Restoration Hardware 2012 Annual Report Download - page 102

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includes the period from February 3, 2008 through June 16, 2008, reflecting approximately 19 weeks of
operations, and the Successor periods include the period from June 17, 2008 through January 31, 2009, reflecting
approximately 33 weeks of operations. Due to the Acquisition, the financial statements for the Successor periods
are not comparable to those of the Predecessor period.
The selected consolidated financial data as of February 2, 2013 and January 28, 2012 and for the fiscal years
ended February 2, 2013 , January 28, 2012 and January 29, 2011, were derived from consolidated financial
statements included in Item 8—Financial Statements and Supplementary Data. The selected consolidated
financial data as of January 29, 2011 and as of and for the periods ended January 30, 2010, January 31, 2009 and
June 16, 2008, were derived from consolidated financial statements for such years not included herein.
In the third quarter of fiscal 2012, we changed our accounting policy for recognizing stock-based
compensation expense which has been applied retrospectively to the periods presented below. For further
discussion, see footnote 1 to the table below.
The selected historical consolidated data presented below should be read in conjunction with Item 1A—Risk
Factors, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations, our
consolidated financial statements and the notes to our consolidated financial statements.
Successor Predecessor
Year Ended
Period
from
June 17,
2008
Through
January 31,
2009
Period from
February 3,
2008
Through
June 16,
2008
February 2,
2013
January 28,
2012
January 29,
2011
January 30,
2010
(dollars in thousands, excluding share, per share and per square foot data)
Statement of Operations
Data:
Net revenues $1,193,046 $958,084 $772,752 $ 625,685 $ 498,581 $ 195,437
Cost of goods sold 756,597 601,735 501,132 412,629 308,448 140,088
Gross profit 436,449 356,349 271,620 213,056 190,133 55,349
Selling, general and
administrative expenses (1) 505,485 329,506 274,836 238,889 213,011 75,396
Income (loss) from operations (69,036) 26,843 (3,216) (25,833) (22,878) (20,047)
Interest expense (5,776) (5,134) (3,150) (3,241) (4,907) (2,731)
Income (loss) before income
taxes (74,812) 21,709 (6,366) (29,074) (27,785) (22,778)
Income tax expense
(benefit) (2) (62,023) 1,121 685 (423) (201) 508
Net income (loss) $ (12,789) $ 20,588 $ (7,051) $ (28,651) $ (27,584) $ (23,286)
Weighted-average number of
basic and diluted shares
outstanding 9,428,828 468 100 100 100 38,969,000
Basic and diluted net income
(loss) per share $ (1.36) $ 43,991 $ (70,510) $(286,510) $(275,840) $ (0.60)
46