Restoration Hardware files plans for $150 million IPO
New York — A Thursday report by Wall Street Journal said that Restoration Hardware Holdings Inc. has filed plans for an initial public offering of up to $150 million in common stock.
The retailer, which this week unveiled its new RH branding, is looking to the IPO to pay down debt. It was acquired in 2008 by Catterton Partners in a $179 million buyout and last month revealed a plan for reorganization on the heels of co-CEO Gary Friedman’s resignation following an internal probe into a relationship with a female employee.
Bed Bath & Beyond Q2 profit misses Street
Union, N.J. — Bed Bath & Beyond Inc. reported Thursday that net income for the quarter ended Aug. 25 dipped 2.2% to $224.3 million, from $229.4 million in the same period last year. Results, negatively impacted by aggressive coupon discounting, trailed Wall Street’s expectations.
Sales increased 12.1% to $2.593 billion, and same-store sales climbed 3.5%, compared with an increase of 5.6% last year.
The retailer acquired Cost Plus in July for $495 million, adding 259 stores and a new e-commerce platform.
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Rite Aid narrows loss in Q2
Camp Hill, Pa. — Rite Aid Corp. reported Thursday a loss of $41.4 million in the second quarter, significantly narrowed from a $94.7 million loss in the year-ago period.
Revenue slipped to $6.23 billion from $6.27 billion last year, missing Wall Street’s projected $6.25 billion in sales. Same-store sales were essentially flat for the quarter.
Rite Aid chairman and CEO John Standley said in a statement that Rite Aid continues to make "significant progress in our turnaround efforts." He said the company has improved prescription counts at stores open at least a year and adjusted earnings before income, taxes, depreciation and amortization for seven straight quarters.
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