<SEC-DOCUMENT>0001193125-15-337654.txt : 20151116
<SEC-HEADER>0001193125-15-337654.hdr.sgml : 20151116
<ACCEPTANCE-DATETIME>20151005175535
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-337654
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20151005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Restoration Hardware Holdings Inc
		CENTRAL INDEX KEY:			0001528849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FURNITURE STORES [5712]
		IRS NUMBER:				453052669
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		15 KOCH ROAD
		STREET 2:		SUITE K
		CITY:			CORTE MADERA
		STATE:			CA
		ZIP:			94925
		BUSINESS PHONE:		415-924-1005

	MAIL ADDRESS:	
		STREET 1:		15 KOCH ROAD
		STREET 2:		SUITE K
		CITY:			CORTE MADERA
		STATE:			CA
		ZIP:			94925
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:78%; font-size:9pt; font-family:Times New Roman">15 Koch Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:78%; font-size:9pt; font-family:Times New Roman">Corte Madera, California 94925 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:78%; font-size:9pt; font-family:Times New Roman">T.&nbsp;415.924.1005&nbsp;&nbsp;&nbsp;F.&nbsp;415.927.9133 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:78%; font-size:9pt; font-family:Times New Roman">RestorationHardware.com </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g28625g78x17.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B></B>October&nbsp;5, 2015 <B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>VIA EDGAR AND HAND DELIVERY </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jennifer Thompson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Accounting Branch Chief </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, D.C. 20549-7010 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; font-size:12pt; font-family:Times New Roman"><I></I>Re:&nbsp;&nbsp;&nbsp;&nbsp; <I>Restoration Hardware Holdings, Inc. </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:12pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 10-K for the Fiscal Year Ended January&nbsp;31, 2015 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:12pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed March&nbsp;27, 2015 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:12pt; font-family:Times New Roman"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No.&nbsp;001-35720 </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Ms.&nbsp;Thompson: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">On behalf of Restoration Hardware
Holdings, Inc. (the &#147;Company&#148;), this letter responds to your letter, dated September&nbsp;21, 2015 (the &#147;Comment Letter&#148;), regarding the above-referenced filing. Each of your comments is set forth below, followed by the
corresponding response. For ease of reference, the headings and numbered paragraphs below correspond to the headings and numbered comments in the Comment Letter. Each response of the Company is set forth in ordinary type beneath the corresponding
comment of the Staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;SEC&#148;) from the Comment Letter appearing in bold type. References herein to &#147;we&#148; and
&#147;our&#148; refer to Restoration Hardware Holdings, Inc. and its consolidated subsidiaries unless otherwise noted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Form 10-K for the Fiscal
Year Ended January&nbsp;31, 2015 </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Item&nbsp;8. Financial Statements and Supplementary Data </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Notes to Consolidated Financial Statements, page 76 </U></B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Jennifer Thompson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 5, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You disclose on page 50 that you closed six retail stores during the fiscal year ended January&nbsp;31,&nbsp;2015. You also disclose on page 47 that retail store closures may lead to charges including lease
termination and other exit costs. If you incurred charges related to the closure of these stores, please tell us the amount and nature of these costs for the periods presented, and how you complied with the disclosure requirements of ASC 420-10-50.
Additionally, please tell us what impact these store closures had on your reported results of operations for the periods presented, including but not limited to the impact on net revenue, and how you concluded no related quantification or
discussion&nbsp;was necessary within your discussion of your results of operations in MD&amp;A. Refer to Item&nbsp;303(a)(3)(i) of Regulation S-K. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Response: The Company respectfully advises the Staff that it considered the requirements of ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">420-10-50,</FONT></FONT> but the closure of the six retail stores during the fiscal year ended January&nbsp;31, 2015 did not result in any material lease related charges or expenses or other exit costs during the fiscal
year or any interim quarterly period.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Five of the six closed stores were at or near the end of their lease term and accordingly did not
result in any material asset write-offs, lease termination charges or other exit costs.&nbsp;Specifically, only one of these five locations incurred a charge as calculated under ASC 420-10-50, and the amount of such charge was immaterial. The sixth
location has been temporarily closed in order to be repurposed as an &#147;RH Modern&#148; store, which is one of the Company&#146;s new business concepts. The repurposed store will continue under the existing lease, and as a result no lease
termination charges or other exit costs have been incurred. The store will be reopened in the Fall of calendar year 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">As a result,
the Company respectfully advises the Staff that it believes it has complied with the disclosure requirements of ASC 420-10-50. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The
Company also respectfully advises the Staff that the closure of these locations is not an &#147;unusual or infrequent event or transaction&#148; under Item&nbsp;303(a)(3)(i) of Regulation S-K that materially affected the amount of income reported
from continuing operations. To the contrary, the closure of legacy stores is part of the Company&#146;s overall business strategy, as disclosed extensively in its SEC filings, to transition its business toward a retail store presence consisting of
new larger format Gallery locations in lieu of legacy store locations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">In general, the Company experiences sales increases in markets
where it opens a new larger format Gallery and closes legacy stores. In the case of the six store closures in fiscal 2014, all occurred where there were other existing or newer, larger format stores in the general market area. Two of the six store
