WSM · Williams-Sonoma

344 filings

WSM SEC Filings

Williams-Sonoma - 344 total filings

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

Showing 1–50 of 344 filings

Williams-Sonoma 8-K Report, Executive Changes (Oct 19, 2026)

Williams-Sonoma, Inc. (NYSE: WSM) filed this Form 8-K to report that its Board of Directors appointed Lynn Martin as a director, effective October 19, 2026. The appointment was approved by the Board on October 16, 2026. Martin is currently President of NYSE Group, a wholly owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), and previously held leadership roles at ICE Data Services, ICE Clear U.S., NYSE Liffe U.S., and New York Portfolio Clearing. Under the filing, Ms. Martin will receive the standard compensation available to the Company's non-employee directors, pro-rated for her first year, and will enter into the Company's standard form of indemnification agreement. The filing does not disclose any financial results, guidance, or changes to company operations. The filing attaches a press release dated October 19, 2026, announcing the appointment. In that release, CEO Laura Alber and Board Chair Scott Dahnke cited Martin's experience in data, technology, capital markets, and corporate governance as valuable to the Board's long-term growth strategy.

Oct 19, 2026 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Aug 26, 2026)

Williams-Sonoma, Inc. (NYSE: WSM) reported second-quarter fiscal 2026 results for the thirteen weeks ended August 2, 2026, with net revenues of $1.96 billion, up from $1.84 billion a year earlier, and comparable brand revenue growth of 6.2%. GAAP operating income was $448.8 million, a 22.9% operating margin, and GAAP diluted EPS was $2.84. Results were boosted by the recognition of IEEPA tariff refund income of $167.8 million in cost of goods sold. On a non-GAAP basis, which excludes tariff-related items, operating income was $338.5 million, a 17.3% operating margin, and diluted EPS was $2.10, compared with $2.00 a year earlier. The company raised its fiscal 2026 outlook, now expecting net revenue growth of 4.7% to 7.2%, comparable growth of 4.0% to 6.5%, and a non-GAAP operating margin of 17.8% to 18.2%. The guidance assumes no benefit from tariff refunds or related interest, as well as current tariffs remaining in place and elevated oil prices for the rest of the year. Liquidity remained solid, with $1.03 billion in cash and cash equivalents and operating cash flow of $695.9 million for the twenty-six weeks, which included collection of $200.2 million of tariff refunds and related interest. The company returned $90 million to stockholders through dividends in the quarter. The results are preliminary because the Form 10-Q for the quarter had not yet been filed. The press release is furnished under Item 2.02 and is not filed with the SEC.

Aug 26, 2026 8-K

Williams-Sonoma 8-K Report, Shareholder Vote Results (Jun 22, 2026)

Williams-Sonoma, Inc. filed this Current Report under Item 5.07 to disclose the results of its 2026 Annual Meeting of Stockholders, held on June 18, 2026. Stockholders voted on three proposals: the election of eight directors, a non-binding advisory vote on executive compensation, and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2027. All eight director nominees were elected. Laura Alber, Esi Eggleston Bracey, Andrew Campion, Scott Dahnke, Anne Finucane, Arianna Huffington, William Ready, and Frits van Paasschen each received more votes for than against. William Ready had the largest number of votes against among the nominees, with 22,859,139 against and 78,538,330 for. The advisory vote on executive compensation was approved, with 85,014,187 votes for and 16,178,546 against. The ratification of Deloitte & Touche LLP was also approved, with 102,876,706 votes for and 5,660,415 against. The filing reports vote counts only. It does not describe any changes to governance, compensation, or auditor arrangements beyond these approvals.

