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Restoration Hardware
Shows 3rd Quarter Profit
CORTE MADERA, CALIFORNIA
Restoration Hardware turned a profit in its fiscal third quarter, the last period before it completed its initial public offering.
Sales rose 22 percent over the three months ended October 27, and sales at locations open for at least a year experienced stronger growth. The company went public on November 2.
Over the last few years Restoration Hardware has redesigned its stores and changed its product line to focus on higher-end goods. The company is converting its mall locations into a new, design gallery format, and said its first two design gallery stores are doing better than expected. At the end of the quarter, Restoration Hardware had 73 retail stores and 12 outlet stores in the U.S. and Canada.
Net income in the third quarter totaled $1.7 million, or five cents per share. Excluding one-time items, Restoration Hardware made seven cents per share. A year ago the company lost $4.8 million over the same period. Revenue rose to $284.2 million from $232.5 million.
Analysts expected Restoration Hardware to report net income of four cents per share and $282.4 million in revenue, according to FactSet.
Sales at stores open at least a year rose 29 percent. Those comparable store sales are considered an important measurement of retailer health because they exclude results from stores that have opened or closed in the last year.
Restoration Hardware's IPO priced at $24, at the high end of the company's expectation. Shares have risen about 53 percent since then. On Wednesday the shares picked up 63 cents to close at $36.
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Casual Creations Earns
Made-in-USA Seal of Certification
SARASOTA, FLORIDA
After a strenuous supply chain audit process, Casual Creations becomes the first outdoor furniture manufacturer to earn the MADE IN USA CERTIFIED Seal of Certification (USA-C).
Arthur James, Jr, CEO of this family-owned company, recognized the powerful marketing benefits for their brand and product line when he committed to the intensive certification process. James predicted, "This certification will take Casual Creations to the forefront of the casual furniture industry, where we can proudly display the "Made-in-USA Seal" on all of our products. The American consumer should be proud to buy American-made products, and support local and national small businesses. Casual Creations, a 34-year-old company, is setting the stage to bring manufacturing back to the U.S. and create more jobs for the American workers."
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Slowing Growth Will Not Slow Diversity
ITHACA, NEW YORK
From Demo Memo by New Strategist Publications
The Census Bureau's new population projections forecast much slower growth than had been projected a few years ago. The U.S. population is projected to grow to 399.8 million rather than 439.0 million by 2050 - a difference of 39 million people! But this slower growth does not mean the population will diversify any more slowly. Only 46.6 percent of Americans will be non-Hispanic white in 2050, according to the new projections, almost identical to the 46.3 percent forecast by the old projections.
Here are the Census Bureau's latest projections of the size (numerical and percent) of each race and Hispanic origin group in 2015 and 2050:
Asian (alone or in combination)
2015: 20 million (6.2%)
2050: 38 million (9.6%)
Black (alone or in combination)
2015: 46 million (14.4%)
2050: 70 million (17.4%)
Hispanic
2015: 57 million (17.8%)
2050: 112 million (27.9%)
Non-Hispanic white
2015: 198 million (61.8%)
2050: 186 million (46.6%)
Source: Census Bureau, 2012 National Population Projections.
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Architectural Digest Creates
an Oasis in Miami Beach
MIAMI, FLORIDA
Architectural Digest's AD Oasis, which took place last week during Art Basel Miami, is a VIP destination designed by AD100 designer Mark Cunningham. The venue integrated products such as Sunbrella fabrics, Napoleon Fireplaces, Caesarstone, GE Monogram, Fine Art Lamps and more. For over three days, it was a place to kick back and relax for celebrities, designers and artists.
The Social Media Cabana (blue Sunbrella fabric on the left) where guests could charge up, check out the latest wireless devices and share inspiring images on Instagram, compliments of AT&T. The lounge seating is covered in Sunbrella fabric, and the culinary pavilion has custom-built GE Monogram appliances with green Caesarstone counters (right).
Napoleon Fireplaces provided ambiance to the space with three linear Patioflames, its unique outdoor gas firepits and Bellagio Patio Torches.
An architectural central bar fabricated with Caesarstone, featuring a Catalyst chandelier with Crystalline Quartz Rods from Fine Art Lamps.
(L-R) AD Oasis Designer Mark Cunningham, actress Jane Seymour and Giulio Capua, vice president and publisher of Architectural Digest. (Photo by Larry Busacca/Getty Images for Architectural Digest.)
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