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Restoration Hardware Holdings, Inc. Reports Record Fourth Quarter And Fiscal Year 2013 Financial Results

Restoration Hardware Holdings, Inc. (NYSE: RH) today announced financial results for the fourth quarter and fiscal year ended February 1, 2014. Fourth quarter and fiscal 2013 included 13 weeks and 52 weeks, respectively. The prior year fourth quarter and fiscal year ended February 2, 2013 included 14 weeks and 53 weeks, respectively. In the fourth quarter and fiscal 2012, the additional week contributed approximately $24.0 million in net revenues and an estimated $0.04 benefit to adjusted diluted earnings per share.

Full Year Highlights

  • On a comparable 52 week basis, net revenues increased 33% on top of a 22% increase for the same period last year; GAAP net revenues increased 30%
  • Comparable brand revenue growth was 31% on top of 28% last year
  • Adjusted operating income increased 76% to $120.9 million from $68.7 million for the same period last year; GAAP operating income increased to $54.9 million from a loss of $69.0 million for the same period last year
  • Adjusted net income increased 92% on a comparable week basis to $69.1 million; GAAP net income of $18.2 million compared to a net loss of $12.8 million for the same period last year
  • Adjusted diluted earnings per share increased 76% on a comparable week basis to $1.71; GAAP diluted earnings per share of $0.45 compared to a loss per share of $1.36 for the same period last year

Fourth Quarter Highlights

  • On a comparable 13 week basis, net revenues increased 26% on top of a 23% increase for the same period last year; GAAP net revenues increased 18%
  • Comparable brand revenue growth was 24% on top of 29% last year
  • Adjusted operating income increased 41% to $58.3 million from $41.4 million for the same period last year; GAAP operating income of $58.3 million compared to operating loss of $88.6 million in the prior year period
  • Adjusted net income increased 52% on a comparable week basis to $34.0 million; GAAP net income of $26.6 million compared to a net loss of $28.4 million for the same period last year
  • Adjusted diluted earnings per share increased 38% on a comparable week basis to $0.83; GAAP diluted earnings per share of $0.65 compared to a loss of $0.79 for the same period last year

Gary Friedman, Chairman and Chief Executive Officer, commented, “In 2013, RH continued to outperform the home furnishings industry by a wide margin. We increased net revenues 33% on a comparable week basis, and comparable brand revenue increased 31% on top of 28% last year, delivering our fourth consecutive year of over 25% comparable brand revenue growth. Additionally, we grew adjusted net income by 92% to $69 million on a comparable week basis and adjusted EPS to $1.71.”

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