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Restoration Hardware Holdings, Inc. Reports Record First Quarter Fiscal 2013 Financial Results

Stocks in this article: RH

Restoration Hardware Holdings, Inc. (NYSE: RH) today announced financial results for the first quarter ended May 4, 2013.

First Quarter Highlights

  • Net revenues increased 38% on top of an 18% increase for the same period last year
    • Comparable store sales increased 41% on top of 26% growth for the same period last year
    • Direct revenues increased 38% on top of a 20% increase for the same period last year
  • Adjusted operating income increased to $4.6 million from an operating loss of $0.6 million for the same period last year; GAAP operating income of $0.5 million from an operating loss of $2.1 million for the same period last year
  • Adjusted net income increased to $2.3 million from a net loss of $1.3 million for the same period last year; GAAP net loss of $0.2 million from a net loss of $3.7 million for the same period last year
  • Adjusted diluted earnings per share reached $0.06; GAAP diluted earnings per share of $0.00

Carlos Alberini, Chief Executive Officer, said, “We are extremely pleased with our first quarter performance and financial results. During the period, we delivered an increase in net revenues of 38%, comp store sales growth of 41%, and a significant improvement in profitability as we continued to invest in our infrastructure and new businesses to support our growth.”

Mr. Alberini commented, “We are receiving overwhelming support and interest from the landlord community, with offers for leases with more favorable terms that are typically available only to anchor tenants in several of the most prestigious shopping centers in North America. We believe that over time, these new deals will enable us to deliver higher sales and increased earnings, reduce our capital investment, and achieve higher ROIC. We now see opportunities to have Full Line Design Galleries in more than the approximately 50 markets we previously identified and are currently in lease discussions for over 30 locations in North America, including New York, Chicago, Miami, Denver, Nashville, New Orleans and San Diego, among many others.”

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