From Home Furnishing Business
Strong Comps Drive Q2 Revenue, Earnings Growth at Williams-Sonoma
Paced by 21.5 percent comparable-brand growth from its Pottery Barn chain, retailer Williams-Sonoma said revenues for the quarter ended July 31 rose nearly 10 percent to $2.14 billion.
The company recorded company-wide comparable-brand growth of 11.3 percent, and said all of its brands, which also include West Elm, Pottery Barn Kids and Teen, and Williams-Sonoma, had positive comps for the quarter.
Net income for the quarter was $267.1 million or $3.87 per share. That was up from $246.1 million or $3.21 per share in the same quarter last year.
Gross margin fell to 43.5 percent from 44.1 percent in the comparable quarter due to higher shipping and freight costs, the company said.
“These impressive results reflect the strength of our multi-brand portfolio, the success of our growth initiatives, and the ongoing execution of the team,” said Laura Alber, president and CEO. “We continue to demonstrate our ability to perform by offering high-quality, differentiated, and sustainable products that our customers know and love. Our performance was driven by strong order fulfillment, positive demand comps, and our successful continued elimination of site-wide promotions."
For the six months ended July 31, total revenues rose 9 percent to $4.03 billion. Six-month net income totaled $521.2 million or $7.36 per share. That was up from $473.9 million or $6.11 per share in the first half of the previous fiscal year.