Restoration Hardware Restates Its Results

Restoration Hardware Inc. restated financial results for the last two years, increasing the loss in fiscal 2000 and lowering the fiscal 2001 loss after changing how it accounts for furniture sales.

The loss in the year ended Feb. 3, 2001, was revised to 22 cents from 18 cents. The restatement reduced the loss for the year ended Feb. 2, 2002, to $1.57 a share from $1.58.

The company, which is audited by Deloitte & Touche, now recognizes sales when furniture is delivered to a customer rather than when it is shipped. Restoration Hardware in March said it planned the restatement after discussions with the Securities and Exchange Commission.

Stock of the Corte Madera, Calif.-based company fell 19 cents to $11.50 on Nasdaq. The restatement was released after the markets closed.