Jun 22, 2026 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (May 21, 2026)

Williams-Sonoma, Inc. (NYSE: WSM) reported first-quarter 2026 results for the thirteen weeks ended May 3, 2026, furnishing a press release (Exhibit 99.1) under Item 2.02. Net revenues were $1.81 billion, up from $1.73 billion a year earlier, and total comparable brand revenue grew 4.8%. Gross margin was 44.0% versus 44.3% a year earlier, SG&A was $501.7 million (27.8% of net revenues), and operating income was $291.7 million, a 16.2% operating margin compared with 16.8% last year. Diluted EPS was $1.93 versus $1.85, and net earnings were $231.4 million, essentially flat with $231.3 million a year earlier. The company stated that it has not yet filed its Form 10-Q for the quarter, so the results are preliminary and subject to change. Management highlighted that tariff costs of approximately $60 million were included in merchandise inventories, and that tariff impacts are expected to be front-loaded in the first half of fiscal 2026. Cash and cash equivalents fell to $651.6 million from $1.02 billion at fiscal year-end, reflected in $287.8 million of stock repurchases and $85.6 million of dividend payments during the quarter. Williams-Sonoma reiterated its fiscal 2026 outlook, which calls for net revenue growth of 2.7% to 6.7%, comparable brand revenue growth of 2.0% to 6.0%, and an operating margin between 17.5% and 18.1%. The guidance assumes elevated oil prices, no refund of tariffs paid, and that all current tariff rates remain in place for the year. Long-term targets of mid-to-high single-digit annual net revenue growth and a mid-to-high teens operating margin were also reiterated.

May 21, 2026 10-K

Williams-Sonoma Annual Report, Year Ended Feb 1, 2026

Williams-Sonoma, Inc. reported fiscal 2025 (52 weeks ended February 1, 2026) net revenues of $7.81 billion, up $95.3 million, or 1.2%, from $7.71 billion in fiscal 2024, which included a 53rd week. Company comparable brand revenue grew 3.5%, with comp growth of 6.4% in retail and 2.2% in e-commerce. Gross margin declined to 46.2% from 46.5%, and SG&A rose to 28.0% of net revenues from 27.9%. Net earnings were $1.09 billion, and diluted earnings per share were $8.84 versus $8.79 in fiscal 2024, which the company described as record diluted earnings per share. Tariffs flowed through cost of goods sold and reduced merchandise margins by 40 basis points, partly offset by supply chain efficiencies. The company ended the year with $1.0 billion in cash and cash equivalents and no borrowings under its revolving credit facility. Operating cash flow was $1.31 billion, capital expenditures were $259.4 million, and the company returned $1.2 billion to stockholders through repurchases and dividends. In March 2026, the Board authorized a 15% increase in the quarterly dividend, from $0.66 to $0.76 per share. Subsequent to year-end, the U.S. Supreme Court ruled that IEEPA does not authorize tariffs, and the company is assessing the impact and its ability to recover tariffs paid, though refunds remain subject to further litigation. Management's 2026 priorities are accelerating growth, delivering world-class customer service, and driving earnings. The filing cites an uncertain macroeconomic environment, a weak housing market, elevated interest rates, and evolving tariff policy as risks to the outlook.

Mar 26, 2026 8-K

Williams-Sonoma 8-K Report, Financial Results (Mar 18, 2026)

Williams-Sonoma, Inc. (NYSE: WSM) reported results for its fourth quarter and fiscal year 2025, ended February 1, 2026, in a press release furnished under Item 2.02 (Exhibit 99.1). Fourth-quarter net revenues were $2.36 billion, with comparable brand revenue up 3.2%, operating income of $477.8 million (20.3% operating margin) and diluted EPS of $3.04. For the full fiscal year, net revenues were $7.81 billion, comparable brand revenue rose 3.5%, operating income was $1.42 billion (18.1% operating margin) and record diluted EPS was $8.84. The company's fourth quarter included 13 weeks versus 14 weeks in the prior-year period, and the filing notes that the additional week contributed -60bps to Q4 operating margin. The company provided fiscal 2026 guidance of net revenue growth of +2.7% to +6.7%, comparable growth of +2.0% to +6.0%, and an operating margin of 17.5% to 18.1%. The guidance excludes any refund of IEEPA tariffs paid, assumes current tariff rates remain in place, and expects tariff impacts to be front-loaded in the first half of fiscal 2026. The company also reported fiscal 2025 cash flow from operations of $1.31 billion, $854 million in share repurchases and $316 million in dividends, with $1.3 billion remaining under its repurchase authorization. Separately, under Item 8.01 (Exhibit 99.2), the Board authorized a 15% increase in the quarterly cash dividend to $0.76 per share, payable May 22, 2026, to holders of record as of April 17, 2026. The company noted this is its seventeenth consecutive year of increased dividend payouts. The company states that its 10-K for fiscal 2025 has not yet been filed, so the reported results are preliminary and subject to change.

