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WSM · Williams-Sonoma

50 filings

10-Q

WSM 10-Q Quarterly Reports

Williams-Sonoma - 50 quarterly reports

Filing record · 2016–202610-K1110-Q328-K84

WSM filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 84 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · Jun ’25Jun ’25
  1. 2027-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 2, 2026

    Williams-Sonoma, Inc. reported net revenues of $1.96 billion for the thirteen weeks ended August 2, 2026, up from $1.84 billion in the second quarter of fiscal 2025, with net earnings of $338.1 million and diluted earnings per share of $2.84, compared to $2.00 a year earlier. Results were materially aided by IEEPA tariff refunds: the company recorded a $167.8 million reduction to cost of goods sold for refunds on previously expensed tariffs, plus $6.3 million of related interest income, partly offset by a $47.5 million vendor reimbursement provision and a $10.0 million one-time employee recognition cost. Gross margin rose to 51.6% from 47.1%, with the filing attributing 610 basis points of the increase to tariff refunds net of vendor reimbursements. For the first half of fiscal 2026, net earnings were $569.5 million and diluted EPS was $4.77, versus $3.86. Company comparable brand revenue grew 6.2% in the quarter and 5.5% in the first half, with e-commerce comp growth of 6.5% and retail comp growth of 5.5% in the quarter. Net cash provided by operating activities was $695.9 million for the first half, up from $401.7 million, and included $200.2 million of collected tariff refunds and interest. Cash and cash equivalents were $1.03 billion at August 2, 2026, and the company had no borrowings under its $600 million revolving Credit Facility. Capital returns continued during the period: the company repurchased $287.8 million of common stock and paid $175.4 million in dividends in the first half. No shares were repurchased in the second quarter, and about $1.1 billion remained under the total repurchase authorization. The company declared dividends of $0.76 per share for the quarter, compared with $0.66 a year earlier. The filing states management expects tariff and macroeconomic uncertainty to continue throughout fiscal 2026, and it notes that $29.3 million of tariff refund income is deferred in inventories, expected to reduce cost of goods sold in the third quarter.

    Aug 28, 2026
  2. 2027-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 3, 2026

    Williams-Sonoma, Inc. reported net revenues of $1.81 billion for the first quarter of fiscal 2026 (13 weeks ended May 3, 2026), up from $1.73 billion a year earlier, driven by company comparable brand revenue growth of $78.6 million, or 4.8%. Gross margin declined to 44.0% from 44.3%, mainly from tariffs flowing into cost of goods sold, and SG&A rose to 27.8% of net revenues from 27.5%. Operating income was $291.7 million versus $290.7 million, and diluted earnings per share rose to $1.93 from $1.85. Net earnings were $231.4 million, essentially flat with the prior year. The company generated $156.3 million of operating cash flow and ended the quarter with $651.6 million in cash and cash equivalents and no borrowings under its $600 million revolving credit facility. It returned $373.4 million to stockholders through repurchases of $287.8 million and dividends of $85.6 million, and the quarterly dividend was raised 15% to $0.76 per share. Remaining authorization under the stock repurchase program was approximately $1.1 billion. The company filed for refunds of $197.8 million in IEEPA tariffs on April 20, 2026, but has not recorded any receivable for them because collection is not yet probable. Management cites an uncertain macroeconomic environment and continued tariff uncertainty for fiscal 2026. Total stockholders' equity fell to $1.87 billion from $2.08 billion at fiscal year-end, largely reflecting share repurchases and dividends.

    May 22, 2026
  3. 2026-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 2, 2025

    Williams-Sonoma, Inc. reported third-quarter fiscal 2025 results for the thirteen weeks ended November 2, 2025, with net revenues of $1.88 billion, up from $1.80 billion, and diluted earnings per share of $1.96 versus $1.87 a year earlier. Net earnings were $241.6 million compared with $237.3 million. Company comparable sales grew 4.0%, driven by an 8.5% comp in the retail channel and 1.9% in e-commerce. Gross margin rose to 46.1% from 45.4%, which the company attributed mainly to higher merchandise margins, including slower-than-anticipated flow-through of tariffs into cost of goods sold, and to supply chain efficiencies. SG&A rose to 29.1% of net revenues from 28.5%, driven by higher performance-based incentive compensation and advertising. For the first thirty-nine weeks of fiscal 2025, net revenues were $5.45 billion and diluted EPS was $5.82. The company ended the quarter with $884.7 million in cash and cash equivalents and no borrowings under its $600 million revolving credit facility. Operating cash flow for the thirty-nine weeks was $718.0 million, capital expenditures were $178.5 million, and the company returned $792.3 million to stockholders through repurchases and dividends. In November 2025, the Board approved a new $1.0 billion stock repurchase authorization, effective once the September 2024 authorization of $636.8 million remaining is fully used. The filing flags an evolving tariff environment: the incremental tariff rate rose from 14% in May 2025 to 29% as of the filing date. Management expects these tariffs to increase costs for imported materials and finished goods and said it may not be able to offset all of the added costs. The filing also notes a $49.0 million out-of-period freight adjustment and an immaterial correction of prior-year shrink losses in fiscal 2024 interim periods.

    Nov 25, 2025
  4. 2026-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 3, 2025

    Williams-Sonoma, Inc. reported net revenues of $1.84 billion for the thirteen weeks ended August 3, 2025, up from $1.79 billion a year earlier, with company comparable brand revenue growth of 3.7%. Gross margin rose to 47.1% from 44.9%, and operating income increased to $328.1 million from $277.9 million. Net earnings were $247.6 million, or $2.00 per diluted share, compared with $1.67 per diluted share in the second quarter of fiscal 2024. For the first half of fiscal 2025, net revenues were $3.57 billion and diluted earnings per share were $3.86. Cash and cash equivalents were $985.8 million at quarter-end, and the company had no borrowings under its $600 million revolving Credit Facility, which was amended in June 2025 and extended to June 26, 2030. Operating cash flow for the first half was $401.7 million, down from $473.3 million, primarily due to higher merchandise inventory spending, which the filing attributes in part to increased tariff costs and receipt timing. Inventories rose to $1.43 billion from $1.33 billion at fiscal year-end. The company returned $445.1 million to stockholders through repurchases and dividends in the first half, and $903.4 million remained under its current repurchase authorization. Management states that the incremental tariff rate has doubled from 14% to 28% since its prior Form 10-Q, and that while it can offset a portion of these costs, it does not expect to offset all of them. The filing also reports that the company was in compliance with its financial covenants as of August 3, 2025.

    Aug 29, 2025
  5. 2026-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 4, 2025

    Williams-Sonoma, Inc. reported net revenues of $1.73 billion for the thirteen weeks ended May 4, 2025, up from $1.66 billion in the prior-year quarter, with company comparable brand revenue growth of 3.4%. Gross profit declined to $765.8 million from $795.2 million, with gross margin falling to 44.3% from 47.9%; the filing attributes the decline mainly to the prior-year out-of-period freight adjustment, lower merchandise margins from higher input costs, ocean freight and tariff mitigation costs, partially offset by supply chain efficiencies. SG&A fell to $475.1 million (27.5% of net revenues from 28.8%), and operating income was $290.7 million versus $317.1 million. Diluted earnings per share were $1.85, compared with $1.99 a year earlier, which included a $0.29 per share benefit from the out-of-period freight adjustment. Net earnings were $231.3 million versus $260.4 million. Cash and cash equivalents totaled $1.05 billion at quarter end, with no borrowings under the $500 million revolving Credit Facility. Operating cash flow was $118.9 million, down from $226.8 million, and capital expenditures were $58.3 million. The company returned $164.6 million to stockholders through repurchases of $90.0 million and dividends of $74.7 million. Repurchases covered 599,191 shares at an average cost of $150.15, and about $1.1 billion of total repurchase authorization remained. The quarterly cash dividend was raised 16%, from $0.57 to $0.66 per share. Management lists its priorities as returning to growth, elevating customer service and driving earnings, and cites an uncertain macroeconomic environment, including evolving tariff and trade policy, a weak housing market, elevated interest rates and inflationary pressure, as risks to the business. The filing notes no material changes to risk factors from the fiscal 2024 Form 10-K.

    May 28, 2025
  6. 2025-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 27, 2024

    Williams-Sonoma, Inc. reported net revenues of $1.80 billion for the third quarter of fiscal 2024 (thirteen weeks ended October 27, 2024), down from $1.85 billion a year earlier, with company comparable brand revenue declining 2.9%. The filing attributes the decline to continuing customer hesitancy toward furniture purchases, partially offset by strength in the emerging brands and children's home furnishings. Despite lower revenue, net earnings rose to $248.9 million from $237.3 million, and diluted earnings per share increased to $1.96 from $1.83. Gross margin expanded to 46.7% from 44.4%, driven by higher merchandise margins and supply chain efficiencies, while SG&A rose to 28.9% of net revenues from 27.4%. For the first thirty-nine weeks of fiscal 2024, net revenues were $5.25 billion, down $222.4 million or 4.1%, while net earnings reached $740.4 million and diluted EPS was $5.74. Results include a $49.0 million out-of-period freight adjustment that reduced cost of goods sold. Operating cash flow was $726.7 million for the period, down from $1.0 billion a year earlier, mainly due to higher inventory spending. Cash and cash equivalents were $826.8 million at quarter-end, and the company had no borrowings under its $500 million revolving credit facility. Capital returns were significant: the company repurchased 5,164,755 shares for $707.5 million year-to-date and paid $208.9 million in dividends. As of October 27, 2024, $292.5 million remained under the $1.0 billion March 2024 repurchase program, and the Board authorized a new $1.0 billion program in September 2024, bringing total authorization to approximately $1.3 billion. The company also effected a 2-for-1 stock split on July 9, 2024, with all per-share amounts retroactively adjusted.

