FINANCE

Restoration Hardware reports Q2 net loss on charges; same-store sales surge 26%

BY Dan Berthiaume

Corte Madera, Calif. — Restoration Hardware Holdings reported a net loss of $17.8 million for the second quarter, compared with net income of $17.6 million in the same quarter a year earlier, due to charges linked to stock awards given to chairman and co-CEO Gary Friedman.

Net revenues for the second quarter of fiscal 2013 increased 30% to $382.1 million from $292.9 million last year.

“We continued to take market share during the quarter, delivering 30% growth in net revenues driven by a same-store sales increase of 26% on top of 31% comp growth last year and 17% percent in 2011,” Friedman said. “We continued to invest in our infrastructure and new businesses to support our future growth.”

Restoration Hardware plans to open new full-line stores in Greenwich, Conn., Atlanta and Los Angeles in 2014 and is currently in negotiations for more than 30 locations in other markets.

“We continue to believe we can open more than 10 locations a year, beginning in 2015, said Carlos Alberini, co-CEO. “Our next generation Full Line Design Galleries will be larger and showcase our dominant assortment and new businesses, and they will provide opportunities for higher sales, increased earnings, lower capital investment and higher ROIC in each market.”

The company expects net revenues in the range of $385 million to $395 million for the third quarter of this fiscal year, in the range of $490 million to $500 million for the fourth quarter, and in the range of $1.56 billion to $1.58 billion for the full fiscal year.

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S.Range says:
Sep-13-2013 06:28 am

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S.Range says:
Sep-13-2013 06:28 am

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Abercrombie & Fitch conducts trade via cloud to support global growth; uses GT Nexus platform

BY Dan Berthiaume

New York – Abercrombie & Fitch has extended its contract with GT Nexus to expand its cloud supply chain strategy and improve visibility into the movement of orders, payments and goods. The retailer has automated its procure-to-pay process in the cloud using GT Nexus to create a transparent workflow environment for purchase orders, invoices, amendments and settlements.

Since 2010, Abercrombie & Fitch has used the GT Nexus platform to support international sourcing and supplier collaboration.

“GT Nexus simplifies the way we manage global commerce and allows us to work in a transparent, efficient environment,” said Larry Grischow, group VP supply chain for Abercrombie & Fitch. “We are able to transact more efficiently with suppliers around the world in ways that simply weren’t possible previously. We have fewer people answering calls from factories and handling paper invoices, and more staff focused on strategic initiatives to support our growth.”

In addition, during fiscal 2013 Abercrombie & Fitch expects to open a flagship retail location in Seoul, as well as approximately 20 international Hollister stores.

Video: Jennifer McFarland, senior accounting manager, supply chain, Abercrombie & Fitch:

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M.John says:
Oct-10-2013 05:04 am

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FINANCE

No alternate suitors appear for Saks

BY Dan Berthiaume

New York — The planned merger between Saks Inc. and Hudson’s Bay Company (HBC) took another step forward with the expiration of the 40-day “go shop” period for Saks on Sept. 6. As previously disclosed, the merger agreement entered into on July 28, 2013 between Saks and HBC contained a 40-day “go-shop” period during which Saks was permitted to solicit alternative proposals from third parties.

Saks did not designate any third party as an “Excluded Party” with a superior written proposal. Thus Saks is now subject to customary “no-shop” provisions which are outlined in the merger agreement. The planned transaction has been approved by each company’s board of directors and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and other customary closing conditions.

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