, said, “We are very pleased with our third quarter financial results, as we delivered a 22% revenue increase on top of the 25% increase a year ago. This performance, which is consistent with the 22% growth achieved for the year-to-date period, marks our 11th consecutive quarter of double-digit revenue growth. During the period, we also drove significant earnings growth, contributing to a 95% increase in adjusted net income year-to-date. As we look forward, we remain focused on the execution of our growth initiatives, including the transformation of our real estate and the expansion of our offering.”
“We are in the very early stages of transforming our legacy mall real estate into our new full line Design Gallery concept. Our Los Angeles and Houston full line Design Galleries continue to perform ahead of our expectations. After delivering great market growth during the first year, these Galleries continue to deliver double-digit comp growth. Further, our new full line Design Gallery in Scottsdale has also delivered market growth ahead of plan since its November opening. We plan to open new full line Design Galleries in Boston, Indianapolis, Greenwich and Atlanta and are actively pursuing locations in several other key markets,” continued Mr. Alberini.