Restoration Hardware to Offer Branded Tableware, "Objects," Fine Art
CORTE MADERA, Calif.-Restoration Hardware will debut three new businesses this spring--RH Tableware, RH Objects of Curiosity and RH Fine Art.
The specialty retailer announced its plans for the new brands in a statement that also presented its financial results for the third quarter ending on Oct. 27. The company posted net income for the quarter of $1.7 million, reversing a loss of $4.8 million from last year's third quarter, and boosted sales by 22.2 percent to $284.2 million, including a same-store sales gain of 29 percent.
Gary Friedman, Restoration Hardware's chairman emeritus, creator and curator, said the three new brands will have their own individual catalogs and have planned in-home dates in next year's first quarter. "Many of the products from these new businesses will also be presented in our current galleries," Friedman said, "and create an opportunity to drive higher productivity in our existing retail square footage."
RH Fine Art will launch with an Art Journal, a new website and an art gallery in New York in the first half of 2013. "We believe this new venture in to the world of fine art will render the RH brand more valuable, and reinforce our luxury lifestyle positioning," Friedman said.
Restoration Hardware posted gross profit of 35.9 percent in the quarter, down 40 basis points from last year's third quarter. Selling, general and administrative expenses, while gaining 12.9 percent in dollars, fell 290 basis points as a percentage of sales to 35.2 percent.