A 26% increase in direct-to-consumer sales contributed to a 7% increase in fourth-quarter revenue for Restoration Hardware Inc.
The Corte Madera, CA-based retailer posted sales of $155.1 million, compared with $144.4 million during the same period last year. The quarter ended Feb. 1.
The firm also reported net earnings of $9.7 million, compared with a net loss of $12 million during the fourth quarter of 2001.
Net sales totaled $400.3 million for the entire year, a 9% increase over the prior year. Direct-to-consumer revenue, which includes catalog and Internet sales, grew by 33%.
The firm is taking a conservative approach toward forecasting and planning for fiscal 2003, in part because of the economic environment and uncertainty over the pending war in Iraq. It expects direct sales to grow by 9% during 2003.
