Business

Restoration Hardware jumps 29 percent on first day

NEW YORK — Shares of Restoration Hardware jumped in its first day of trading, as investors decided to take a bet on a familiar retail name and the gradual housing recovery.

Shares rose $7.01, or 29.2 percent, to $31.01 in Friday afternoon trading on the New York Stock Exchange. The home decor retailer and its shareholders raised $124 million, selling 5.2 million shares for $24 each.

Restoration Hardware, which operates more than 70 retail stores, is going public several years into a turnaround.

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The company was losing money when it was bought by a private equity firm in in 2008. It has since redesigned stores, revamped its product line, and focused on a higher-end market.

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In the fiscal year ended Jan. 28, the company had net income of $20.3 million, compared with a loss of $8.1 million in the prior year. Revenue rose 24 percent to $958.1 million.

Restoration Hardware sells items in a wide range of categories including furniture, lighting, textiles, bathware, décor, outdoor and garden, and baby and child products.

Restoration Hardware Holdings Inc., based in Corte Madera, Calif., is trading under the ‘‘RH’’ ticker symbol.

Associated Press