Luxury furniture retailer Restoration Hardware Holdings Inc. announced that its co-chief executive, Carlos Alberini, has resigned, effective January 31. Alberini has accepted the position of chairman and CEO of Lucky Brand, according to Restoration Hardware.
While company’s shares fell 13% following the announcement, Restoration Hardware posted “record” third quarter financial results, the company said. Net revenue grew increased 39%, to $395.8 million from $284.2 million compared with the same period last year. Comp store sales jumped 29% again this year. Comp store sales increased 29% from 2011 to 2012 in the third quarter as well.
“We are pleased to report another quarter of record financial results. Our exclusive products, dominant assortments, taste and style continue to resonate with consumers across all channels,” said Gary Friedman, Chairman and Co-CEO. “Based on our strong performance during the third quarter and continued confidence in the fourth quarter, we are increasing our fiscal year 2013 guidance.”
Alberini, who joined Restoration Hardware in 2010, became the co-CEO for the second time on July 2, 2013. He was co-CEO from June 2010 to October 2012, after which he served as the CEO for nearly nine months. Friedman noted that the company would initiate a search for Alberini’s replacement shortly. Alberini will continue as a shareholder and a member of the company’s board, Restoration Hardware said.