    Nov 22, 2024
  7. 2025-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 28, 2024

    Williams-Sonoma, Inc. reported net revenues of $1.79 billion for the second quarter of fiscal 2024 (13 weeks ended July 28, 2024), down $74.3 million or 4.0% from the prior-year quarter, with a company comparable brand revenue decline of 3.3%. The filing attributes the decline to continuing customer hesitancy toward furniture purchases, partially offset by strength in emerging brands and children's home furnishings. Pottery Barn, the largest brand, had a 7.1% comparable brand revenue decline, while Pottery Barn Kids and Teen grew 1.5%. Profitability improved despite lower sales. Gross margin rose to 46.2% from 40.7%, driven by higher merchandise margins of 380 basis points and supply chain efficiencies of 180 basis points. SG&A rose $50.4 million, or 10.4%, to 30.0% of net revenues, mainly due to higher performance-based incentive compensation and advertising. Net earnings were $225.7 million, and diluted earnings per share were $1.74 compared with $1.56. Interest income, net, was $15.2 million versus $3.3 million a year earlier. The balance sheet remained strong, with $1.3 billion in cash and cash equivalents and no borrowings under the $500 million revolver as of July 28, 2024. First-half operating cash flow was $473.3 million, down from $715.0 million. The company repurchased 921,466 shares in the quarter for $129.8 million, declared dividends of $0.57 per share, and completed a 2-for-1 stock split on July 9, 2024. The filing also discloses a $49.0 million out-of-period freight expense adjustment recorded in the first quarter of fiscal 2024 that reduced cost of goods sold.

    Aug 23, 2024
  8. 2025-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended Apr 28, 2024

    Williams-Sonoma, Inc. reported net revenues of $1.66 billion for the thirteen weeks ended April 28, 2024, down from $1.76 billion in the prior-year quarter, with company comparable brand revenue declining 4.9%. Management attributed the decline to continuing customer hesitancy toward furniture purchases, partially offset by strength in emerging brands, children's home furnishings and the kitchen business. Pottery Barn, the largest brand, had a 10.8% comparable brand revenue decline, while West Elm declined 4.1% and Pottery Barn Kids and Teen grew 2.8%. Profitability improved substantially. Gross profit rose to $802.5 million, or 48.3% of net revenues, from 38.5% a year earlier, and operating income increased to $323.8 million from $199.5 million. Results include an out-of-period adjustment of $49.0 million that reduced cost of goods sold, which management said contributed $0.59 to diluted earnings per share of $4.07 (versus $2.35 a year earlier). Net earnings were $265.7 million compared with $156.5 million. On capital allocation, the company ended the quarter with $1.25 billion in cash and cash equivalents and no revolver borrowings. It repurchased $43.8 million of stock under a new $1.0 billion authorization approved in March 2024, leaving $956.2 million remaining, and raised its quarterly dividend 26%, from $0.90 to $1.13 per share.

    May 24, 2024
  9. 2024-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 29, 2023

    Williams-Sonoma, Inc. reported a weaker third quarter of fiscal 2023 (thirteen weeks ended October 29, 2023). Net revenues were $1,853,650 thousand ($1.85 billion), down $338.9 million or 15.5% from $2,192,574 thousand, with company comparable brand revenue declining 14.6%. The filing attributes the decline to lower consumer demand for high-ticket discretionary items, partially offset by relative strength in kitchen electrics, textiles and seasonal offerings. Net earnings were $237,285 thousand, versus $251,723 thousand a year earlier, and diluted earnings per share were $3.66 compared with $3.72. Operating income fell to $315,077 thousand from $339,633 thousand. Cost of goods sold as a percentage of net revenues improved to 55.6% from 58.5%, while SG&A expenses rose to 27.4% of net revenues from 26.0%. For the first thirty-nine weeks of fiscal 2023, net revenues decreased $749.6 million, or 12.0%, to $5.47 billion, and diluted earnings per share were $9.12 versus $11.08. Cash and cash equivalents were $698.8 million at October 29, 2023, up from $367.3 million at January 29, 2023. Net cash provided by operating activities was $1.0 billion, and the company had no borrowings under its $500 million revolving credit facility. The company repurchased $313.0 million of stock and paid $174.6 million in dividends during the period, and $687.0 million remained under its current repurchase program. Management states that the weak housing market, interest rates, layoffs and inflationary pressure may continue to affect results in the near term, and expects exit and reduction-in-force initiatives to produce approximate pre-tax annualized savings of $42 million.

    Nov 28, 2023
  10. 2024-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 30, 2023

    Williams-Sonoma, Inc. reported net revenues of $1.86 billion for the second quarter of fiscal 2023 (13 weeks ended July 30, 2023), a decrease of $274.9 million or 12.9% from the prior-year quarter, with company comparable brand revenue declining 11.9%. The filing attributes the decline to lower consumer demand for high-ticket discretionary items, partially offset by relative strength in certain other categories. Net earnings fell to $201.5 million from $267.1 million, and diluted earnings per share were $3.12 compared with $3.87. Cost of goods sold rose to 59.3% of net revenues from 56.5%, driven by higher input, freight and occupancy costs, while SG&A expenses fell 13.7% to $486.0 million, aided by reduction-in-force savings. For the first half of fiscal 2023, net revenues were $3.62 billion, down 10.2%, and operating cash flow was $715.0 million, up from $383.6 million, largely due to lower inventory spending. Cash and cash equivalents rose to $514.4 million, and the company had no borrowings under its $500 million Revolver. Stockholder returns totaled $426.6 million in the first half through repurchases and dividends, with $690.0 million remaining under the current repurchase program. Management expects gross margin pressures from past supply chain costs may become tailwinds in the back half of the year and anticipates approximately $42 million in pre-tax annualized savings from its exit and reduction-in-force initiatives. The filing describes management's belief that current liquidity and credit facilities are adequate for the next 12 months. It also notes an expected fiscal 2023 effective tax rate of approximately 26.0%, and that the company was in compliance with its Credit Facility financial covenants as of July 30, 2023.

    Sep 1, 2023
  11. 2024-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended Apr 30, 2023

    Williams-Sonoma, Inc. reported net revenues of $1.76 billion for the first quarter of fiscal 2023 (thirteen weeks ended April 30, 2023), a decrease of $135.8 million or 7.2% from $1.89 billion a year earlier. Company comparable brand revenue declined 6.0%, driven by lower consumer demand for high-ticket furniture items, partially offset by fewer undelivered furniture orders. West Elm brand comp fell 15.8%, Pottery Barn declined 0.4%, Williams Sonoma declined 4.4%, and Pottery Barn Kids and Teen declined 3.3%. Net earnings fell to $156.5 million from $254.1 million, and diluted earnings per share was $2.35 versus $3.50, including a $0.20 impact from exit costs and a $0.09 impact from reduction-in-force initiatives. Gross margin pressure was evident, with cost of goods sold rising to 61.5% of net revenues from 56.2%, and SG&A rising to 27.1% of revenues from 26.7%. Cash generation and capital returns were strong relative to earnings. Operating cash flow was $342.5 million, versus $184.5 million a year earlier, and cash and cash equivalents ended at $297.3 million. The company invested $50.0 million in capital expenditures and returned $358.1 million to stockholders through repurchases and dividends. Total stock repurchases were $300.0 million, and the Board authorized a new $1 billion repurchase program in March 2023, with $700.0 million remaining at quarter end. The quarterly dividend was raised 15%, from $0.78 to $0.90 per share. The revolving credit facility of $500 million was undrawn, and the company stated it was in compliance with its financial covenants. Management stated that the uncertain macroeconomic environment, including a weak housing market, layoffs, inflationary pressure and possible recession, may continue to affect results, and expects supply chain cost challenges to weigh on results through the first half of fiscal 2023. It anticipates gross margin pressures may become tailwinds in the back half of the year. Exit and reduction-in-force initiatives are expected to yield pre-tax annualized savings of $40 million, primarily in SG&A.

    May 26, 2023
  12. 2023-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 30, 2022

    Williams-Sonoma, Inc. reported net revenues of $2.19 billion for the thirteen weeks ended October 30, 2022, up from $2.05 billion a year earlier, with comparable brand revenue growth of 8.1%. Net earnings were $251.7 million, or $3.72 per diluted share, versus $3.29 in the prior-year third quarter. Gross profit rose to $910.5 million, while cost of goods sold as a percentage of net revenues increased to 58.5% from 56.3%, driven by higher shipping costs tied to increased furniture mix, higher backorder fulfillment and incremental freight costs. Selling, general and administrative expenses as a percentage of net revenues declined to 26.0% from 27.6%. For the first thirty-nine weeks of fiscal 2022, net revenues were $6.22 billion and net earnings were $772.9 million, or $11.08 per diluted share. Operating cash flow was $588.5 million, down from $788.3 million, primarily due to higher spending on merchandise inventories, which rose to $1.69 billion at quarter-end from $1.27 billion a year earlier. Cash and cash equivalents declined to $113.1 million, and the company had no borrowings under its $500 million revolver. Stockholder returns over the period totaled $1.0 billion through repurchases and dividends, and the company stated it expects supply chain challenges to negatively affect inventory levels through the first half of 2023. The company continues to face elevated backorders, higher product and freight costs, and an uncertain macroeconomic environment. Management stated it was in compliance with its credit facility financial covenants as of October 30, 2022.

    Dec 2, 2022
  13. 2023-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 31, 2022

    Williams-Sonoma, Inc. reported net revenues of $2,137,537 thousand ($2.14 billion) for the thirteen weeks ended July 31, 2022, up from $1,948,339 thousand in the second quarter of fiscal 2021. Comparable brand revenue grew 11.3% in the quarter and 10.5% in the first half of fiscal 2022, with growth in all brands, driven primarily by furniture sales. Diluted earnings per share were $3.87 for the quarter, compared with $3.21 a year earlier, and net earnings were $267,075 thousand. For the twenty-six weeks, net earnings were $521,188 thousand and diluted EPS was $7.36. Margins were mixed. Cost of goods sold rose to 56.5% of net revenues from 55.9%, reflecting higher freight costs tied to strong furniture demand, high backorder fulfillment and global supply chain disruptions. Selling, general and administrative expenses fell to 26.4% of net revenues from 27.5%, which management attributed to leverage of advertising and employment costs. Management expects supply chain challenges, combined with strong demand, to negatively affect inventory levels through the second half of fiscal 2022 and into the first half of 2023. Merchandise inventories rose to $1,542,428 thousand from $1,246,372 thousand at January 30, 2022. Liquidity remained strong, though cash fell to $124,944 thousand from $850,338 thousand at fiscal year-end. Operating cash flow was $383,592 thousand for the first half, and the company spent $766,424 thousand on share repurchases and $112,674 thousand on dividends. It had no borrowings under its $500 million revolver and was in compliance with its financial covenants. Stockholders' equity declined to $1,278,279 thousand, and the company held $803.6 million remaining under its stock repurchase program.

