CORTE MADERA, Calif. — Specialty retailer Restoration Hardware said revenues in its third quarter increased more
than 22%, but the net loss was greater than in the same period last year.
The retailer, which operates 111 stores in the United States and Canada, attributed much of the sales growth to its catalog and Internet channels. Still, its stores recorded a same-store sales increase of 3.9% in the quarter.
“We are pleased to report another quarter of solid progress,†said Chairman and CEO Gary Friedman. “(The revenue increase) reflected our ability to gain market share and improve profitability, despite a difficult home furnishings environment.â€
Total revenues for the 13 weeks ended Oct. 28 were $157.1 million, compared with $128.4 million in last year’s third quarter. Restoration Hardware incurred an operating loss of $3.7 million, substantially less than the $5.9 million operating loss in the comparable period last year.
However, the company’s net loss, including interest expenses and a one-time charge for the expensing of stock options, totaled $5.7 million, or 15 cents per share. In last year’s third quarter, the loss was $4.2 million, or 11 cents per share.
In the nine months, total revenues rose 20.3% to $469.8 million. The retailer’s net loss totaled $10.4 million, or 27 cents per share, compared with $9.8 million, or 28 cents per share, in the comparable period last year.








