Restoration Hardware reported a net loss of $17.8 million, or 46 cents a share, as a result of stock-based compensation charges and expenses related follow-on offerings. Meanwhile adjusted net income rose 62% to $19.8 million, or earnings of 49 cents a share, from the same period last year.
Meanwhile, the Corte Madera, Calif.-based company said that revenue jumped 30% in the quarter to $382.1 million, while comparable store sales increased 26%.
Analysts, according to Thomson Reuters, expected the company to earn 43 cents a share on revenue of $378 million.The company has been undergoing a transformation from high-end furniture and domestics store to adding product lines including kitchen and tableware, as well as apparel and accessories. Restoration Hardware went public in November. Gross profit fell to 36.4% of net revenue compared to 39% in the year-earlier period. Selling, general and administrative expenses jumped 77% to $167 million. Restoration Hardware upped its EPS guidance for 2013. It now expects to report adjusted diluted earnings of $1.65 to $1.70 a share for the year, up from $1.41 to $1.47 a share. For the third quarter, it expects revenue between $385 million and $395 million and adjusted diluted earnings of 27 cents to 29 cents a share. Analysts, according to Thomson Reuters, estimated third-quarter earnings of 16 cents a share. Shares were falling 2.2% to $74.40. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: email@example.com.
Follow TheStreet on Twitter and become a fan on Facebook.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts