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Restoration Hardware Remodels

CORTE MADERA, CA-The specialty retailer of home furnishings, bath fixtures and bathware plans to become the leading interior design resource.

By Dana Dubriwny | Updated on May 27, 2005

CORTE MADERA, CA-With a major overhaul in supply chain management, a stripping of non-core merchandise and the remodeling of several stores, Restoration Hardware expects to emerge in the fall of 2005 as the leading interior design resource.

During an investor call Thursday, Gary Friedman, the company’s chairman, president and CEO, said the remodeling program will require an investment of $15 million and will result in the removal of some existing store fixtures, which is estimated at $1.2 million to $1.6 million. Costs of the renovations will be fully expensed in the second quarter, resulting in a non-cash charge of 2 to 3 cents per share.

Net revenue increased 19% to $117.5 million for the first quarter of 2005 versus net revenue of $98.9 million for the same period last year. Comparable store sales for the first quarter of fiscal 2005 increased 5% on top of a 9% increase in the first quarter of fiscal 2004.

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