Restoration Hardware earnings spark CEO ire

CORTE MADERA, Calif. — Shares in Restoration Hardware were in freefall Friday after the high-end homewares retailer posted disappointing preliminary earnings. The company’s reported Q4 adjusted EPS of 99 cents on $647 million in revenue fell far short of the Thomson Reuters consensus estimate of $1.39 on $711 million. In the aftermath, the company’s flamboyant CEO, Gary Friedman, fired off a liberally capitalized internal memo obtained by Bloomberg News. Stressing the importance of customer service, Friedman wrote, “We need a MASSIVE CHANGE IN OUR CULTURE AND ATTITUDE RIGHT NOW.”