In weathering the COVID-19 roiled market, Restoration Hardware easily beat a Wall Street earnings estimate for the second quarter as the company continues on its way to significant margin gains, according to chairman and CEO Gary Friedman.
As RH enters the fourth week that its galleries, restaurants, and outlets in North America have been closed to help prevent the spread of COVID-19, the retailer has temporarily furloughed approximately 2,300 team members, and permanently reduced its workforce by 440 team members.
After completing a strong fourth quarter and fiscal year, Restoration Hardware is responding to the COVID-19 crisis by adjusting operations including capital spending and deferring executive salaries.
Restoration Hardware (RH) said that its chairman and CEO, Gary Friedman, sold an aggregate of 500,000 shares of RH common stock from December 9 through December 11, 2019, consisting of an option to purchase 100,000 shares, and 400,000 shares of common stock that Friedman owned outright.
Restoration Hardware (RH) has opened a new-model design gallery in New York City, locating it in Manhattan’s now-trendy Meat Packing District as a showcase for its latest thinking about store design.