| Sep 12, 2011 |
Restoration Hardware announces plans for IPO
Boh staff
By Staff

Restoration Hardware expects to raise as much as $150 million through the sale of stock according to Bloomberg Businessweek.

The company plans to open more stores (beyond the nearly 100 existing stores in the U.S. and Canada) and expand the existing locations to drive sales. Management also plans to enhance online and direct mail marketing including the 616-page Source Book/Magalog/Catalog the company recently launched.

Restoration Hardware lost money overall in fiscal 2009 and 2010, but results are improving by some measures. In the second quarter of this year, revenue climbed 19 percent to $236 million and net income climbed 53 percent to $7.5 million.

The company said it would use the money raised from investors to pay down debt and for general corporate purposes. It didn't say when it expects to go public, Bloomberg reported.

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