    Sep 2, 2022
  14. 2023-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 1, 2022

    Williams-Sonoma, Inc. reported first-quarter fiscal 2022 results for the thirteen weeks ended May 1, 2022. Net revenues rose to $1,891,227 thousand from $1,749,029 thousand, an increase of $142.2 million or 8.1%, with comparable brand revenue growth of 9.5%. Growth was led by Pottery Barn and West Elm, primarily from furniture sales, partly offset by declines at Williams Sonoma and Pottery Barn Kids and Teen. Net earnings were $254,113 thousand, and diluted earnings per share were $3.50 compared with $2.90 a year earlier. Gross margin improved, with cost of goods sold at 56.2% of net revenues versus 57.0%, mainly from reduced promotional activity, and selling, general and administrative expenses fell to 26.7% of net revenues from 27.3%. Cash and cash equivalents were $324.8 million at quarter-end, down from $850.3 million at fiscal year-end. Operating cash flow was $184.5 million year-to-date, compared with $238.9 million a year earlier, mainly due to higher merchandise inventories, which rose to $1,396,135 thousand. Stockholders stock repurchases and dividends totaled $559.2 million year-to-date, and the Board authorized a new $1.5 billion repurchase program in March 2022 and a 10% increase in the quarterly dividend to $0.78 per share. The company had no revolver borrowings and stated it was in compliance with its financial covenants. Management continues to cite supply chain challenges, including elevated backorders, higher freight costs and product costs, and expects these to negatively affect inventory levels until the second half of fiscal 2022. The filing states no material changes to risk factors from the Annual Report on Form 10-K for the fiscal year ended January 30, 2022.

    Jun 2, 2022
  15. 2022-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 31, 2021

    Williams-Sonoma, Inc. reported net revenues of $2.05 billion for the thirteen weeks ended October 31, 2021, up from $1.76 billion a year earlier, with comparable brand revenue growth of 16.9%. Net earnings rose to $249.5 million from $201.8 million, and diluted earnings per share were $3.29 versus $2.54. For the thirty-nine weeks, net revenues were $5.74 billion versus $4.49 billion, and net earnings were $723.4 million versus $371.8 million. Diluted EPS for the year-to-date period was $9.40 compared with $4.71. Cost of goods sold as a percentage of net revenues fell to 56.3% in the quarter from 60.0%, while selling, general and administrative expenses rose to 27.6% of net revenues from 24.4%, driven by advertising investment. Cash flow and capital return were significant during the period. Operating cash flow was $788.3 million year-to-date, and cash and cash equivalents stood at $656.9 million at quarter end. The company repaid its $300 million term loan in February 2021, and it had no revolver borrowings outstanding. Year-to-date share repurchases totaled $652.7 million, and dividends paid were $135.2 million. In August 2021 the Board approved a new $1.25 billion repurchase authorization, with about $1.06 billion remaining at quarter end, and a quarterly dividend increase from $0.59 to $0.71 per share. The filing also notes ongoing supply chain pressures, including delays in inventory receipts, particularly in Vietnam, and elevated backorder levels. Management does not expect full recovery of inventory levels until the middle of fiscal 2022. Inventory was $1.27 billion at October 31, 2021, compared with $1.13 billion a year earlier.

    Dec 6, 2021
  16. 2022-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 1, 2021

    Williams-Sonoma, Inc. reported strong second-quarter fiscal 2021 results for the thirteen weeks ended August 1, 2021. Net revenues rose $457,562,000, or 30.7%, to $1.95 billion, with comparable brand revenue growth of 29.8% and growth in all brands. Operating income increased to $323.1 million from $185.4 million, and net earnings reached $246.1 million, or $3.21 per diluted share, compared with $1.70 in the prior-year quarter. Cost of goods sold fell to 55.9% of net revenues from 63.0%, driven by higher selling margins from reduced promotional activity. Selling, general and administrative expenses rose to 27.5% of net revenues from 24.5%, primarily due to higher advertising costs versus the reduced spending of the prior-year COVID-19 response. For the twenty-six weeks ended August 1, 2021, net revenues were $3.70 billion, up 35.6%, and diluted earnings per share were $6.11 versus $2.16. Operating cash flow was $475.7 million. The company ended the quarter with $655.2 million in cash and no revolver borrowings, and repaid its $300 million term loan before maturity in February 2021. Year-to-date shareholder returns totaled approximately $542.5 million through share repurchases and dividends. On August 25, 2021, the company announced a new $1.25 billion stock repurchase authorization and a 20.3% increase in its quarterly dividend, from $0.59 to $0.71 per share. The company continues to face supply chain pressures, including delays in inventory receipts, increased raw material costs, higher shipping-related charges, port slowdowns and congestion, and shipping container and foam shortages. Management expects backorder levels to remain elevated, with moderate improvement in inventory levels through the balance of the year. Merchandise inventories were up 12% over last year, and intermittent COVID-19-related store closures or capacity restrictions may still affect retail revenues.

    Sep 9, 2021
  17. 2022-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 2, 2021

    Williams-Sonoma, Inc. reported net revenues of $1.75 billion for the first quarter of fiscal 2021 (thirteen weeks ended May 2, 2021), up from $1.24 billion in the prior-year quarter, with comparable brand revenue growth of 40.4% and double-digit comparable revenue growth across all brands. Operating income rose to $275.2 million from $48.6 million, and net earnings were $227.8 million, or $2.90 per diluted share, versus $0.45 a year earlier. The prior-year quarter had been affected by COVID-19 store closures, store asset impairments and inventory write-offs, which the company said did not recur in the current period. Gross margin expanded, with cost of goods sold falling to 57.0% of net revenues from 66.5%, and SG&A fell to 27.3% of net revenues from 29.6%. On the balance sheet, cash and cash equivalents were $639.7 million at May 2, 2021, down from $1.20 billion at January 31, 2021, as the company repurchased $315.5 million of common stock, paid $300.0 million to repay its term loan in full, and funded $98.5 million of tax withholdings on stock-based awards. The revolving credit line of $500 million was undrawn, and the company stated it expects adequate liquidity over the next 12 months. Management also noted continued supply chain constraints, elevated backorders, shipping and product cost increases, and ongoing uncertainty from COVID-19, including intermittent retail capacity restrictions in some geographies. The Board authorized a new $1.0 billion stock repurchase program in March 2021, with about $703.8 million remaining at quarter end, and raised the quarterly cash dividend 11.3% to $0.59 per share. The company did not renew its $200 million 364-Day Credit Agreement upon its May 2021 maturity.

    Jun 9, 2021
  18. 2021-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 1, 2020

    Williams-Sonoma, Inc. reported third-quarter fiscal 2020 (13 weeks ended November 1, 2020) net revenues of $1.76 billion, up from $1.44 billion a year earlier, with comparable brand revenue growth of 24.4%. Gross profit rose to $705.6 million from $518.2 million, and cost of goods sold fell to 60.0% of net revenues from 64.1%, driven by higher merchandise margins and occupancy leverage. Net earnings were $201.8 million, or $2.54 per diluted share, versus $74.7 million, or $0.94, a year earlier. The filing attributes growth mainly to e-commerce, partly offset by lower retail revenue from COVID-19 store closures and capacity limits. Year-to-date, net revenues were $4.49 billion, up 10.8%, and net earnings were $371.8 million, or $4.71 per diluted share. Operating cash flow was $726.6 million, compared with $90.0 million a year earlier. The company repaid all $487.8 million of revolver borrowings in the quarter, repurchased $109.0 million of stock, and raised its quarterly dividend 10.4% to $0.53 per share. Cash and cash equivalents were $773.2 million at quarter-end. The filing notes that stores in some areas were subject to renewed closures or capacity restrictions after quarter-end, and that store impairment charges totaled $21.975 million year-to-date. Management expects fourth-quarter shipping costs to rise with holiday peak surcharges and anticipates continued e-commerce strength and significant operating margin expansion versus last year. The filing states that the long-term impact of COVID-19 remains uncertain.

    Dec 7, 2020
  19. 2021-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 2, 2020

    Williams-Sonoma, Inc. reported net revenues of $1.49 billion for the second quarter of fiscal 2020 (thirteen weeks ended August 2, 2020), up from $1.37 billion a year earlier, with comparable brand revenue growth of 10.5%. Growth was driven primarily by e-commerce, partially offset by lower retail revenues from temporary store closures and limited store capacity due to COVID-19. Operating income rose to $185.4 million from $86.2 million, and net earnings were $134.6 million, or $1.70 per diluted share, versus $62.6 million, or $0.79 per diluted share, in the prior-year quarter. The company recorded store asset impairment charges of about $6.4 million in SG&A for the quarter, and the filing notes higher third-party shipping surcharges expected to affect the third and fourth quarters. For year-to-date fiscal 2020, net revenues were $2.73 billion, up from $2.61 billion, and net earnings were $169.99 million. Cash and cash equivalents increased to $947.8 million at August 2, 2020, from $432.2 million at February 2, 2020, after the company drew $487.8 million on its revolving credit line in the first quarter. Total debt included a $300 million term loan and $487.8 million of revolver borrowings. In May 2020 the company amended its credit facility, extending the term loan maturity to January 8, 2022, and entered into a $200 million 364-day revolving credit agreement. The company stated it was in compliance with its debt covenants and believes its cash and credit facilities will provide adequate liquidity over the next 12 months. The filing states that the company did not repurchase any shares in the quarter and that $574.98 million remained under its stock repurchase program. The company declared dividends of $0.48 per share in the quarter and $0.96 year-to-date. Management described the long-term impact of COVID-19 as still uncertain and noted that a prolonged pandemic could materially affect revenues, results and cash flows.

