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Restoration Hardware Loss Narrows

August 20, 2004|From Bloomberg News

Restoration Hardware Inc., a home-furnishing retailer that has been unprofitable for the last five years, said Thursday that its second-quarter loss narrowed to $2.01 million.

The net loss in the quarter ended July 31 was 6 cents a share, the Corte Madera, Calif.-based firm said. The retailer had a loss of $2.79 million, or 9 cents, in the same period a year earlier. Sales climbed 26% to $120.9 million from $96 million.

The company's earnings were in line with the 6-cent loss average estimate of eight analysts in a Thomson First Call poll.

For the third quarter, Restoration Hardware expects its loss to be 4 cents to 7 cents a share, more than the average analyst estimate of 3 cents, according to Thomson First Call.

The retailer, which has 102 stores in 30 states, relocated its West Coast distribution center to a new facility in Tracy, Calif. In addition, the company expanded its East Coast distribution center.

For the six months ended July 31, net revenue was $219.8 million, a 24% increase versus the same period a year earlier. Net loss for the six months was $6 million or 18 cents a share, an improvement over the six-month period a year earlier when the net loss was $8 million, or 27 cents.

Restoration shares fell 12 cents to $6.09 on Nasdaq. The stock has climbed 29% this year.

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