Restoration Hardware Reports Loss
Restoration Hardware Inc. posted a net loss of $7.9 million for the third quarter, compared with net income of $236 million for the same period last year.
The Corte Madera, CA retailer anddirect marketer reported a 3% increase in net revenue to $183.8 million. The quarter ended Aug. 4.
CEO Gary Friedman said in a statement that “a cautious outlook is appropriate given macro economic pressures” facing the home our sector.”
He added that “the cumulative effect of reduced catalog production costs, other cost-cutting actions and the elimination of headquarters positions we announced in mid-August will drive profit improvement in the second half.”
Friedman also noted that the company “retrofitted our furniture distribution centers and consolidated our small package direct-to-customer operations. Currently, we are well underway with the installation of a new warehouse management system that will improve order integrity, tracking and productivity.”