    Sep 9, 2020
  20. 2021-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 3, 2020

    Williams-Sonoma, Inc. reported net revenues of $1.235 billion for the thirteen weeks ended May 3, 2020, down $5,929,000 (0.5%) from $1.241 billion in the first quarter of fiscal 2019, with comparable brand revenue growth of 2.6%. The decline was driven by the temporary closure of all 616 retail stores for much of the quarter due to COVID-19, largely offset by e-commerce growth, while international revenues fell 36.3%. Net earnings fell to $35.4 million, or $0.45 diluted EPS, from $52.7 million, or $0.66, as gross margin declined to 33.5% of revenue from 35.8% and the company recorded store asset impairment charges and inventory write-offs tied to COVID-19. Liquidity was strengthened during the quarter. The company drew $487.8 million on its $500 million revolver and held $861.0 million in cash and cash equivalents at quarter-end, compared with $107.7 million a year earlier. After quarter-end, on May 11, 2020, it amended its credit facility to extend the $300 million term loan to January 8, 2022, and entered into a $200 million 364-day revolving credit agreement. Management stated it expects cash on hand and available credit facilities to provide adequate liquidity over the next 12 months, and it was in compliance with its financial covenants. The company did not repurchase any shares during the quarter, leaving $574.982 million remaining under its stock repurchase program, and it paid a quarterly cash dividend of $0.48 per share. Management said the long-term impact of COVID-19 remains uncertain and could materially affect revenues, results and cash flows if the pandemic is prolonged.

    Jun 8, 2020
  21. 2020-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 3, 2019

    Williams-Sonoma, Inc. reported net revenues of $1,442,472 thousand for the thirteen weeks ended November 3, 2019, up from $1,356,983 thousand a year earlier, with comparable brand revenue growth of 5.5%. Growth was primarily driven by West Elm and Pottery Barn, and international revenue rose 9.2%. Gross profit was 35.9% of revenues versus 36.5% in the prior-year quarter, which the company attributed primarily to the incremental impact of China tariffs and higher shipping costs from a greater mix of furniture sales. Diluted earnings per share were $0.94 versus $1.00 a year earlier, and net earnings were $74,713 thousand versus $81,465 thousand. For the thirty-nine weeks ended November 3, 2019, net revenues were $4,054,418 thousand, up from $3,835,157 thousand, and net earnings were $190,017 thousand versus $178,346 thousand, with diluted EPS of $2.39 versus $2.15. Operating cash flow fell to $89,950 thousand from $179,501 thousand, which the company primarily attributed to a year-over-year reduction in accounts payable due to the timing of payments. Operating lease right-of-use assets and lease liabilities were recorded following the adoption of ASU 2016-02, Leases, and total liabilities rose to $2,831,931 thousand from $1,657,130 thousand at February 3, 2019. The company returned $78,289 thousand to stockholders in the quarter through dividends and stock repurchases. It repurchased 610,349 shares for approximately $40,583 thousand, leaving $611,101 thousand under its repurchase program. Cash and cash equivalents were $155,025 thousand, and $100,000 thousand was outstanding under the revolver, with $300,000 thousand outstanding under the term loan.

    Dec 12, 2019
  22. 2020-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 4, 2019

    Williams-Sonoma, Inc. reported net revenues of $1.37 billion for the thirteen weeks ended August 4, 2019, up from $1.28 billion in the prior-year second quarter, and net earnings of $62.6 million, or $0.79 per diluted share, versus $51.7 million, or $0.62 per diluted share, a year earlier. Management attributed the growth primarily to West Elm, Pottery Barn and Pottery Barn Kids and Teen, with comparable brand revenue growth of 6.5% in the quarter. Williams Sonoma brand comparable revenue declined 1.1%, which management cited as a disappointment due to clearance volume, tabletop misses and the prior-year Instant Pot launch. Gross margin compressed as cost of goods sold rose to 64.7% of net revenues from 63.6%, driven by higher shipping costs from a larger furniture mix and the impact of List 3 China tariffs, partly offset by selling, general and administrative expenses falling to 29.0% of net revenues from 30.6%. The balance sheet changed significantly with the adoption of ASU 2016-02, Leases. Operating lease right-of-use assets of $1.21 billion and operating lease liabilities of $1.37 billion (current $222,978 thousand plus non-current $1.15 billion) were recorded, while total assets rose to $3.87 billion from $2.81 billion at fiscal year-end. Year-to-date operating cash flow was negative at $(26.6) million, compared with $120.1 million provided in the prior-year period, primarily due to lower accounts payable. The company drew $60 million on its revolver, which was fully outstanding at quarter-end, and cash fell to $120.5 million. Shareholder returns continued, with $72.1 million in year-to-date repurchases, $75.5 million in dividend payments, and $651.7 million remaining under the repurchase program. For investors, the key takeaways are continued top-line growth led by West Elm and Pottery Barn, offset by margin pressure from shipping and tariff costs and a soft Williams Sonoma brand. Year-to-date cash flow turned negative, and the company relied on its revolver to support liquidity. The filing also states the company was in compliance with its financial covenants and expects to remain so for the next 12 months.

    Sep 12, 2019
  23. 2020-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 5, 2019

    Williams-Sonoma, Inc. reported net revenues of $1,241,132 thousand for the thirteen weeks ended May 5, 2019, up $38,132,000, or 3.2%, from $1,203,000 thousand in the first quarter of fiscal 2018. Comparable brand revenue grew 3.5%, led by West Elm (up 11.8% comparable) and Pottery Barn (up 1.5%), while Williams Sonoma declined 1.6% comparable. Operating income rose to $74,132 thousand from $66,550 thousand, and net earnings increased to $52,656 thousand from $45,168 thousand, with diluted EPS of $0.66 versus $0.54. The filing notes that diluted EPS included a $0.09 impact from employment-related expenses, primarily severance, and a $0.06 impact related to Outward, Inc. Cash flow was weaker in the quarter. Net cash used in operating activities was $98,080,000 compared with $10,769,000 provided in the prior-year quarter, mainly due to lower accounts payable and higher merchandise inventories. Cash and cash equivalents fell to $107,683,000 from $338,954,000 at fiscal year-end. The company returned $70,716,000 to stockholders through repurchases and dividends, and the Board authorized an additional $500,000,000 for its stock repurchase program, leaving $689,967,000 available at quarter end. The quarterly dividend was raised from $0.43 to $0.48 per share. The company adopted ASU 2016-02, Leases, in fiscal 2019. Total assets rose to $3,788,365 thousand, largely from operating lease right-of-use assets of $1,200,972 thousand, and total liabilities increased to $2,666,597 thousand, including operating lease liabilities of $1,367,052 thousand in total. Management stated it expects to remain in compliance with its credit facility covenants and believes cash on hand plus available credit will provide adequate liquidity over the next 12 months.

    Jun 14, 2019
  24. 2019-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 28, 2018

    Williams-Sonoma, Inc. reported third-quarter fiscal 2018 (thirteen weeks ended October 28, 2018) net revenues of $1,356,983 thousand, up from $1,299,336 thousand a year earlier, with comparable brand revenue growth of 3.1%. E-commerce net revenues were $746,716 thousand (versus $690,045 thousand) and retail net revenues were $610,267 thousand (versus $609,291 thousand). Operating income declined to $94,384 thousand from $110,813 thousand, as selling, general and administrative expenses rose to $400,600 thousand from $356,254 thousand, and diluted earnings per share were $1.00 compared with $0.84. The filing states that diluted EPS included a $0.13 benefit associated with U.S. tax legislation, a $0.06 impact related to Outward, a $0.02 impact from a one-time special equity grant, and a $0.01 impact from impairment and early termination charges. For the thirty-nine weeks, net revenues were $3,835,157 thousand (versus $3,612,449 thousand), net earnings were $178,346 thousand (versus $163,785 thousand), and diluted EPS was $2.15 (versus $1.89). The effective tax rate fell to 22.5% from 35.5%, which the company attributed mainly to the reduction in the U.S. corporate income tax rate from 35% to 21% and a tax benefit from remeasuring deferred tax assets. The company adopted ASU 2014-09 (revenue recognition) on a modified retrospective basis in fiscal 2018, which reclassified certain income from SG&A into net revenues and affected the comparability of expense and revenue lines. On the balance sheet, cash and cash equivalents were $164,414 thousand, and the company had $60,000 thousand drawn on its $500,000 thousand revolver and $300,000 thousand outstanding under its term loan. Cash used for share repurchases was $220,221 thousand and dividends paid were $105,654 thousand for the thirty-nine weeks. Net cash provided by operating activities was $179,501 thousand, and the company stated that it expects its cash on hand and credit facilities to provide adequate liquidity over the next 12 months.

    Dec 7, 2018
  25. 2019-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 29, 2018

    Williams-Sonoma, Inc. reported its 10-Q for the quarter ended July 29, 2018. Net revenues for the second quarter rose to $1.28 billion from $1.20 billion, an increase of $73,568,000, or 6.1%, with comparable brand revenue growth of 4.6%. E-commerce net revenues grew 8.9% and retail net revenues grew 3.1%. Operating income was $74.2 million versus $81.6 million a year earlier, as selling, general and administrative expenses rose to 30.6% of net revenues from 28.4%, driven by digital advertising, impairment and early lease termination charges, and the Outward acquisition. Diluted earnings per share were $0.62 compared with $0.61 in the prior-year quarter, and the company noted that this figure included several one-time or specific impacts. The company also adopted the ASU 2014-09 revenue standard in the first quarter of fiscal 2018, which increased opening retained earnings by approximately $17.9 million and shifted certain items into net revenues. For the year-to-date period, net revenues were $2.48 billion, up 7.1%, and net earnings were $96.9 million. Operating cash flow improved to $120.1 million from $35.1 million, primarily reflecting lower merchandise inventory purchases and higher accounts payable. Cash and cash equivalents stood at $174.6 million at quarter end, and the company returned $173.4 million to stockholders in the second quarter through buybacks and dividends. The company had no revolver borrowings in fiscal 2018, a $300 million term loan outstanding, and remained in compliance with its financial covenants. Management highlighted progress on digital leadership, product innovation, retail transformation, and operational excellence, including the integration of Outward, Inc. and reduced inventory growth of 2.5% against 6.1% revenue growth. The filing also flags tariffs proposed on certain Chinese-sourced furniture and related materials, which management said could adversely affect results if enacted, while expecting minimal impact on fiscal 2018 results.

