FINANCE

Restoration Hardware swings to loss in Q4, but edges forecasts

BY Katherine Boccaccio

Corte Madera, Calif. — Restoration Hardware Holdings Inc. reported Friday a loss of $28.4 million for the quarter ended Feb. 2, compared with a profit of $24 million in the year-ago period. Results, impacted by costs associated with the company’s November 2012 IPO, edged analysts’ expectations.

Revenue surged 30% to $398.1 million from $305.2 million last year, beating Wall Street’s forecast of $390.5 million. Same-store sales advanced a hefty 26%.

The company has rebranded itself as RH and has moved its focus from Americana goods to high-end furnishings – a move the retailer says will pay off.

"We are well positioned to continue to gain market share and further disrupt the highly fragmented home furnishings marketplace," said Carlos Alberini, CEO.

For the year, net loss totaled $12.8 million, compared with a profit of $20.6 million in the prior year. Revenue rose 25% to $1.19 billion.

Looking forward, the company expects a loss in the first quarter, but is forecasting a profit for the fiscal year.

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OPERATIONS

Francesca’s names PetSmart, Spanx execs to board

BY Katherine Boccaccio

Houston — Francesca’s Holdings Corp. said Friday it has appointed Laurie Ann Goldman and Joseph O’Leary to its board of directors, effective April 17.

Goldman is CEO of shapewear brand Spanx. Earlier in her career, she held marketing positions at R.H. Macy and Maison Blanche Stores.

O’Leary is EVP merchandising, marketing, supply chain and strategic planning for PetSmart.

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K.Parmar says:
Apr-21-2013 09:15 pm

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K.Parmar says:
Apr-21-2013 09:15 pm

Thanks for this fantastic article http://www.techzune.com

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News

Kramer out as JCP COO

BY CSA STAFF

J.C. Penney late Thursday announced that chief operating officer Michael W. Kramer had left the company.

His departure was disclosed in an 8-K filing with the Securities and Exchange Commission. In connection with Kramer’s departure, he received a lump sum cash payment of $2,143,414. In addition, the company also disclosed that Daniel Walker had resigned as the company’s chief talent officer.

Their departures follow the resignation CEO Ron Johnson just two weeks ago and the appointment of former J.C. Penney CEO Myron Ullman as his replacement.

Kramer joined the company in the fall of 2011 as COO with responsibility for finance, investor relations, corporate strategy, and information technology and he reported directly to Johnson.

Prior to J.C. Penney, Kramer had served as president and CEO of fashion house Kellwood Company.

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