Breaking down Restoration Hardware’s past and its present.
Home furnishing retailer Restoration Hardware is planning its return to the public markets, having filed for a $150 million IPO. It hopes to be treated better this time around.
Back in late 2007, the Corte Madera, Calif.-based company agreed to be acquired by private equity firm Catterton Partners for $6.70 per share, or $267 million. But then the housing sector began to soften, and Catterton cut its bid by nearly 33% — a $175 million deal Restoration ultimately accepted despite receiving a slightly higher offer from Sears. Participating alongside Catterton was Tower Three Partners, which also provided additional growth equity.
No word yet on when Restoration hopes to actually price its offering so, in the meantime, here is a quick look at how today’s Restoration stacks up against the Restoration of 2008. The recent data is for 12 months ending July 30, 2011, while the earlier data is for 12 months ending February 2, 2008:
Revenue then: $722 million
Revenue now: $863 million
Net income/loss then: $51 million loss
Net income/loss now: $4.3 million income
Assets then: $342 million
Assets now: $565 million
Debt then: $111 million
Debt now: $146 million
Stores then: 102
Stores now: 87
Employees then: 3,800 (1,900 part-time)
Employees now: 2,850 (1,300 part-time)
Compensation for CEO Gary Friedman then: $783,000
Compensation for CEO Gary Friedman now: Over $1.6 million
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