From Home Furnishing Business
Restoration Hardware 2Q Income at $27.3 Million
Home furnishings retailer Restoration Hardware reported net income of $27.3 million for the second quarter ended Aug. 2, compared to a $17.8 million loss in the same quarter last year.
Net sales for the quarter were $433.8 million, a 14.1 percent increase from net sales of $382.1 million posted in the second quarter of last year.
Net income for the first half of the year was $29 million, compared to a net loss of $18 million during the first half of last year.
Net sales for the first six months were $800 million compared to net sales of $683.4 million in the first half of last year.
“From the continued evolution of our Source Books, to the transformative economics of our Full Line Design Galleries, to how we source, price, present and deliver products across our multi-channel platform, we are constantly evolving and working to create a superior business model," said Gary Friedman, chairman and CEO. "While still in the early stages of building RH into the leading luxury home brand, we are well on track towards our long-term goal of $4 billion to $5 billion in North American sales, mid-teens operating margin, and generating significant free cash flow.”
The entire earnings release is available online.