Restoration Hardware Holdings Inc. (Corte Madera, Calif.) reports comparable store sales grew 29 percent for the third quarter ended October 27, 2012. Direct sales increased 24 percent.
“We are very pleased with our third quarter financial results, as we delivered a 22 percent revenue increase on top of the 25 percent increase a year ago. This performance, which is consistent with the 22 percent growth achieved for the year-to-date period, marks our 11th consecutive quarter of double-digit revenue growth,” says Carlos Alberini, ceo. “As we look forward, we remain focused on the execution of our growth initiatives, including the transformation of our real estate and the expansion of our offering.”
The company is in the process of transforming its legacy mall real estate into a new full-line Design Gallery concept. Locations in Los Angeles and Houston have been completed with galleries in Boston, Indianapolis, Greenwich and Atlanta planned.
“We believe our brand is redefining the luxury home furnishings market, and our ability to innovate, curate, and integrate new product categories and businesses will position us to continue our industry-leading growth,” says Gary Friedman, chairman emeritus, creator and curator.
The company also plans to introduce three new businesses in the spring – RH Tableware, RH Objects of Curiosity and RH Fine Art. RH Tableware and RH Objects of Curiosity will feature their own catalogs and many of the products will be presented in current stores. RH Fine Art will launch with an Art Journal, a dynamic new website and a dramatic art gallery in New York in the first half of 2013.