Mar 18, 2026 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Nov 19, 2025)

Williams-Sonoma, Inc. reported third-quarter 2025 results for the quarter ended November 2, 2025, with net revenues of $1.88 billion (up from $1.80 billion), comparable brand revenue growth of 4.0%, operating income of $319 million (17.0% operating margin, up 10 basis points), and diluted EPS of $1.96 versus $1.87 a year earlier. Gross margin rose to 46.1%, driven by higher merchandise margins and supply chain efficiencies, partly offset by higher occupancy costs, while SG&A rose to 29.1% of revenues on higher performance-based incentive compensation and advertising. The company reiterated its fiscal 2025 comparable brand revenue growth outlook of 2% to 5% and net revenue guidance of +0.5% to +3.5%, and raised its fiscal 2025 operating margin outlook to 17.8% to 18.1%. Management also highlighted a new $1 billion stock repurchase authorization, approved in November 2025, which becomes effective once the existing authorization (with $637 million remaining as of November 2, 2025) is fully used. The company cited tariff costs, including new Section 232 furniture tariffs and steel, aluminum and copper tariffs, as factors in its guidance and inventory levels, which rose 9.6% year over year to $1.5 billion. The filing also discloses an out-of-period adjustment of $49 million recorded in Q1 2024 to correct over-recognized freight expense from fiscal 2021 through 2023, which the company determined was not material to prior periods. The company noted that its Form 10-Q for the quarter had not yet been filed, so the results are preliminary and subject to change.

Nov 19, 2025 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Aug 27, 2025)

Williams-Sonoma, Inc. reported second quarter 2025 results for the quarter ended August 3, 2025, as detailed in Exhibit 99.1, a press release furnished under Item 2.02. Net revenues were $1.84 billion, up from $1.79 billion a year earlier, with comparable brand revenue growing 3.7%. Operating income rose to $328 million, an operating margin of 17.9% versus 15.5% in the prior-year quarter, and diluted EPS was $2.00 compared with $1.67. Gross margin expanded to 47.1% from 44.9%, driven mainly by higher merchandise margins, while SG&A held at a 29.2% rate. The company raised its fiscal 2025 net revenue outlook to an increase of +0.5% to +3.5% (inclusive of the 53rd week in fiscal 2024), with comps expected in the range of +2.0% to +5.0%. It reiterated its fiscal 2025 operating margin guidance of 17.4% to 17.8%, noting that incremental flow-through from higher revenue is expected to be pressured by tariff costs, including additional tariffs on China of 30%, India of 50%, Vietnam of 20%, and steel, aluminum and copper tariffs of 50%. The company also flagged that it has not yet filed its Form 10-Q for the quarter, so results are preliminary. Cash and cash equivalents were $986 million at quarter end, and merchandise inventories rose 17.7% year over year to $1.4 billion, partly reflecting a strategic pull-forward of receipts to mitigate higher tariffs. During the quarter, the company returned $280 million to stockholders through $199 million in share repurchases and $81 million in dividends, with $903 million remaining under its repurchase authorization.

Aug 27, 2025 8-K

Williams-Sonoma 8-K Report, Material Agreement (Jun 27, 2025)

Williams-Sonoma, Inc. (WSM) entered into a Ninth Amended and Restated Credit Agreement on June 26, 2025 with Bank of America, N.A., as administrative agent, letter of credit issuer and swingline lender, along with the lenders party thereto. The amendment restates the Eighth Amended and Restated Credit Agreement dated September 30, 2021. Key changes include extending the unsecured revolving loan facility's maturity to June 26, 2030, and increasing aggregate revolving commitments from $500 million to $600 million. Other changes include raising the alternative currency and letter of credit sublimits from $75 million to $100 million, increasing the swingline sublimit from $40 million to $50 million, transitioning references to Term SOFR, and slightly reducing applicable margins and fees in some instances. The Company had no revolving loans outstanding under the Amended Credit Agreement as of June 26, 2025. The facility retains a maximum leverage ratio financial covenant of 3.50 to 1.0, restrictions on indebtedness, liens, acquisitions, mergers and asset dispositions, and guarantees from certain U.S. subsidiaries. The filing states that other terms of the existing agreement have not been materially changed. The full agreement will be filed with the Form 10-Q for the quarter ending August 3, 2025.