    Sep 7, 2018
  26. 2019-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended Apr 29, 2018

    Williams-Sonoma, Inc. reported net revenues of $1.203 billion for the thirteen weeks ended April 29, 2018, up from $1.111507 billion in the prior-year quarter, with the filing stating an 8.2% increase and comparable brand revenue growth of 5.5%. E-commerce net revenues rose to $646.2 million (from $580.5 million) and retail net revenues rose to $556.8 million (from $531.0 million). Operating income increased to $66.6 million from $62.5 million, and net earnings rose to $45.2 million, or $0.54 per diluted share, compared with $39.6 million, or $0.45 per diluted share, a year earlier. The filing attributes the diluted EPS figure partly to a $0.06 impact related to Outward, Inc., a $0.04 impact from tax expense associated with U.S. Tax Reform, and a $0.03 impact from other discrete items. The quarter was the first under the new revenue standard, ASU 2014-09, which the company adopted on a modified retrospective basis. The adoption increased opening retained earnings by approximately $17.9 million, net of tax, and the filing states it had a favorable effect on first-quarter revenue. The effective tax rate fell to 30.9% from 36.8%, primarily due to the reduction in the U.S. corporate income tax rate from 35% to 21%. Cash and cash equivalents declined to $290.2 million from $390.1 million at fiscal year-end, and operating cash flow was positive at $10.8 million compared with a $46.4 million outflow a year earlier. Long-term debt stood at $299.5 million, consisting of a $300 million term loan, and the revolver had no borrowings outstanding. The company repurchased 731,930 shares for approximately $37.7 million and declared dividends of $0.43 per share, versus $0.39 a year earlier. As of April 29, 2018, $481.4 million remained under its stock repurchase program, which the Board had increased to $500 million in March 2018. Management stated it was in compliance with its financial covenants and believes cash on hand and available credit facilities will provide adequate liquidity over the next 12 months.

    Jun 8, 2018
  27. 2018-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 29, 2017

    Williams-Sonoma, Inc. reported its third quarter of fiscal 2017 (thirteen weeks ended October 29, 2017) with net revenues of $1,299,336 thousand, up from $1,245,385 thousand a year earlier, and diluted earnings per share of $0.84 versus $0.78. E-commerce net revenues were $690,045 thousand and retail net revenues were $609,291 thousand. Operating income was $110,813 thousand, compared with $109,979 thousand in the prior-year quarter. Cost of goods sold rose to 64.1% of net revenues from 63.2%, driven by lower merchandise margins, higher shipping costs and reduced shipping income. Selling, general and administrative expenses fell to 27.4% of net revenues from 28.0%. For the thirty-nine weeks, net earnings were $163,785 thousand and diluted EPS was $1.89, against $1.79 a year earlier. Cash and cash equivalents stood at $90,779 thousand, while merchandise inventories rose to $1,176,941 thousand from $1,063,747 thousand a year earlier. Borrowings under the $500,000,000 revolving credit facility totaled $170,000,000, all outstanding at quarter end. Net cash provided by operating activities was $112,930 thousand, compared with $122,464 thousand in the prior-year period. During the quarter the company repurchased 1,301,373 shares for approximately $60,960,000, and it declared quarterly dividends of $0.39 per share. Subsequent to quarter end, the company acquired Outward, Inc. on December 1, 2017 for $112,000,000 in cash. The filing also states that the company expects to amend and extend its credit facility and enter into a $300,000,000 term loan during the fourth quarter. Management stated that the new ASU 2014-09 revenue standard is not expected to have a material effect on consolidated financial statements, though it will accelerate revenue recognition timing for certain merchandise and gift card breakage income.

    Dec 6, 2017
  28. 2018-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 30, 2017

    Williams-Sonoma, Inc. reported net revenues of $1.20 billion for the thirteen weeks ended July 30, 2017, up from $1.16 billion in the prior-year quarter, with net earnings of $52.9 million, or $0.61 diluted earnings per share, compared with $51.8 million, or $0.58, a year earlier. For the twenty-six weeks, net revenues were $2.31 billion and diluted EPS was $1.06, versus $1.01 in the prior-year period. E-commerce net revenues were $630.8 million in the quarter and retail net revenues were $570.8 million. The filing states that comparable brand revenue grew 2.8% in the quarter and 1.5% year-to-date, with West Elm, Williams Sonoma and Pottery Barn among the drivers and Pottery Barn Kids declining 3.9% in the quarter. Margins were pressured by higher digital advertising costs tied to new customer acquisition, as selling, general and administrative expenses rose to 28.4% of net revenues in the quarter from 28.2%. Cost of goods sold rose to 64.8% of net revenues from 64.6%, reflecting lower selling margins from reduced shipping income. Year-to-date operating income was $144.1 million versus $146.8 million a year earlier, and the effective tax rate fell to 35.6% from 37.7%. Balance sheet and cash flow items show cash and cash equivalents of $103.1 million, borrowings of $115.0 million under the $500.0 million revolving credit facility, and inventories of $1.07 billion, up from $962.9 million a year earlier. Year-to-date operating cash flow was $35.1 million, and the company returned $89.0 million to stockholders in the quarter through repurchases and dividends, repurchasing 1,160,381 shares at an average cost of $47.41. The filing states that the company believes cash on hand and available credit will provide adequate liquidity over the next 12 months.

    Sep 8, 2017
  29. 2018-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended Apr 30, 2017

    Williams-Sonoma, Inc. reported net revenues of $1.11 billion for the thirteen weeks ended April 30, 2017, up from $1.10 billion in the first quarter of fiscal 2016, with e-commerce net revenues of $580.5 million and retail net revenues of $531.0 million. Operating income was $62.5 million compared with $63.5 million a year earlier, and net earnings were $39.6 million, or $0.45 per diluted share, versus $0.44 per diluted share in the prior-year quarter. The filing states comparable brand revenue growth of 0.1%, with Pottery Barn and Pottery Barn Kids and PBteen declining while West Elm and Williams Sonoma grew. Severance-related charges were $5.7 million in the quarter versus $13.2 million a year earlier. Balance sheet and cash flow data show cash and cash equivalents of $94.0 million at April 30, 2017, down from $213.7 million at January 29, 2017, and inventories rose to $1.04 billion from $977.5 million. The company drew $45.0 million on its $500.0 million revolving credit facility, and net cash used in operating activities was $46.4 million. During the quarter the company repurchased shares for about $38.4 million and paid $34.2 million in dividends, with $372.2 million remaining under its stock repurchase authorization. The filing states that the company believes its cash on hand and available credit facilities will provide adequate liquidity over the next 12 months. Management concluded that disclosure controls were effective, and there were no material changes to risk factors in the period.

    Jun 2, 2017
  30. 2017-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 30, 2016

    Williams-Sonoma, Inc. reported net revenues of $1,245,385 thousand for the thirteen weeks ended October 30, 2016, up $13,303 thousand, or 1.1%, from the prior-year third quarter. E-commerce net revenues rose 3.3% while retail net revenues fell 1.2%. Comparable brand revenues declined 0.4% in the quarter, with Pottery Barn down 4.6% and PBteen down 10.9%, while West Elm grew 12.0%. Diluted earnings per share were $0.78 versus $0.77 a year earlier, and net earnings were $69,378 thousand compared with $70,482 thousand. Operating income was $109,979 thousand, roughly flat versus $110,683 thousand, as SG&A rose to 28.0% of net revenues from 27.6%, driven by higher advertising and $1,185 thousand of severance-related reorganization charges. Year-to-date results show net revenues of $3,502,231 thousand, up 3.3%, with comparable brand revenue growth of 1.4%. However, year-to-date net earnings declined to $160,760 thousand from $168,940 thousand, and diluted EPS fell to $1.79 from $1.82. Year-to-date severance-related reorganization charges totaled approximately $14,406 thousand, and the effective tax rate rose to 37.3% from 36.3%. Gross margin compressed as cost of goods sold rose to 64.0% of net revenues from 63.5%, reflecting occupancy costs tied to supply chain investments. Liquidity remains solid, with cash and cash equivalents of $75,381 thousand and $125,000 thousand drawn on a $500,000 thousand revolving credit facility, all outstanding at quarter-end. During the first thirty-nine weeks, the company repurchased $115,167 thousand of common stock and paid $100,854 thousand in dividends, and inventories increased to $1,063,747 thousand from $1,102,349 thousand a year earlier. The company stated it expects its cash and credit facilities to provide adequate liquidity over the next twelve months.

    Dec 7, 2016
  31. 2017-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 31, 2016

    Williams-Sonoma, Inc. reported its 10-Q for the thirteen weeks ended July 31, 2016 (second quarter of fiscal 2016). Net revenues rose to $1,159.0 million from $1,127.0 million, with e-commerce revenues of $599.7 million (up from $569.9 million) and retail revenues of $559.3 million (up from $557.1 million). Net earnings were $51.8 million, or $0.58 diluted EPS, versus $53.7 million, or $0.58 diluted EPS, in the prior-year quarter. Operating income was $83.3 million, roughly flat year over year, as gross profit gains were offset by higher SG&A. Cost of goods sold rose to 64.6% of net revenues from 63.9%, driven by supply chain occupancy costs and lower-margin franchise and wholesale revenue. For year-to-date 2016, net revenues were $2.26 billion, up from $2.16 billion, and net earnings were $91.4 million, or $1.01 diluted EPS, compared with $98.5 million, or $1.06, a year earlier. Year-to-date results include $13.2 million of severance-related reorganization charges recorded in the first quarter. Operating cash flow was $33.4 million, down from $36.8 million, as accounts payable and income taxes payable declined. The company had $111.1 million in cash at quarter-end and $125.0 million drawn on its $500.0 million revolving credit facility. Capital return remained active. The company repurchased $76.2 million of stock year-to-date under a new $500.0 million program authorized in March 2016, and paid $67.6 million in dividends. Management stated that cash on hand and available credit facilities should provide adequate liquidity over the next twelve months.

    Sep 8, 2016
  32. 2017-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 1, 2016

    Williams-Sonoma, Inc. reported net revenues of $1.10 billion for the thirteen weeks ended May 1, 2016, up 6.5% from $1,030,676 thousand in the prior-year first quarter, with comparable brand revenue growth of 4.5%. E-commerce net revenues were $576.2 million (52.5% of total) and retail net revenues were $521.6 million. Operating income declined to $63.5 million from $71.9 million, reflecting cost of goods sold rising to 64.2% of net revenues from 63.2%, and $13.2 million of severance-related reorganization charges within SG&A. Net earnings were $39.6 million, or $0.44 diluted EPS, versus $0.48 a year earlier. Cash and cash equivalents fell to $99.2 million, and net cash used in operating activities was $72.7 million, driven mainly by lower accounts payable and income taxes payable from payment timing. The company borrowed $100.0 million under its $500.0 million revolving credit facility, all outstanding at quarter-end. Inventories declined to $944.6 million from $978.1 million at January 31, 2016. Management stated it believes cash on hand and available credit will provide adequate liquidity over the next 12 months. During the quarter, Williams-Sonoma repurchased 727,629 shares for about $40.6 million under a new $500.0 million authorization announced in March 2016, and paid $0.37 per share in quarterly dividends. Total cash returned to stockholders through repurchases and dividends was $75.1 million.

