Financial Reports: Restoration Hardware, Sharper Image

Sales Up, But Restoration Hardware’s Loss Widens
Third-quarter sales for home decor, furniture, and gifts cataloger/retailer Restoration Hardware increased 10.6% to $173.7 million compared to $157.1 million the same period last year. But the company suffered a third-quarter loss of $12.9 million, inclusive of $1.4 million related to costs associated with the merger agreement announced last month with Catterton Partners. (Sears Holdings Corp. has since made a play for Restoration Hardware.)

The Corte Madera, CA-based merchant’s third-quarter net revenue increased $16.6 million compared to the period last year, primarily driven by growth in direct sales. Revenue for the direct segment were $97.2 million, and accounted for 56% of total revenue, up from 36% of total revenue in the third quarter of last year.

Sharper Image Sales Slide Continues
Third-quarter sales for San Francisco-based electronic gadgets cataloger/retailer Sharper Image fell 35%, to $69.5 million, compared with $106.2 million for the same period last year. For the period ended Oct. 31, the company’s net loss was slightly more, at $22.7 million, than last year’s net loss of $22.1 million.

For the fiscal nine-month period ended Oct. 31, Sharper Image’s total sales dropped 32%, to $217.4 million, compared with $320.2 million for the same period in 2006. Net loss for the period increased 22%, to $60.2 million, compared with $49.4 million for the same period last year.

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