Neiman Marcus names a new chief marketing officer and restructures staff to address the growing importance of e-commerce.
The cataloger’s stock gained 30% during its first day of trading.
Investors liked Restoration Hardware Holdings Inc.’s stock on its first day of trading today, boosting the stock price by 30% to $31.10 at the end of trading from its $24.00 opening price.
Cataloger Restoration Hardware issued more than 5.1 million shares, and could earn almost $124 million. The retailer of upscale home products and furnishings says it will use the proceeds to pay off Catterton Management Co., Tower Three Partners LLC and Glenhill Capital, three investors that took the company private in 2008, according to a Restoration Hardware filing with the U.S. Securities and Exchange Commission.
Part of the proceeds could be applied to capital projects to fuel its growth, Restoration Hardware says. Its direct business, at approximately $388.0 million, accounted for 45.0% of the company’s fiscal 2011 revenue of $862.3 million, according to the filing. Restoration Hardware does not ordinarily break out its e-commerce sales.
Total 2011 revenue was up by 25.6% from $686.8 million in 2010.
Additionally, the SEC filing shows that Restoration Hardware, No. 105 in the Internet Retailer Top 500 Guide, made a profit of $43.7 million in the fiscal year ended July 30, a reversal from a $120.8 million loss in 2010.
Restoration Hardware this fall will rebrand itself as RH, which is also its stock symbol on the New York Stock Exchange.