Restoration Hardware Reports Third Quarter Sales
06 Noviembre 2003 - 8:36AM
PR Newswire (US)
Restoration Hardware Reports Third Quarter Sales CORTE MADERA,
Calif., Nov. 6 /PRNewswire-FirstCall/ -- Restoration Hardware, Inc.
today announced net sales for the third quarter ended November 1,
2003 and updated guidance for the third quarter. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990902/RSTOLOGO ) Sales for
the third quarter ended November 1, 2003 were $95.8 Million, an
increase of 6% versus sales of $90.8 Million in the third quarter a
year ago. Net Sales for the Direct-to-Customer division, which
includes Catalog and Internet sales, increased 46% on top of a 66%
increase last year. Comparable store sales increased 3% on top of a
15% increase in last year's third quarter. While the quarter's
total sales and comparable store sales were lower than anticipated,
demand from orders not yet delivered increased $8.8 Million in the
quarter. The Company's first Annual Autumn Furniture Sale, the
relatively late timing of the Famous Fall Lighting Sale and the
launch of a new special order upholstery program all contributed to
demand which was originally anticipated to be realized as sales
during this quarter. The Company expects these orders (which
include deliveries in-transit, backorders, and special orders) to
have a positive effect in the fourth quarter as deliveries occur
and sales are recognized per the Company's revenue recognition
policy. Gary Friedman, the Company's President and CEO commented,
"We are very pleased with our customers' response to the
merchandising and marketing programs during the quarter. While the
comp store sales were slightly less than anticipated, overall
demand exceeded our expectations. Customers' reaction to our Annual
Autumn Furniture Sale created above plan demand, much of which will
be delivered in the fourth quarter. Additionally, our new special
order upholstery program, 'Our Sofa.Your Style', was very well
received by customers and also contributed to orders which will
largely be filled in the next quarter." Mr. Friedman continued,
"Sales from the initial mailing of our Holiday Catalogs are
exceeding our expectations, and give us confidence as we enter the
important fourth quarter selling season." The Company additionally
updated guidance for the third quarter of fiscal 2003. The Company
now expects a loss of $.07 to $.09 per share for the quarter,
compared with previous guidance of a loss of $.06 per share and
last year's loss of $.08 per share in the third quarter of 2002.
About Restoration Hardware, Inc. Restoration Hardware, Inc. is a
specialty retailer of home furnishings, functional and decorative
hardware 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 November 6, 2003, the
Company operated 104 retail stores in 31 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 concerning or relating to implications of the Company's
sales and financial results for the third quarter ended November 1,
2003, statements concerning guidance for the third quarter,
statements relating to implications of the Company's furniture
sales events, statements regarding the Company's anticipated
delivery and fulfillment of customer special orders in the fourth
quarter, and other statements containing words such as "believes,"
"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 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, finalization of
financial results for the third quarter ended November 1, 2003 and
sales for the fourth quarter, customer reactions to the Company's
current and anticipated programs and strategies, timely
introduction and customer acceptance of the Company's merchandise,
further customer acceptance of the Company's private label credit
card, 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, changes in investor perceptions
of the Company, fluctuations in comparable store sales, 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 fiscal quarter ended August 2, 2003 in Part I,
Item 2 thereof ("Management's Discussion and Analysis of Financial
Condition and Results of Operations") under the captions "Liquidity
and Capital Resources", "Critical Accounting Policies," and
"Factors that May Affect our Future Operating Results" and in Part
I, Item 4 thereof ("Controls and Procedures"). Guidance offered by
the Company represents a point-in-time estimate made by management
of the Company. The Company undertakes no obligation to update any
guidance or any other forward-looking statements in order to
reflect events or circumstances that may arise after the date of
this release. http://www.newscom.com/cgi-bin/prnh/19990902/RSTOLOGO
http://photoarchive.ap.org/ DATASOURCE: Restoration Hardware, Inc.
CONTACT: Patricia McKay, Chief Financial Officer of Restoration
Hardware, Inc., +1-415-924-1005, or fax, +1-415-945-4679 Web site:
http://www.restorationhardware.com/
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