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.

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money