Restoration Hardware CEO Defies ‘Conventional Wisdom’ That Retail Stores Are Dead
With retailers from Wal-Mart to Staples talking about building smaller stores, you'd think that's the direction the industry is heading. This is until you see what Restoration Hardware is doing. Restoration Hardware shares on Friday surged up to 14 percent in its biggest daily percentage gain since June after the retailer of luxury home furnishings erased fears that it would follow other retailers and report disappointing results after a shorter holiday selling season and wintry weather that led to store closings. Instead, it reported a fourth-quarter profit in line with its prior forecast.