Jun 27, 2025 8-K

Williams-Sonoma 8-K Report, Shareholder Vote Results (Jun 13, 2025)

Williams-Sonoma, Inc. reported in a Form 8-K that it held its 2025 Annual Meeting of Stockholders on June 11, 2025, where stockholders voted on three proposals. All eight director nominees were elected: Laura Alber, Esi Eggleston Bracey, Andrew Campion, Scott Dahnke, Anne Finucane, Arianna Huffington, William Ready, and Frits van Paasschen. Stockholders approved, on a non-binding advisory basis, the executive compensation proposal, with 89,960,704 votes for, 14,637,125 against, 645,475 abstentions, and 6,258,415 broker non-votes. They also ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending February 1, 2026, with 105,490,143 votes for, 5,947,010 against, and 64,566 abstentions. The director vote results show more opposition to certain nominees than others. William Ready received 19,141,141 votes against, the highest opposition among the nominees, and Scott Dahnke received 3,417,733 votes against. All other nominees received fewer than 2,000,000 votes against. The filing reports vote tallies only and does not state the reasons for the vote results.

Jun 13, 2025 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (May 22, 2025)

Williams-Sonoma, Inc. reported first-quarter 2025 results for the thirteen weeks ended May 4, 2025, in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues were $1.73 billion, up from $1.66 billion a year earlier, and total comparable brand revenue grew 3.4%. Operating income was $290.7 million, a 16.8% operating margin, and diluted EPS was $1.85, compared with $1.99 in the prior-year quarter. The filing states that the prior-year period included a benefit of $0.29 per share from an out-of-period freight adjustment of $49 million, and that excluding this adjustment, diluted EPS grew 8.8%. Cash and cash equivalents were $1.05 billion at quarter end, and operating cash flow was $118.9 million. The company returned $165 million to stockholders through $90 million of share repurchases and $75 million of dividends, with $1.1 billion of repurchase authorization remaining. Merchandise inventories rose 10.3% year over year to $1.3 billion, which the company attributed in part to a strategic pull-forward of receipts to reduce the potential impact of higher tariffs in fiscal 2025. Management reiterated its fiscal 2025 guidance, which calls for net revenues between -1.5% and +1.5% (reflecting the 53rd week in fiscal 2024), comps of flat to +3.0%, and an operating margin of 17.4% to 17.8%. The outlook incorporates tariffs including an additional 30% on China, a 10% global reciprocal tariff, and 25% tariffs on Mexico, Canada, and steel and aluminum, and the company states it does not assume other tariffs. The company also notes that Form 10-Q for the quarter has not yet been filed, so the results are preliminary.

May 22, 2025 10-K

Williams-Sonoma Annual Report, Year Ended Feb 2, 2025

Williams-Sonoma, Inc. reported fiscal 2024 (53 weeks ended February 2, 2025) net revenues of $7.71 billion, a decrease of $39.1 million, or 0.5%, from $7.75 billion in fiscal 2023. The company comparable brand revenue declined 1.6%, driven by customer hesitancy toward furniture purchases, partially offset by strength in non-furniture and seasonal assortments. Pottery Barn comparable brand revenue fell 6.2%, while Williams Sonoma grew 2.4%, Pottery Barn Kids and Teen grew 3.0%, and West Elm declined 2.0%. E-commerce accounted for approximately 66% of net revenues, and the e-commerce comparable decline was 2.5% versus a 0.2% increase in retail. Profitability improved meaningfully. Gross margin rose to 46.5% from 42.6%, driven by higher merchandise margins, supply chain efficiencies and a $49.0 million out-of-period freight adjustment. Operating income increased to $1.43 billion from $1.24 billion, and diluted earnings per share rose to $8.79 from $7.28. Operating cash flow was $1.36 billion, and the company ended the year with $1.21 billion in cash and no borrowings under its $500 million revolving credit facility. Shareholder returns totaled $1.1 billion through stock repurchases and dividends, and the Board authorized a 16% increase in the quarterly dividend to $0.66 per share in March 2025. Management's outlook for 2025 emphasizes returning to growth, elevating customer service and driving earnings, while cautioning about the weak housing market, elevated interest rates, inflationary pressure and new tariffs. The filing notes the company was added to the S&P 500 on March 24, 2025.

