Restoration Hardware (RH): Store Opening Feedback - Nomura
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Nomura Securities analyst, Jessica Schoen Mace, reiterated her Buy rating on shares of Restoration Hardware (NYSE: RH) after attending the opening of Kansas City’s new Restoration Hardware Full Line Design Gallery, marking the fifth “Next Generation” gallery to be opened by the company and the first of four openings in FY16.
This new store is RH’s first “mid-tier” size for the Next Gen galleries, at ~39,000 sq ft (or ~56K w/ outdoor) vs. the others at 45K+ sq ft (or 60K+ incl outdoor). The analyst views this opening as an important test case for the Next Gen fleet in a smaller footprint as well as smaller market, similar to Tampa. This smaller location does not hold the company’s other businesses Baby & Child or Teen, nor any food and beverage offerings (like.Chicago).
RH Leawood is a three-level, freestanding building which includes a 10,000 sq ft rooftop park on the third floor that showcases the company’s outdoor merchandise and overlooks the Town Center Plaza. The first floor holds the company’s Living & Dining collections, while the second floor is dedicated to RH Modern and also has rug/window showrooms, the Design Atelier (full-service design studio), and RH Contemporary Art in an exhibition space.
No change to the price target of $60.
Shares of Restoration Hardware closed at $29.52 yesterday.
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