Loss widens at furnishings chain
From Times Wire Services
Home furnishings retailer Restoration Hardware Inc. posted a wider first-quarter loss because of a shortfall in outdoor and seasonal sales and the slowdown in home building.
The firm reported a loss of $13.8 million, or 35 cents a share, for the quarter ended May 5, compared with a loss of $4.9 million, or 13 cents, a year earlier. Sales rose 7% to $142.1 million.
The results matched the expectations of analysts polled by Thomson Financial.
The sales increase was the result of a 38% rise in catalog and Internet revenue. Retail sales, meanwhile, dropped 8%.
Restoration Hardware shares rose 4 cents to $6.30.