    Jun 7, 2016
  33. 2016-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 1, 2015

    Williams-Sonoma, Inc. reported net revenues of $1,232,082 thousand for the thirteen weeks ended November 1, 2015, up 7.8% from $1,143,162 thousand a year earlier, with comparable brand revenue growth of 4.5%. Net earnings rose to $70,482 thousand from $64,908 thousand, and diluted earnings per share increased to $0.77 from $0.68. Growth was driven by an 8.6% increase in retail net revenues and a 7.0% increase in e-commerce net revenues, led by West Elm. Gross margin pressure was present: cost of goods sold rose to 63.4% of net revenues from 62.3%, citing lower selling margins tied to higher franchise revenues and increased shipping and fulfillment costs, partly offset by occupancy leverage. Selling, general and administrative expenses fell to 27.6% of net revenues from 28.6%, driven mainly by advertising efficiencies. For the thirty-nine weeks ended November 1, 2015, net revenues were $3,389,786 thousand, up 7.4%, and net earnings were $168,940 thousand, compared with $161,817 thousand. The effective tax rate was 36.3% versus 38.8% in the prior-year period. Cash and cash equivalents were $72,264 thousand at quarter-end, and borrowings under the $500,000,000 revolving credit facility were $200,000,000, up from $0 at fiscal year-end February 1, 2015. Operating cash flow was $93,045 thousand, down from $121,801 thousand, mainly due to higher merchandise inventories, which rose to $1,102,349 thousand. The company repurchased $196,497 thousand of its stock and paid $96,020 thousand in dividends during the period. Management stated it believes cash on hand and available credit will provide adequate liquidity over the next 12 months. The company operated 623 stores at quarter-end, up from 603 a year earlier, and management stated there were no material changes to risk factors from its Form 10-K for the fiscal year ended February 1, 2015. Legal matters are described as not currently material.

    Dec 11, 2015
  34. 2016-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 2, 2015

    Williams-Sonoma, Inc. reported net revenues of $1,127,028 thousand for the thirteen weeks ended August 2, 2015, up from $1,039,102 thousand a year earlier, with comparable brand revenue growth of 6.3%. Net earnings rose to $53,668 thousand from $50,747 thousand, and diluted earnings per share increased to $0.58 from $0.53. The filing attributes the growth to e-commerce net revenues of $569,913 thousand and retail net revenues of $557,115 thousand, led by West Elm and Pottery Barn with particular strength in furniture. Cost of goods sold rose to 63.9% of net revenues from 63.2%, driven mainly by shipping and fulfillment costs associated with the west coast port disruption. For the twenty-six weeks ended August 2, 2015, net revenues were $2,157,704 thousand and net earnings were $98,458 thousand. Cash and cash equivalents fell to $119,776 thousand, and the company drew $150,000 thousand on its $500,000 thousand unsecured revolving credit facility. Operating cash flow was $36,805 thousand for the year-to-date period, while the company repurchased $125,000 thousand of common stock and paid $64,044 thousand in dividends. Inventories increased to $1,031,472 thousand from $887,701 thousand at fiscal year-end. The company operated 612 stores at quarter-end, up from 589 a year earlier, and stated that its cash on hand and available credit facilities should provide adequate liquidity over the next 12 months. The filing also notes that the Memphis-based distribution facility is no longer consolidated as of August 2, 2015, following the repayment of the related bonds.

    Sep 11, 2015
  35. 2016-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 3, 2015

    Williams-Sonoma, Inc. reported net revenues of $1,030,676 thousand for the thirteen weeks ended May 3, 2015, up 5.8% from $974,330 thousand in the prior-year quarter, with comparable brand revenue growth of 4.6%. Gross profit was $378,841 thousand and operating income was $71,928 thousand, compared with $74,326 thousand a year earlier. Net earnings were $44,790 thousand, and diluted earnings per share were $0.48, the same as in the first quarter of fiscal 2014. Cost of goods sold rose to 63.2% of net revenues from 62.2%, which the company attributed mainly to lower selling margins from increased shipping and fulfillment costs tied to the west coast port disruption. Selling, general and administrative expenses fell to 29.8% of net revenues from 30.2%, driven by advertising efficiencies and employment cost leverage. E-commerce revenues grew 8.4% to $532,573 thousand and now represent 52% of total net revenues, while retail revenues rose 3.1% to $498,103 thousand. West Elm was the strongest brand with comparable brand revenues up 15.3%, while Pottery Barn Kids grew only 0.8%. Management described the port disruption as having affected inventory levels and out-of-stock positions in several brands. Liquidity declined over the quarter. Cash and cash equivalents fell to $78,851 thousand from $222,927 thousand at February 1, 2015, and the company drew $60,000 thousand on its $500,000 thousand revolving credit facility. Operating cash flow was negative $67,071 thousand. The company returned $84,496 thousand to stockholders through repurchases ($52,562 thousand) and dividends ($31,934 thousand), and it repurchased 664,402 shares at an average cost of $79.11. The filing states that management believes cash on hand and available credit will provide adequate liquidity over the next 12 months.

    Jun 12, 2015
  36. 2015-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 2, 2014

    Williams-Sonoma, Inc. reported net revenues of $1,143,162 thousand for the thirteen weeks ended November 2, 2014, up 8.7% from $1,051,548 thousand in the third quarter of fiscal 2013, with comparable brand revenue growth of 8.7%. Diluted earnings per share rose to $0.68 from $0.58, and net earnings were $64,908 thousand versus $56,719 thousand a year earlier. Gross profit was $431,407 thousand, and cost of goods sold rose to 62.3% of net revenues from 61.4%, driven by lower selling margins in both channels and occupancy deleverage in retail. SG&A fell to 28.6% of net revenues from 29.8%, reflecting advertising efficiency and lower general expenses. For the thirty-nine weeks, net revenues were $3,156,594 thousand, up 8.0%, and diluted EPS was $1.69 versus $1.46. E-commerce net revenues grew 13.6% year-to-date and represented 51% of total revenues in the third quarter, while retail revenues grew 2.8% year-to-date. Operating cash flow declined to $121,801 thousand from $148,675 thousand for the thirty-nine weeks, mainly due to lower accounts payable from payment timing. Cash and cash equivalents were $107,703 thousand at quarter end, and the company had $90,000 thousand of revolver borrowings that it expected to repay in the fourth quarter. The company returned $114,452 thousand to stockholders in the quarter through repurchases and dividends, repurchasing 1,247,046 shares at an average price of $66.70. On November 19, 2014, it entered into a Sixth Amended and Restated Credit Agreement providing a $500,000 thousand unsecured revolving line of credit, expandable by up to $250,000 thousand. Management stated there were no material changes to risk factors and that cash and credit facilities would provide adequate liquidity for the next 12 months.

    Dec 5, 2014
  37. 2015-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 3, 2014

    Williams-Sonoma, Inc. reported net revenues of $1,039,102 thousand for the thirteen weeks ended August 3, 2014, up from $982,209 thousand a year earlier, with comparable brand revenue growth of 5.7%. Operating income rose to $85,336 thousand from $78,086 thousand, and diluted earnings per share increased to $0.53 from $0.49. Net earnings for the quarter were $50,747 thousand. For the twenty-six weeks ended August 3, 2014, net revenues were $2,013,432 thousand, diluted EPS was $1.01 versus $0.89, and the effective tax rate was 39.3% compared with 37.8% in the prior-year period, which the company attributed to certain unfavorable income tax matters. Direct-to-customer revenues grew 9.4% in the quarter to $522,589 thousand and now represent 50% of total net revenues, while retail revenues grew 2.4% to $516,513 thousand. Gross margin pressure was evident: cost of goods sold rose to 63.2% of net revenues from 62.4%, driven by lower selling margins and occupancy deleverage. Selling, general and administrative expenses fell to 28.6% of net revenues from 29.6%, reflecting advertising efficiency and lower general expenses. Liquidity remained solid but cash declined. Cash and cash equivalents were $70,574 thousand at August 3, 2014, versus $330,121 thousand at February 2, 2014, as operating cash flow of $10,217 thousand was outweighed by $83,519 thousand of capital expenditures, $112,054 thousand of share repurchases, $63,996 thousand of dividends and $49,434 thousand of tax withholdings on stock-based awards. The company had no borrowings under its $300,000 thousand revolving credit facility and stated it believes cash and credit facilities will provide adequate liquidity over the next 12 months.

    Sep 12, 2014
  38. 2015-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 4, 2014

    Williams-Sonoma, Inc. reported net revenues of $974.3 million for the first quarter of fiscal 2014 (thirteen weeks ended May 4, 2014), up 9.7% from $887.8 million a year earlier, with comparable brand revenue growth of 10.0%. Net earnings rose to $46.2 million from $39.5 million, and diluted earnings per share increased to $0.48 from $0.40. Operating income was $74.3 million versus $63.8 million, and the effective tax rate was 37.9% compared with 38.3% in the prior-year quarter. Direct-to-customer revenues grew 17.2% to $491.3 million and now represent 50% of total net revenues, while retail revenues rose 3.1% to $483.0 million. Cash flow and balance sheet trends warrant attention. Net cash used in operating activities was $70.3 million, compared with $59.8 million a year earlier, driven by lower accrued liabilities and income taxes payable and higher prepaid expenses and merchandise inventories. Merchandise inventories were $850.4 million at quarter-end versus $661.5 million a year earlier, and cash and cash equivalents fell to $112.9 million from $252.5 million. The company repurchased 840,761 shares for approximately $53.3 million and paid $32.9 million in dividends, declaring $0.33 per share. The company had no borrowings under its $300 million unsecured revolving credit facility and stated it believes its cash and credit facilities will provide adequate liquidity over the next 12 months. The company operated 589 stores at quarter-end and described its business as covering eight merchandise strategies sold through e-commerce, catalogs and stores. Management reported no material changes to risk factors and concluded its disclosure controls were effective. The company remains subject to ordinary-course lawsuits that management does not believe will have a material adverse effect.

