Restoration Hardware Posts 3Q Loss
Corte Madera, Calif., Restoration Hardware reported a net loss of $4.2 million in the third quarter, vs. a $3.1 million net loss in the same period a year earlier. Net revenues grew 9% to $128.4 million, despite a comp-store sales decline of 2.1%.
Questrom Joins Jones Apparel Board
Bristol, Pa., Jones Apparel Group has added retail heavyweight Allen Questrom to its board of directors.
Questrom formerly captained Barneys New York, J.C. Penney and Federated Department Stores. He currently serves as principal of AEA Investors.
NRF Raises Holiday Sales Forecast
Washington, D.C., The National Retail Federation revised its holiday sales forecast upwards, the first time it has ever done so during the holiday season.
The NRF projected retail sales growth of 6% to $439.53 billion during the holiday season, up from the 5% growth it forecast on Sept. 21.
“Recent consumer spending has surpassed our expectations and we expect this momentum to continue through the holiday season,” NRF president and CEO Tracy Mullin said in a statement.