Restoration Hardware to Restate Results
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Restoration Hardware Inc. said it will restate results for the fiscal year ended in February and for the first two quarters of the current year, because of accounting errors.
The fiscal-year loss would narrow by about 2 cents to 5 cents a share, the retailer said. The company said it had overestimated accounts payable, and understated merchandise inventories.
Shares of Corte Madera, Calif.-based Restoration Hardware fell as low as $4.05 in after-hours trading. They closed at $4.70 in regular trading on Nasdaq.
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