Restoration's sales spike cuts losses. (Business Today).(third-quarter 2002)
Home Textiles Today, December, 2002
CORTE MADERA, CA -- A strong gain in sales helped Restoration Hardware Inc. slash its third-quarter losses. The home furnishings specialty retailer posted a loss of slightly more than $2.4 million, a significant improvement over the $8.3 million net loss from the third quarter of one year ago.
Restoration Hardware reported a sales increase of more than 20 percent for the quarter just ended, reaching $90.7 million. Same-store sales for the quarter increased by an impressive 14.8 percent, and direct-to-customer sales (catalog and Internet) jumped by 66.0 percent. Gary Friedman, president and ceo, termed these growth rates "among the best in the industry despite a difficult economic environment. "Clearly, the numbers this quarter demonstrates that our...
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