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From Home Furnishing Business
Restoration Hardware 1Q Earnings Soar
June 12,
2015 by in Financial Reports, Industry 
Restoration Hardware (NYSE: RH) reported net income of $7.2 million for the first quarter ended May 2, compared to net income of $1.8 million in the same quarter last year.
Net sales for the quarter were $422.4 million, a 15 percent increase over net sales of $366.3 million in the first quarter last year.
Looking ahead, Gary Friedman, chairman and CEO, said the company remains focused on expansion.
“Looking forward, we remain focused on our key value driving strategies including the expansion of our product offer, the transformation of our retail stores, and the continued enhancement of our multi-channel platform and operating infrastructure,” he said. “Later this year, we will be opening next generation Design Galleries in Chicago, Tampa, Denver and Austin. Looking to 2016 and beyond, we now have signed leases for 10 next generation Design Galleries and are in negotiations or have sites identified for at least 25 additional locations. In addition, we have multiple new concepts and services in our product development pipeline that we believe will continue to demonstrate the innovative and disruptive nature of our brand, and drive industry leading performance for years to come.”
The entire earnings release is available online.