closures, in Greenwich and Atlanta, occurred at approximately the same time as the opening of a new larger format Gallery in the same market area. As described above, the store location at Beverly Boulevard in Los Angeles is being repurposed as a
new RH Modern Gallery. We closed that location at the same time as we opened a new larger format Gallery nearby in Los Angeles at </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Jennifer Thompson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 5, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">
Melrose Avenue. The remaining three stores were closed at the time of their respective lease expirations, and in each of these locations, we have one or more existing or newer, larger Gallery
locations in close proximity to the closed store. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">In each of these markets, we believe that the sales from the closed stores largely
transferred to an existing or newer store in a nearby location, and more generally, to our direct business, and that the newer larger format stores have generally attracted more sales. As a result, we have not experienced sales declines either in
the aggregate or in those markets. The closure of the above described locations did not have a material impact on our results of operations, including but not limited to our net revenues. Accordingly, we do not believe that there is any required
incremental disclosure under Item&nbsp;303(a)(3)(i) of Regulation S-K with respect to these store closures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Note 3 &#150; Significant Accounting
Policies </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Investments, page 79 </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>You disclose that realized gains and losses related to investments are included in selling, general and administrative expenses and interest income, dividends, amortization and accretion of purchase premiums and
discounts on investments are included in interest expense in the consolidated statements of operations. Please tell us how your presentation complies with Rules 5-03.7 and 5-03.9 of Regulation S-X. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Response: The Company respectfully advises the Staff that it believes that the amounts of non-operating income and non-operating expense
associated with its investment activity during fiscal 2014 were immaterial to its consolidated financial statements and that accordingly, no separate disclosure was required under Rules 5-03.7 and 5-03.9 of Regulation S-X. Further, the Company
respectfully advises the Staff that it did not have any investment related activity during fiscal 2013 and fiscal 2012. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">The Company did
not record any realized gains and losses related to investment activity during fiscal 2014 and as such there was no impact to the selling, general and administrative expense in the consolidated statements of operations. Further, amounts related to
all other investment related activity were immaterial for fiscal 2014, as further indicated below. Therefore, the Company did not believe that other investment related activity warranted a separate line item within its consolidated statements of
operations and instead included such activity within the interest expense line item in its consolidated statements of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">For
fiscal 2014, interest income and accretion expense related to the Company&#146;s investment activities were approximately $146,000 and approximately $113,000, respectively, which represented 0.8% and 0.6%, respectively, of interest expense. Under
any comparative basis, these items are immaterial. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Jennifer Thompson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 5, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Inasmuch as the amounts of non-operating income and non-operating expense associated with
investment activity were not material to the Company&#146;s consolidated financial statements for fiscal 2014, the Company did not separately report such amounts within its consolidated financial statements and related footnote disclosures. The
Company believes that this presentation is in line with Rules 5-03.7 and 5-03.9 of Regulation S-X. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">However, the Company acknowledges the
Staff&#146;s comment and advises the Staff that if and when these items become material in future reporting periods, it will separately disclose the amount of non-operating income and non-operating expense associated with its investment activity and
will include all such activity within interest expense or determine if investment related activity warrants a separate line item in the consolidated statements of operations in accordance with requirements of Rules 5-03.7 and 5-03.9 of Regulation
S-X in its future filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Report of Independent Registered Public Accounting Firm, page 111 </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>We note your auditor has included &#147;the financial statement schedules listed in the index appearing under Item&nbsp;15(a)(1)&#148; in the scope of its report when there does not appear to be a schedule listed in
Item&nbsp;15(a)(1) on page 114. Please tell us whether a schedule was omitted from your Form 10-K or why this language was included in the report. </B></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">Response: The Company respectfully advises the Staff that no schedules were omitted in the list that appears in Item&nbsp;15(a)(1) and that
the reference to &#147;the financial statement schedules&#148; was included inadvertently in the audit opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;
*&nbsp;&nbsp; *&nbsp;&nbsp; *&nbsp;&nbsp; *&nbsp;&nbsp; * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The Company hereby acknowledges that: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filings; </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the SEC from taking any action with respect to the filings; and </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the SEC or any person under the federal securities laws of the United States. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ms. Jennifer Thompson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">October 5, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">If you require additional information or have any questions about this letter, please call me
at <FONT STYLE="white-space:nowrap">(415)&nbsp;945-4573.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">/s/ Karen Boone </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Karen Boone
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Chief Financial and Administrative Officer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
