Restoration Hardware Inc., an upscale home furnishings retailer, on Wednesday said that its third-quarter loss narrowed sharply from a year ago, as sales at stores open at least a year climbed amid booming housing and domestic goods markets.
The Corte Madera, Calif.-based chain of 105 stores said its net loss was $2.4 million, or 8 cents a share, compared with a loss of $8.7 million, or 36 cents a year earlier.
Direct-to-customer sales, which include catalog and Internet, rose 66% to $10.9 million in the third quarter.
Net sales in the third quarter were $90.7 million, a 20% increase versus net sales of $75.5 million a year earlier. Comparable store sales for the third quarter increased 14.8%.
"Clearly the numbers this quarter demonstrate that our strategy to reposition the Restoration Hardware brand and return the company to profitability is working," said Gary Friedman, the company's president and chief executive.