From Home Furnishing Business
Williams-Sonoma Profit Climbs 16%
Home furnishings retailer Williams-Sonoma posted a 16 percent increase in third quarter profit, and same-store sales increased in all the company's brands.
Williams-Sonoma Inc.'s fiscal third-quarter profit rose 16% as same-store sales increased at all store formats the housewares and furniture retailer operates, led by gains at West Elm and PBteen.
The latest results exceeded expectations and Williams-Sonoma issued a rosier outlook for the year. Investors cheered the news, sending shares up 4.5% to $57.99 in after-hours trading.
"We believe we are well-positioned heading into the holiday season," President and Chief Executive Laura Alber said.
The home-furnishing retailer has benefited from an uptick in new housing construction and signs of economic recovery that have sparked demand for furniture. But Williams-Sonoma is also facing increased competition from rivals like Restoration Hardware Holdings Inc. (RH), Crate & Barrel, and some retailers that exclusively sell their products online.
Read the Entire Story Source: MarketWatch