Design Within Reach goes public
By Staff -- Home Accents Today, 8/1/2004
San Francisco-based Design Within Reach, a multi-channel retailer of distinctive modern design furnishings and accessories, went public in June with an initial offering of 4.1 million shares of common stock at $12 per share. Design Within Reach, Inc. is selling 3 million shares and selling shareholders are offering 1.1 million. The selling stockholders granted the underwriters a 30-day option to purchase up to an additional 615,000 shares at the initial public offering price to cover over-allotments, if any.
The offering was made through an underwriting syndicate led by CIBC World Markets Corp., as the lead manager and William Blair & Company, L.L.C. and SG Cowen & Co., LLC as co-managers.
The second quarter of 2004, ended June 26, was a good one for the retailer.
Net sales for the quarter were $28.2 million, an increase of 45.8% over the $19.4 million recorded in the same period last year. Net earnings for the quarter were $806,000, or $0.07 per diluted share, compared to a loss of $1.2 million, or a loss of $0.36 per diluted share, in the second quarter of 2003.
There currently are 26 design studios, mostly in California, a catalog with almost a million copies distributed monthly and a Web site. Sales for 2003 were $81.1 million.
