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From Home Furnishing Business

Williams –Sonoma Q4 Revenues Rise 6.2%

Retailer Williams-Sonoma (NYSE: WSM) said revenues jumped 6.2% to $1.68 billion in the fiscal fourth quarter, but net income tumbled due to a pair of one-time tax charges stemming from recently-enacted changes in corporate tax law.

The company, whose brands include Pottery Barn and West Elm, said it recorded comparable-brand revenue growth in all brands, including West Elm, which was up 12.3%, and Williams-Sonoma, which was up 4.3%.

Roughly 51% of revenues came from e-commerce, and the remaining 49% was from its brick-and-mortar stores.

Net income for the quarter ended Jan. 28 totaled $95.8 million or $1.13 per share. That was down from $144.7 million or $1.63 per share in the same quarter the previous year.

The most recent quarter included a charge of $13 million for the repatriation of foreign earnings, and a $28 million reduction in the value of the company’s deferred tax assets.

“We ended the year with a strong fourth quarter. Our product and operational initiatives drove broad-based comp growth in all our brands and a substantial acceleration in e-commerce and retail revenue growth from last year,” said Laura Alber, president and CEO. “For the full year, we made significant progress against our strategic priorities to strengthen our competitive advantages and drive accelerated growth.”

For the fiscal year ended Jan. 28, revenues rose 4.1% to $5.292 billion. Revenue growth was paced by West Elm, whose top line rose 10.2% to $1.114 billion, and Williams-Sonoma, whose revenues were up 3.2% to $1.022 billion.

Full-year revenues at Pottery Barn, its largest brand, rose 1% to $2.066 billion. Pottery Barn Kids and PBteen saw revenue declines 1.8% and 1.4%, respectively.

Full-year profits totaled $259.5 million or $3.02 per share. That was down from $305.4 million or $3.41 per share in the previous fiscal year.

For the current fiscal year, the retailer is projecting revenues of $5.475 billion to $5.635 billion.

Williams-Sonoma’s board of directors also approved a 4-cent increase in the cash dividend to 43 cents per share.

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