Restoration Hardware 2012 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2012 Restoration Hardware annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 180

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180

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)
Other Financial and Operating
Data:
Growth in net revenues:
Stores (3) 20% 22% 15% (6)% — —
Direct 30% 27% 37% (15)% — —
Total 25% 24% 24% (10)% — —
Retail (4):
Comparable store sales
change (5) 28% 25% 19% (7)% (8)% (12)%
Retail stores open at end of
period 71 74 91 95 99 100
Total leased square footage
at end of period (in
thousands) 768 808 970 1,015 1,057 1,061
Total leased selling square
footage at end of period
(in thousands) (6) 501 516 613 642 670 671
Retail sales per leased selling
square foot (7) $ 1,143 $ 846 $ 635 $ 525 $ 406 $ 147
Direct:
Catalogs circulated (in
thousands) (8) 32,712 26,052 46,507 31,336 26,831 13,771
Catalog pages circulated (in
millions) (8) 16,029 8,848 6,260 4,418 3,507 2,168
Direct as a percentage of net
revenues (9) 46% 44% 43% 39% 41% 43%
Capital expenditures $49,058 $25,593 $39,907 $ 2,024 $13,428 $ 3,821
Adjusted EBITDA (10) $96,571 $80,154 $41,097 $17,596 $ 4,386 $ (8,219)
Successor
February 2,
2013
January 28,
2012
January 29,
2011
January 30,
2010
January 31,
2009
(in thousands)
Balance Sheet Data:
Cash and cash equivalents $ 8,354 $ 8,512 $ 13,364 $ 13,186 $ 8,603
Working capital (excluding cash and cash
equivalents) (11) 267,905 156,506 103,894 57,058 102,850
Total assets 789,613 586,810 501,991 431,528 494,773
Line of credit 82,501 107,502 111,837 57,442 110,696
Term loan — 14,798 — — —
Total debt (including current portion) (12) 87,029 131,040 116,995 61,652 117,515
Total stockholders’ equity 451,611 250,463 215,804 221,079 238,670
(1) In the third quarter of fiscal 2012, we changed our policy for recognizing stock-based compensation expense
from the graded method of accounting to the straight-line method of accounting for our pre-Reorganization
time-based units (or service-only awards). This change in accounting had the same impact on our selling,
47
Form 10-K