From Home Furnishing Business
Williams-Sonoma 1Q Earnings Drop 3%
Lifestyle home furnishings retailer Williams-Sonoma (NYSE: WSM) reported net income of $44.8 million for the first quarter ended May 3, a 3 percent decline compared to $46.2 million in the same quarter last year.
Net sales for the period were $1 billion a 5.8 percent increase compared to $974.3 million in the same period last year.
“Our first quarter results were better than we expected, driven by West Elm and our new businesses, as well as strong operational and financial execution across all of our brands,” said Laura Alber, president and CEO. “Based on the results we see across our portfolio, we are confident in the fundamentals of our business and the year ahead. We believe that our growth strategies, consistent execution and operational discipline, put us on track to deliver another record year for our shareholders.”
First quarter net sales from the company’s e-commerce channels climbed 8.4 percent to $533 million from $491 during the first quarter last year.
The complete earnings release is available online.