Boston, MA 09/11/2014 (wallstreetpr) – Home furnishings merchant, Restoration Hardware Holdings Inc (NYSE:RH) Chairman and Chief Executive Officer, Gary Friedman, attributed the 2.4 percentage points improvement in its adjusted operating margin for the 40% uptick in adjusted profit for the second quarter.
The Restoration Hardware Holdings Inc (NYSE:RH) CEO said that it achieved a record operating margin while comparable brand revenue advanced 13% on top of a 30% jump in the last year period thus suggesting an industry-best gain of 43% during the two-year period, a statement from the company said.
Friedman said that Restoration Hardware would continue to focus on its key value of driving tactics including the offer of product expansion, transformation of its retail stores apart from the continued improvement of its operating infrastructure and multi-channel platform.
He said that the company would open a new and bigger Full Line Design Gallery in Los Angeles and its first next generation Full Line Design Gallery later this year in Atlanta. The CEO added that the company has already signed leases deal for eight next generation Full Line Design Galleries. It has also identified and was in discussions for over 30 more locations.
Restoration Hardware Holdings Inc (NYSE:RH) reported net income of $27.3 million or 66 cents a share for the second quarter versus a net loss of $17.8 million or a loss of 46 cents a share in the year earlier quarter. However, on an adjusted basis, net income surged 40% to $27.7 million from $19.8 million and earnings increased 36.7% to 67 cents a share from 49 cents a share in the year-ago quarter.
Net revenues grew 14% to $433.8 million from $382.1 million in the previous year quarter. Its adjusted operating margin improved to 11.3% from 8.9% driving its adjusted operating income by 43% higher to $48.9 million from $34.2 million in the same quarter last year.
For the third quarter, Restoration Hardware Holdings Inc (NYSE:RH) expects adjusted earnings to be 46 – 48 cents a share on revenues of $476 – $485 million.
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