Restoration Hardware, Inc. Reports 2007 Holiday Sales
11 Enero 2008 - 7:00AM
PR Newswire (US)
CORTE MADERA, Calif., Jan. 11 /PRNewswire-FirstCall/ -- Restoration
Hardware, Inc. (NASDAQ:RSTO) today announced sales results for the
nine-week holiday period ended January 5, 2008. Net revenue was
$171.5 million versus $173.2 million in the year-ago period. This
reflects a decline of 1% in the 2007 Holiday selling season
compared to a 22% increase in the 2006 season. During the period,
the Company's circulated page count declined 17% versus a year ago,
driven by a commensurate reduction in the number of books mailed
and reflecting management's long-term strategy to reduce costs and
improve productivity. "The environment for home furnishings
retailers remained challenging during the Holiday period," said
Gary Friedman, President and Chief Executive Officer. "The seasonal
sales we anticipated in gift items during the final days of Holiday
did not materialize as expected, contributing to softness that was
concentrated in our decorative accessories business. While sales
did not meet our expectations, we were encouraged by our ability to
maintain essentially flat sales versus last year while reducing the
number of books that we mailed. Although 2007 has been a difficult
year due to the macro environment, we believe the strength of the
Restoration Hardware brand and our core assortments continue to
resonate with our customers." About Restoration Hardware
Restoration Hardware, Inc. is a specialty retailer of high quality
home furnishings, bath fixtures and bathware, functional and
decorative hardware, gifts and related merchandise that reflects
the Company's classic and authentic American point of view.
Restoration Hardware, Inc. sells its merchandise offering through
its retail stores, catalog (800-762-1005) and on-line at
http://www.restorationhardware.com/. As of January 11, 2008, the
Company operated 102 retail stores and nine outlet stores in 30
states, the District of Columbia and Canada. Safe Harbor Statement
under the Private Securities Litigation Reform Act of 1995 This
release contains forward-looking statements that involve known and
unknown risks. Such forward-looking statements include, without
limitation, statements relating to the strength of the Company's
brand and core assortments and statements containing words such as
"expects" and words of similar import or statements of management's
opinion. These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause the Company's
actual results, including financial results, market performance or
achievements to differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, customer reactions to
the Company's current and anticipated merchandising and marketing
programs and strategies, timely introduction and customer
acceptance of the Company's merchandise, positive customer reaction
to the Company's catalog and Internet offerings, revised product
mix, prototype stores and core businesses, timely and effective
sourcing of the Company's merchandise from its foreign and domestic
vendors and delivery of merchandise through its supply chain to its
stores and customers, effective inventory and catalog management,
actual achievement of cost savings and improvements to operating
efficiencies, effective sales performance, in particular during the
holiday selling season, the actual impact of key personnel of the
Company on the development and execution of the Company's
strategies, changes in investor perceptions of the Company,
limitations resulting from restrictive covenants in the Company's
credit facility, changes in economic or business conditions in
general, changes in political conditions in the United States and
abroad in general, changes in product supply, changes in the
competitive environment in which the Company operates, changes in
the Company's management information needs, changes in customer
needs and expectations, governmental actions and other factors
detailed in the Company's filings with the Securities and Exchange
Commission, including its recent filings on Forms 10-K, 10-Q and
8-K, including, but not limited to, those described in the
Company's Form 10-Q for the quarter ended November 3, 2007, in Part
I, Item 2 thereof ("Management's Discussion and Analysis of
Financial Condition and Results of Operations"), in Part I, Item 4
thereof ("Controls and Procedures"), and in Part II, Item 1A
thereof ("Risk Factors"). Unless required by law, the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Contact: Chris Newman, SVP & CFO
415.945.4530 Christine Greany, The Consumer Group, 858.523.1732
DATASOURCE: Restoration Hardware, Inc. CONTACT: Chris Newman, SVP
& CFO of Restoration Hardware, Inc., +1-415-945-4530; or
Christine Greany, The Consumer Group, +1-858-523-1732, for
Restoration Hardware, Inc. Web site:
http://www.restorationhardware.com/
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