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

[b] Retail data have been calculated based upon retail stores, which includes our Baby & Child stores, and excludes outlet stores.

[c] Comparable store sales have been calculated based upon retail stores that were open at least fourteen full months as of the end of the reporting period and did not change square footage by more than 20% between periods. If a store is closed for seven days during a month, that month will be excluded from comparable store sales. Comparable store net revenues exclude revenues from outlet stores.

[d] Retail sales per leased selling square foot is calculated by dividing total net revenues for all retail stores, comparable and non-comparable, by the average leased selling square footage for the period.

[e] Leased selling square footage is retail space at our stores used to sell our products. Leased selling square footage excludes backrooms at retail stores used for storage office space or similar matters. Leased selling square footage excludes exterior sales space located outside a store, such as courtyards, gardens and rooftops. Leased selling square footage includes approximately 4,500 square feet related to one owned store location.

[f] The catalogs and catalog pages circulated from period to period do not take into account different page sizes per catalog distributed. Page sizes and page counts vary for different catalog mailings and we sometimes mail different versions of a catalog at the same time. Accordingly, period to period comparisons of catalogs circulated and catalog pages circulated do not take these variations into account.

[g] Direct revenues include sales through our catalogs and websites.

               
RESTORATION HARDWARE HOLDINGS, INC.
RECONCILIATION OF ADJUSTED INCOME STATEMENT ITEMS
(In thousands, except share and per share amounts)
(Unaudited)
 
Three Months Ended
Reported

May 4,

2013

Adjustments Adjusted

May 4,

2013

% of Net Revenues Reported

April 28,

2012

Adjustments Adjusted

April 28,

2012

% of Net Revenues
Net revenues $ 301,337 $ $ 301,337 100.0 % $ 217,914 $ $ 217,914 100.0 %
Cost of goods sold   199,460         199,460   66.2 %   142,646         142,646   65.5 %
Gross profit 101,877 101,877 33.8 % 75,268 75,268 34.5 %
Selling, general and administrative expenses [a]   101,366     (4,090 )   97,276   32.3 %   77,365     (1,464 )   75,901   34.8 %
Income (loss) from operations 511 4,090 4,601 1.5 % (2,097 ) 1,464 (633 ) -0.3 %
Interest expense   (840 )       (840 ) -0.3 %   (1,575 )       (1,575 ) -0.7 %
Income (loss) before income taxes (329 ) 4,090 3,761 1.2 % (3,672 ) 1,464 (2,208 ) -1.0 %
Income tax expense (benefit) [b]   (168 )   1,672     1,504   0.5 %   56     (939 )   (883 ) -0.4 %
Net income (loss) [c] $ (161 ) $ 2,418   $ 2,257   0.7 % $ (3,728 ) $ 2,403   $ (1,325 ) -0.6 %
 
EBITDA [d] $ 7,141 $ 11,231 $ 4,327 $ 6,159
 
Weighted-average shares used in computing basic net income (loss) per share [e] 38,076,026 38,076,026 1,000 36,971,500
Weighted-average shares used in computing diluted net income (loss) per share [e] 38,076,026 38,671,785 1,000 36,971,500
 
Basic net income (loss) per share $ $ 0.06 $ (3,728 ) $ (0.04 )
Diluted net income (loss) per share $ $ 0.06 $ (3,728 ) $ (0.04 )

[a] The adjustments for selling, general, and administrative expenses include management and pre-initial public offering board fees, non-cash and other one-time compensation, secondary offering costs and lease termination costs. See table titled “Reconciliation of GAAP Net Loss to Adjusted Net Income (Loss)” for additional details.

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