    Jun 12, 2014
  39. 2014-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Nov 3, 2013

    Williams-Sonoma, Inc. reported its third quarter of fiscal 2013 (thirteen weeks ended November 3, 2013) with net revenues rising 11.3% to $1,051,548,000 from $944,554,000 a year earlier, including comparable brand revenue growth of 8.2%. Diluted earnings per share increased to $0.58 from $0.49. Operating income rose to $92,494,000 from $79,296,000, and net earnings were $56,719,000 versus $48,900,000. Growth was driven primarily by the Pottery Barn and West Elm brands, with direct-to-customer net revenues up 14.5% and retail net revenues up 8.5%. Cost of goods sold rose to 61.4% of net revenues from 61.0%, primarily due to lower selling margins, while selling, general and administrative expenses fell to 29.8% of net revenues from 30.6%. For the thirty-nine weeks ended November 3, 2013, net revenues were $2,921,565,000, up 10.8%, and net earnings were $145,104,000, or $1.46 per diluted share. Net cash provided by operating activities was $148,675,000, compared with $62,383,000 a year earlier, mainly reflecting higher accounts payable and net earnings, partly offset by higher merchandise inventories of $898,625,000 at quarter-end versus $688,437,000 at October 28, 2012. Cash and cash equivalents fell to $128,759,000 from $262,484,000 a year earlier, as the company repurchased $216,369,000 of common stock and paid $82,030,000 in dividends during the period. The company operated 595 stores at quarter-end and had no borrowings under its $300,000,000 unsecured revolving credit facility. Management stated that its cash on hand and available credit facilities should provide adequate liquidity over the next 12 months. Under a $750,000,000 stock repurchase program authorized in March 2013, $534,127,370 remained available as of November 3, 2013.

    Dec 12, 2013
  40. 2014-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 4, 2013

    Williams-Sonoma, Inc. reported net revenues of $982.2 million for the thirteen weeks ended August 4, 2013, up 12.3% from $874.3 million in the second quarter of fiscal 2012, with comparable brand revenue growth of 8.4%. Net earnings rose to $48.9 million from $43.4 million, and diluted earnings per share increased to $0.49 from $0.43. Direct-to-customer net revenues grew 15.3% to $477.7 million and represented 49% of total net revenues, while retail net revenues grew 9.7% to $504.6 million. For the twenty-six weeks, net revenues were $1.87 billion, up 10.5%, and diluted EPS was $0.89 versus $0.73. Profitability was helped by lower SG&A as a percentage of revenue (29.6% versus 30.2% in the quarter), partially offset by cost of goods sold rising to 62.4% of net revenues from 61.7%, which the company attributed primarily to lower selling margins. Retail channel cost of goods sold rose 160 basis points in the quarter. Operating income for the quarter was $78.1 million, compared with $70.1 million a year earlier. Capital allocation remained shareholder-oriented: the company repurchased 1,613,943 shares for approximately $89.8 million in the quarter and paid a quarterly dividend of $0.31 per share, up from $0.22. Cash and cash equivalents declined to $205.4 million from $424.6 million at fiscal year-end, while merchandise inventories rose to $736.9 million. The company had no borrowings under its $300 million revolving credit facility and stated that its cash and credit facilities would provide adequate liquidity over the next 12 months.

    Sep 12, 2013
  41. 2014-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 5, 2013

    Williams-Sonoma, Inc. reported first-quarter fiscal 2013 results for the thirteen weeks ended May 5, 2013. Net revenues increased 8.6% to $887,808,000 from $817,614,000, with comparable brand revenue growth of 7.2%. Gross margin was $334,185,000 and operating income rose to $63,783,000 from $49,323,000. Net earnings were $39,466,000, or $0.40 per diluted share, compared with $0.30 in the prior-year quarter. Cost of goods sold rose to 62.4% of net revenues from 62.2%, driven mainly by lower selling margins in the retail channel, while SG&A fell to 30.5% of net revenues from 31.8%, primarily due to lower advertising costs and smaller employee separation charges. Direct-to-customer net revenues grew 11.9% to $419,084,000 and represented 47.2% of total net revenues, while retail net revenues rose 5.8% to $468,724,000. The company ended the quarter with 587 stores, opened its first company-operated retail stores and launched fully transactional e-commerce sites in Australia, and plans a West Elm store in London. Cash and cash equivalents declined to $252,536,000 from $424,555,000 at fiscal year-end, with net cash used in operating activities of $59,822,000 reflecting seasonal inventory build and payment timing. Capital expenditures were $47,444,000. During the quarter, the company repurchased 800,882 shares at an average cost of $51.41 for about $41,174,000 and paid $21,985,000 in dividends, returning $63,159,000 to stockholders. In March 2013 the board authorized a new three-year repurchase program of up to $750,000,000. The company stated it had no borrowings under its $300,000,000 unsecured revolving credit facility and that its cash and credit facilities should provide adequate liquidity over the next 12 months.

    Jun 14, 2013
  42. 2013-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 28, 2012

    Williams-Sonoma, Inc. filed its Form 10-Q for the thirteen weeks ended October 28, 2012. Net revenues rose 8.9% to $944,554,000 in the third quarter of fiscal 2012 from $867,176,000 a year earlier, driven by a comparable brand revenue increase of 8.5% and e-commerce net revenue growth of 16.7%. Net earnings for the quarter were $48,900,000, or $0.49 per diluted share, versus $43,421,000, or $0.41 per diluted share, in the prior-year quarter. For the thirty-nine weeks, net revenues were $2,636,451,000 and net earnings were $122,996,000, or $1.21 per diluted share. The filing shows Pottery Barn and West Elm as the main contributors to growth, while Williams-Sonoma brand comparable revenues grew only 1.3% in the quarter and declined (0.7%) year-to-date. Retail comparable store sales rose 2.9% in the quarter, down from 6.3% a year earlier. Cost of goods sold was 61.0% of net revenues versus 61.7%, while SG&A rose to 30.6% of net revenues from 30.4%, reflecting higher employment costs and planned investments in e-commerce and global expansion. Year-to-date SG&A included $6.9 million in employee separation charges tied to the retirement of the former Executive Vice President, Chief Operating and Chief Financial Officer. Liquidity remained solid, with cash and cash equivalents of $262,484,000 at October 28, 2012, no borrowings under a $300,000,000 unsecured revolving credit facility, and operating cash flow of $62,383,000 for the thirty-nine weeks. The company repurchased $124,293,000 of stock year-to-date and paid a quarterly dividend of $0.22 per share, and it expects capital expenditures of $200,000,000 to $220,000,000 for fiscal 2012. Management expects an effective tax rate of 38.2% to 38.6% for fiscal 2012.

    Dec 7, 2012
  43. 2013-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 29, 2012

    Williams-Sonoma, Inc. reported net revenues of $874.3 million for the thirteen weeks ended July 29, 2012, up 7.3% from $814.8 million a year earlier. Diluted earnings per share rose to $0.43 from $0.37, and net earnings were $43.4 million. Comparable brand revenues increased 7.4%, led by Pottery Barn (11.7%) and West Elm (15.6%), while Williams-Sonoma brand comparable revenues declined 0.4%. For the twenty-six weeks, net revenues were $1.69 billion, up 6.7%, and diluted EPS was $0.73 versus $0.66. Year-to-date results include $6.9 million of employee separation charges tied to the retirement of the former Executive Vice President, Chief Operating and Chief Financial Officer. Gross margin as a percentage of net revenues was 61.7% of sales for the quarter in cost of goods sold, versus 62.1% a year earlier, while SG&A rose to 30.2% of net revenues from 30.0%. E-commerce net revenues grew 13.9% to $360.7 million in the quarter. Cash and cash equivalents ended the quarter at $336.6 million, down from $502.8 million at fiscal year-end, and the company returned $53.7 million to stockholders in the quarter through repurchases and dividends. Operating cash flow for the year-to-date period was $38.7 million, compared with a use of $47.7 million a year earlier. Management reiterated fiscal 2012 guidance: net revenue growth of 7% to 8% in a 53-week year, diluted EPS of $2.40 to $2.47, capital spending of $200 million to $220 million, and more than $240 million returned to stockholders. The company has a $300 million unsecured revolving credit facility with no borrowings outstanding, and it plans to open four company-operated stores in Sydney, Australia in early fiscal 2013.

    Sep 7, 2012
  44. 2013-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended Apr 29, 2012

    Williams-Sonoma, Inc. reported first-quarter fiscal 2012 results for the thirteen weeks ended April 29, 2012. Net revenues rose 6.1% to $817,614,000 from $770,825,000, with comparable brand revenues up 5.4%. Net earnings were $30,716,000 versus $31,615,000 a year earlier, and diluted earnings per share were $0.30 compared with $0.29. The filing states that diluted EPS included a $0.04 per share impact from employee separation charges, primarily tied to the retirement of the former Executive Vice President, Chief Operating and Chief Financial Officer. Growth was led by the Pottery Barn and West Elm brands, while Williams-Sonoma, Pottery Barn Kids and PBteen posted negative comparable brand revenue growth. Profitability was pressured by cost of goods sold, which rose to 62.2% of net revenues from 61.6%, driven by lower selling margins including increased shipping offers. Selling, general and administrative expenses increased 6.5% to $259,943,000, including $6,935,000 of employee separation charges. Operating income was $49,323,000 compared with $51,700,000. Net cash used in operating activities narrowed to $20,737,000 from $91,303,000, while cash and cash equivalents ended the quarter at $376,464,000. The company repurchased $61,733,000 of stock and paid $22,136,000 in dividends during the quarter, and it has $93,838,000 remaining under its $225,000,000 repurchase program. For fiscal 2012, a 53-week year, the company expects net revenues to increase 6% to 8%, diluted earnings per share of $2.38 to $2.45, capital spending of $200,000,000 to $220,000,000, and more than $240,000,000 returned to stockholders through repurchases and dividends. Management states it believes cash on hand and available credit facilities will provide adequate liquidity over the next 12 months.

