From Home Furnishing Business
RH Earnings Soar in 3Q
The company reported net income of $19.4 million for the the third quarter ended Nov. 1 compared to $9.5 million in the same quarter last year.
Net sales for the retailer were $484.7 million, a 22 percent increase from net sales of $395.8 million in the third quarter last year.
Wall Street responded kindly with shares up between 9 and 10 percent in early trading this morning.
“Our ability to curate and integrate new products, categories and businesses, then test and rapidly scale them across our multi-channel platform, is at the core of our ability to gain significant share and outperform our peers in the home furnishings marketplace,” said Gary Friedman, chairman and CEO.
The company has been rolling out new stores featuring an expanded footprint. Most recently, Restoration Hardware has opened two estate-like locations in Atlanta’s Bulkhead area and in West Hollywood on Melrose in Los Angeles. The stores are at least twice as large as the retailer’s other stores and offer an expanded selection of home furnishings.
The complete earnings release can be found online.