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Restoration Hardware Holdings, Inc. Reports Record Second Quarter And Increases Earnings Guidance For Fiscal 2013

Restoration Hardware Holdings, Inc. (NYSE: RH) today announced financial results for the second quarter ended August 3, 2013.

Second Quarter Highlights

  • Net revenues increased 30% on top of a 24% increase for the same period last year
    • Comparable store sales increased 26% on top of 31% growth for the same period last year
    • Direct revenues increased 33% on top of a 29% increase for the same period last year
  • Adjusted operating income increased 56% to $34.2 million from $21.9 million for the same period last year; GAAP operating loss of $27.8 million from operating income of $19.7 million for the same period last year
  • Adjusted net income increased 62% to $19.8 million from $12.2 million for the same period last year; GAAP net loss of $17.8 million from net income of $17.6 million for the same period last year
  • Adjusted diluted earnings per share increased 48% to $0.49 compared to $0.33 last year; GAAP diluted loss per share of $0.46

Gary Friedman, Chairman, Creator, Curator, and Co-Chief Executive Officer, said, “We are pleased to announce record financial results for the second quarter. Our industry-leading performance is a reflection of our ability to innovate, curate and integrate new products and businesses offering an unmatched customer experience. We continued to take market share during the quarter, delivering 30% growth in net revenues driven by a comp store sales increase of 26% on top of 31% comp growth last year and 17% percent in 2011. We significantly expanded our operating margin and increased adjusted net income by 62% while at the same time continued to invest in our infrastructure and new businesses to support our future growth.”

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