Restoration Hardware Q4 Adj. Profit Meets Estimate; Issues Q1, FY14 Outlook

(RTTNews) - Restoration Hardware Holdings, Inc. (RH) Thursday reported fourth-quarter net income of $26.6 million or $0.65 per share, compared to net loss of $28.4 million or $0.79 per share in the same period last year.

Adjusted net income for the latest fourth quarter was $34.0 million or $0.83 per share, up from $24.2 million, or $0.64 per share in the prior period. On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues increased 18 percent to $471.69 million from $398.06 million last year, while thirteen analysts expected revenues of $493.09 million.

Comparable store sales grew 17 percent year-over-year.

Looking ahead to the first quarter, the company has forecast adjusted earnings in the range of $0.09 to $0.11 per share, with revenues ranging between $345 million and $350 million. Analysts currently expect the company to earn $0.07 per share on first-quarter revenues of $350.11 million.

For the fiscal 2014, the company expects adjusted earnings in the range of $2.14 to $2.22 per share and revenues in the range of $1.83 billion to $1.86 billion. Analysts currently expect the company to report full-year earnings of $2.17 per share on revenues of $1.89 billion.

Separately, Restoration Hardware announced that Doug Diemoz has joined the Company as Chief Development Officer. In this newly created position, Diemoz will be responsible for developing and leading the company's future international growth and global expansion efforts.

In addition, Diemoz will also be responsible for the development and management of emerging new businesses.

Prior to joining RH, Diemoz served as Chief Executive Officer of MEXX, an Amsterdam-based, international fashion brand. During his tenure at MEXX, from 2011 to 2013, Diemoz also served in the roles of President, Chief Transformation Officer and Chief Financial Officer, the company noted.