Restoration Hardware reports lower holiday sales
In its annual report on the holiday sales period, specialty retailer Restoration Hardware said net revenue took a small hit, falling 1 percent to $171.5 million from $173.2 million in the same nine-week period last year.
During the period, the company’s catalog page count declined 17 percent. Additionally, the company said it executed a “commensurate reduction in the number of books mailed … reflecting management’s long-term strategy to reduce costs and improve productivity.”
“The environment for home furnishings retailers remained challenging during the holiday period,” said Gary Friedman, president and CEO of Restoration Hardware. “The seasonal sales we anticipated in gift items during the final days of holiday did not materialize as expected, contributing to softness that was concentrated in our decorative accessories business.”
The Corte Madera, Calif.-based retailer has been the target of a takeover attempt by Sears Holdings. Sears Holdings has offered $6.75 per share for the mid-to-high-end retailer, a higher bid than the $6.70 per share offer from private equity firm Catterton Partners. Sears currently owns a 13.7 percent stake in Restoration Hardware.
FBMA elects new officers
The Florida Building Material Association (FBMA) has elected Brad Wanzenberg of Deerfield Builders Supply as its new chairman. Wanzenberg, whose term started on Jan. 1, is executive vp of the Tampa Bay chain, which operates locations in Deerfield Beach, Clearwater, Fort Meyers and Sarasota.
Other FBMA board of directors elected for 2009 include: Dennis Vlassis, Gulf Stream Builders Supply, as treasurer and the chairman-elect; Wade Jefferson, Beaver Door & Trim, as first vice chairman; Bridget Pulsifer, Mills & Nebraska, as secretary; and Don Magruder, Ro-Mac Lumber & Supply Company, as national dealer director and immediate past chairman.
Founded in 1920, FBMA represents building material dealers and suppliers throughout the state of Florida.
Do it Best launches credit card program
Do it Best Corp. has partnered with Shoppers Charge Accounts Co. (SCA) to develop and administer a new private label credit card program for its dealer-members throughout the United States, SCA announced.
The new Do it Best credit card will provide such special features as 90-day and six-month “same-as-cash” extended payment terms.
“Through our partnership with Shopper’s Charge Accounts Co. we’ve had many members show interest in this program as a way to help them get away from house accounts, plus offer their customers new purchasing options such as 90 days, 6 months or 12 months same as cash,” said Chris Hill, interim retail programs coordinator for Do it Best.
Headquartered in Mahwah, N.J., Shoppers Charge Accounts Co. ranks among the nation’s largest private label credit card companies. A division of TD Banknorth, N.A., the company launches and administers new credit card portfolios for brick-and-mortar, Internet and catalog merchants, and acquires retailers’ existing credit card portfolios.