September 13, 2011, 12:57 PM

After three years away, Restoration Hardware once again eyes Wall Street

A planned IPO would generate $150 million in new capital.

Mark Brohan

Research Director

Lead Photo

It’s been three years since Restoration Hardware Inc. was acquired by a private investor group. Now Restoration Hardware, No. 108 in the Internet Retailer Top 500 Guide, wants back on the stock market.

Restoration Hardware yesterday filed paperwork with the U.S. Securities and Exchange Commission for an initial public offering. In its IPO filing, Restoration Hardware, which was acquired by investment banking firm Catterton Partners for $267 million and taken private in 2008, now wants to raise up to $150 million in new capital as a public company.

The IPO doesn’t provide a timetable for going public, the number of available shares or a price per share. But if Restoration Hardware, which sells higher-end home furnishings online, through catalogs and a network of 87 stores, does go public, the proceeds from any stock sale will be used to pay down a $136 million line of revolving credit and for general corporate expansion.

In its IPO filing, Restoration Hardware  reported the following financial data for the six months ended July 30:

  • Total sales of $420.4 million compared with $330.8 million for the first six months of 2010, an increase of 27.1%.
  • Net income of $1.1 million compared with a net loss of $11.3 million for the first six months of 2010.
  • Direct sales, which include catalog and web, accounted for 36% of total sales compared with 31% for the first six months of 2010. Based on those percentages, Internet Retailer calculates that direct sales increased 47.6% year over year to $151.3 million from $102.5 million.
  • The company didn’t break out revenue figures for e-commerce.
  • Comparable-store sales increased 20%.

 In its IPO, Restoration Hardware says it continues to work on its e-commerce sites, which include RestorationHardware.com and RHBabyandChild.com. Restoration Hardware launched mobile apps for iPhone and IPad users in May. In 2011 its e-commerce sites generated traffic of 12.1 million unique visitors, the retailer says in its filing.

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