Restoration Hardware Jumps After Reporting Profit Gain

Restoration Hardware Holdings Inc. shares rose more than 6% in late trading Thursday after the retailer reported a jump in profit that beat Wall Street expectations. The company reported net income of $20.7 million, or 49 cents a share, on sales of $532.4 million for its third fiscal quarter; after adjustments, Restoration claimed profit of 65 cents a share, up 37% year-over-year. Analysts polled by FactSet expected adjusted profit of 63 cents a share on sales of $540 million. The company also increased the low end of its profit guidance for the full fiscal year, to $3.11 a share from $3.06, and increased its annual revenue projections to a range of $2.17 billion to $2.18 billion. After closing with a 0.7% decline at $87.61, Restoration Hardware shares rose higher than $93 in late trading.