    Jun 8, 2012
  45. 2012-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 30, 2011

    Williams-Sonoma, Inc. reported a strong third quarter of fiscal 2011 for the thirteen weeks ended October 30, 2011, with net revenues rising to $867,176,000 from $815,516,000 and diluted earnings per share increasing to $0.41 from $0.34. Comparable brand revenues increased 7.3%, and e-commerce net revenues grew 14.6% to $339,130,000, now representing 87.0% of direct-to-customer net revenues. Net earnings for the quarter were $43,421,000, compared with $36,530,000 a year earlier. For the thirty-nine weeks, net revenues were $2,452,751,000 and net earnings were $114,345,000, or $1.07 per diluted share. Profitability improved as cost of goods sold fell to 61.7% of net revenues from 61.8%, and selling, general and administrative expenses declined to 30.4% of net revenues from 31.3%. The company's effective tax rate was 38.0% for the year-to-date period, and it expects a fiscal 2011 rate of 37% to 39%. Cash flow was weaker: net cash used in operating activities was $1,883,000 year-to-date versus $42,453,000 provided in the prior-year period, mainly due to higher merchandise inventories. Cash and cash equivalents stood at $379,393,000, and the company held no borrowings under its $300,000,000 revolving credit facility. Capital allocation included $93,986,000 of share repurchases year-to-date, with approximately $31,014,000 remaining under the $125,000,000 program, and dividend payments of $51,334,000. The company also acquired Rejuvenation Inc. on November 1, 2011, which the filing says is not currently material to revenue or earnings. Capital expenditures for fiscal 2011 are expected to be approximately $150,000,000.

    Dec 9, 2011
  46. 2012-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Jul 31, 2011

    Williams-Sonoma, Inc. reported strong second-quarter fiscal 2011 results for the thirteen weeks ended July 31, 2011. Net revenues rose 5.1% to $814.75 million from $775.55 million, and diluted earnings per share increased 32.1% to $0.37 from $0.28. Comparable brand revenues grew 6.5%, with e-commerce net revenues up 18.4% to $316.7 million and representing 86.1% of direct-to-customer net revenues. Retail net revenues declined 0.7% to $446.7 million, reflecting a 4.6% reduction in leased square footage, while comparable store sales rose 1.4%. Net earnings for the quarter were $39.3 million, compared with $30.8 million a year earlier. For the twenty-six weeks ended July 31, 2011, net revenues were $1.59 billion and net earnings were $70.9 million, or $0.66 per diluted share. Operating cash flow was negative at $47.7 million, driven by timing of payables and accrued expenses along with higher inventories, and the company spent $62.5 million on property and equipment. Cash and cash equivalents stood at $424.6 million at quarter-end, down from $628.4 million at fiscal year-end, after $62.5 million of share repurchases and $33.6 million of dividend payments in the period. Management expects the effective tax rate for fiscal 2011 to be in the range of 37% to 39%, plans capital expenditures of $150 million for the year, and believes cash on hand and available credit will provide adequate liquidity over the next 12 months. The company's $300 million unsecured revolving credit facility had no borrowings outstanding at July 31, 2011, and the company stated it was in compliance with its financial covenants. Management's stated focus for the remainder of fiscal 2011 is gaining market share and improving profitability through e-commerce growth, international franchising, and supply chain efficiencies.

    Sep 9, 2011
  47. 2012-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 1, 2011

    Williams-Sonoma, Inc. reported its first quarter of fiscal 2011 (thirteen weeks ended May 1, 2011) with net revenues of $770,825 thousand, up 7.4% from $717,637 thousand a year earlier, and net earnings of $31,615 thousand versus $19,538 thousand. Diluted earnings per share rose 61.1% to $0.29 from $0.18. The filing attributes growth to comparable brand revenue growth of 9.0%, with Internet revenues up 20.8% to 84.2% of direct-to-customer revenues, while retail comparable store sales rose 6.7% alongside a 4.3% reduction in retail leased square footage and 21 net fewer stores. Gross margin improved to 61.6% of net revenues from 62.3% a year earlier, and selling, general and administrative expenses fell to 31.7% of net revenues from 33.2%. Cash flow and balance sheet items were weaker in the quarter. Net cash used in operating activities was $91,303 thousand, compared with $70,306 thousand a year earlier, and cash and cash equivalents declined to $471,023 thousand from $628,403 thousand at fiscal year-end. The company repurchased 760,226 shares for approximately $31,250 thousand under a $125,000 thousand program authorized in January 2011, leaving about $93,750 thousand available. The quarterly dividend was raised to $0.17 per share from $0.15. The company had no borrowings under its $300,000 thousand revolving credit facility and states that its cash and credit facilities provide adequate liquidity for the next 12 months. Management reiterated fiscal 2011 guidance calling for net revenue growth of 4% to 6%, comparable brand revenue growth of 6% to 8%, and diluted earnings per share of $2.11 to $2.19 versus $1.83 last year. The company also plans to return nearly $200,000 thousand to shareholders through dividends and share repurchases and expects capital expenditures of $135,000 thousand to $150,000 thousand.

    Jun 10, 2011
  48. 2011-Q3

    Williams-Sonoma Quarterly Report for Q3 Ended Oct 31, 2010

    Williams-Sonoma, Inc. reported third-quarter fiscal 2010 net revenues of $815,516,000, up 11.8% from $729,297,000 a year earlier, with diluted earnings per share of $0.34 versus $0.07. The filing describes this as the highest third-quarter earnings per share in the company's history. Growth was driven by a comparable store sales increase of 8.1% and e-commerce revenue growth of 28.5%, partly offset by a 3.2% reduction in retail leased square footage. Gross margin improved to 61.8% of net revenues from 65.3%, and SG&A fell to 31.3% of net revenues from 33.4%, reflecting lower underperforming-store charges and reduced catalog advertising expense. For the thirty-nine weeks ended October 31, 2010, net revenues were $2,308,707,000 (up 14.7%) and net earnings were $86,827,000, compared with a net loss of $10,979,000 a year earlier. Cash and cash equivalents were $389,627,000 at quarter-end, but operating cash flow for the year-to-date period fell to $42,453,000 from $165,585,000, primarily due to an increase in merchandise inventories, which rose to $586,256,000 from $545,042,000 a year earlier. The company repurchased $80,714,000 of stock year-to-date and paid $43,056,000 in dividends. It completed a $60 million repurchase program and authorized a new $65 million program in September 2010, with $44,286,000 remaining. Management raised its fiscal 2010 outlook, now expecting net revenue growth of 11% to 12% and diluted earnings per share of $1.61 to $1.66, compared with $0.72 in fiscal 2009. The company also entered a Fifth Amended and Restated Credit Agreement on September 23, 2010, providing a $300,000,000 unsecured revolving line of credit with no borrowings outstanding. The filing notes that former Chairman and CEO W. Howard Lester died on November 15, 2010, and that the Williams-Sonoma Home stand-alone stores are expected to close by the end of the fiscal year.

    Dec 10, 2010
  49. 2011-Q2

    Williams-Sonoma Quarterly Report for Q2 Ended Aug 1, 2010

    Williams-Sonoma, Inc. reported net revenues of $775,554 thousand for the thirteen weeks ended August 1, 2010, up 15.4% from $672,114 thousand a year earlier, with diluted earnings per share of $0.28 versus $0.00 in the prior-year quarter, including a $0.03 charge from unusual business events. Retail revenues rose 12.4% on 13.6% comparable store sales growth, while direct-to-customer revenues grew 19.8%, with internet revenues up 27.6% to $267,470 thousand. Cost of goods sold fell to 63.0% of net revenues from 68.0%, and selling, general and administrative expenses rose to $235,530 thousand, or 30.4% of net revenues versus 32.0% a year earlier. For the twenty-six weeks, net earnings were $50,297 thousand compared with a net loss of $18,306 thousand. Cash flow and balance sheet items were mixed. Net cash used in operating activities was $9,111 thousand for the first twenty-six weeks, compared with $75,988 thousand provided a year earlier, primarily due to higher merchandise inventories and lower income taxes payable. Cash and cash equivalents ended the quarter at $404,037 thousand. The company repurchased 1,718,150 shares for approximately $44,306 thousand, and it had no borrowings under its $300,000 thousand revolving credit facility. Management now expects fiscal 2010 net revenue growth of 9% to 11% and diluted EPS of approximately $1.52 to $1.59. The company also raised its quarterly dividend from $0.13 to $0.15 per share, authorized a $60,000 thousand repurchase program that was completed after quarter-end, and approved a new $65,000 thousand program. Former Chairman and CEO W. Howard Lester retired on May 26, 2010, and related retirement expense was approximately $4,319 thousand in the twenty-six-week period.

    Sep 10, 2010
  50. 2011-Q1

    Williams-Sonoma Quarterly Report for Q1 Ended May 2, 2010

    Williams-Sonoma, Inc. reported net revenues of $717,637,000 for the thirteen weeks ended May 2, 2010, up 17.3% from $611,615,000 in the first quarter of fiscal 2009. Net earnings were $19,538,000, or $0.18 per diluted share, compared with a net loss of $18,705,000, or $0.18 per diluted share, a year earlier. Management attributed the revenue growth to a 17.0% increase in comparable store sales and a 20.3% increase in direct-to-customer revenues, with internet revenues up 23.6% to $239,988,000. Gross margin improved to $270,558,000 from $183,963,000, and cost of goods sold fell to 62.3% of net revenues from 69.9%, driven mainly by reduced markdown activity. The company ended the quarter with cash and cash equivalents of $404,853,000, which it described as the highest first-quarter cash balance in its history, and no amounts outstanding under its $300,000,000 unsecured revolving credit facility. Net cash used in operating activities was $70,306,000, reflecting income tax payments and higher merchandise inventories, which rose to $502,387,000. Fiscal 2010 guidance calls for net revenue growth of 6% to 9% and diluted earnings per share of approximately $1.33 to $1.42. Subsequent to quarter end, in May 2010, the Board increased the quarterly cash dividend from $0.13 to $0.15 per share and authorized a share repurchase program of up to $60,000,000 of common stock. The quarter also included charges of approximately $6,037,000 for underperforming retail store asset impairments and lease terminations, and $3,347,000 related to the retirement of Chairman and CEO W. Howard Lester, who retired on May 26, 2010.

    Jun 11, 2010