Restoration profits slump 18 percent

March 2004
Home Textiles Today;3/26/2004, Vol. 25 Issue 29, p129
Trade Publication
With margins thinning out and costs rising, fourth-quarter profits at Restoration Hardware Inc. fell by 18.7 percent, to $7.9 million from $9.7 million last year. Acting as a drag were lower-than-expected holiday sales and higher markdowns to clear the shelves of holiday merchandise, the retailer said. Helped by a surging catalog and Internet business, overall sales increased by 6.3 percent, to $165 million from $155.2 million. In a big lift to the top line,direct-to-consumer sales shot up by 50.8 percent, to $26.6 million from $17.6 million last year.


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