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Corte Madera, Calif. -- Restoration Hardware reported record financial results during the first quarter of fiscal 2013, including a net income of $2.3 million compared to a net loss of $1.3 million in the first quarter of the prior year. The company also named Richard Harvey, who spent 30 years as an executive at Williams-Sonoma, most recently as president of Williams-Sonoma brand, as chief merchandising officer of its RH Kitchen and Tableware line.
Net revenues for the first quarter of fiscal 2013 increased 38% to $301.3 million from $217.9 million for the first quarter of fiscal 2012. This was on top of an 18% increase in net revenues for the first quarter of fiscal 2012. Same-store sales grew 41%, on top a 26% increase in the first quarter of 2012.
Restoration Hardware officials cited favorable landlord agreements and strong performance of its spring collection as drivers of first quarter results, and said the retailer is currently in lease discussions in locations including New York, Chicago, Miami, Denver, Nashville, New Orleans and San Diego.
"Our continued industry leading performance is a reflection of our demonstrated ability to innovate, curate and integrate new products, businesses and experiences,” said Gary Friedman, chairman emeritus. “Our spring collection, inclusive of our new catalogs, RH Tableware and RH Objects of Curiosity, is performing ahead of our plans. This fall, we plan to launch two new catalogs, RH Leather and RH Rugs. The new catalogs will include expanded and dominant collections presented in a dramatic and innovative context.”
In addition, Restoration Hardware has launched two new businesses, RH Kitchen and Tableware and RH Antiquities. RH Kitchen will offer a curated collection of kitchen furniture, appliances, lighting, cookware, tools, and food, while RH Antiqiuites will feature a curated collection of antiques.