Mar 27, 2025 8-K

Williams-Sonoma 8-K Report, Financial Results (Mar 19, 2025)

Williams-Sonoma, Inc. (NYSE: WSM) reported results for its fourth quarter and fiscal year ended February 2, 2025 (fiscal 2024), which included a 53rd week. Fourth-quarter net revenues were $2.46 billion, up from $2.28 billion, with comparable brand revenue growth of 3.1%. Operating income was $530 million, a record Q4 operating margin of 21.5%, and diluted EPS was $3.28 versus $2.72 in the prior-year quarter. For the full year, net revenues were $7.71 billion, comparable brand revenue declined 1.6%, operating income was $1.43 billion (18.6% margin, a record annual operating margin per the release), and diluted EPS was $8.79, including a $0.29 benefit from an out-of-period freight adjustment of $49 million. Excluding that adjustment, diluted EPS was $8.50. The company provided fiscal 2025 guidance for a 52-week year: net revenues of -1.5% to +1.5%, comparable brand revenue of flat to +3.0%, and an operating margin of 17.4% to 17.8%. Management also expects mid-to-high single-digit annual net revenue growth and a mid-to-high teens operating margin over the long term. Cash returned to stockholders in fiscal 2024 totaled nearly $1.1 billion, including $807 million in stock repurchases and $280 million in dividends, with $1.2 billion of repurchase authorization remaining. Separately, the Board authorized a 16% increase in the quarterly cash dividend to $0.66 per share, payable May 24, 2025, to holders of record as of April 17, 2025. The release notes that the company has increased its dividend for sixteen consecutive years. The fourth-quarter and fiscal-year results are described as preliminary until the Form 10-K is filed.

Mar 19, 2025 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Nov 20, 2024)

Williams-Sonoma, Inc. (NYSE: WSM) reported third-quarter 2024 results for the thirteen weeks ended October 27, 2024, as described in a press release furnished as Exhibit 99.1. Net revenues were $1,800,668 thousand versus $1,853,650 thousand a year earlier, with comparable brand revenue down 2.9%. Gross margin rose to 46.7% from 44.4%, and operating income was $320,643 thousand, an operating margin of 17.8% versus 17.0%. Diluted EPS was $1.96 compared with $1.83, and net earnings were $248,953 thousand. The company also raised its fiscal 2024 outlook. It now expects annual net revenue decline of -3.0% to -1.5% and comparable revenue declines of -4.5% to -3.0%, with operating margin between 18.4% and 18.8% including a 60bps out-of-period freight adjustment. Excluding that adjustment, operating margin is expected between 17.8% and 18.2%. Fiscal 2024 is a 53-week year. The board approved a new $1 billion stock repurchase authorization, which takes effect once the existing March 2024 program is fully used; the total authorization is stated as $1.3 billion including the $293 million remaining. At October 27, 2024, cash and cash equivalents were $826,784 thousand, merchandise inventories were $1,450,135 thousand, and total stockholders' equity was $1,906,609 thousand. Year-to-date, the company repurchased $707,477 thousand of common stock and paid $208,861 thousand in dividends. The filing notes that the Form 10-Q for the quarter has not yet been filed, so the results are preliminary and subject to change.

Nov 20, 2024 8-K

Williams-Sonoma 8-K Report, Bylaw Amendment (Sep 27, 2024)

Williams-Sonoma, Inc. filed this Current Report on Form 8-K to report an amendment to its bylaws. On September 25, 2024, the Board of Directors, acting on the recommendation of its Nominations, Corporate Governance and Social Responsibility Committee, amended and restated the Amended and Restated Bylaws, effective immediately. The filing discloses no financial results, and the changes are governance-focused rather than operational. The revisions clarify the procedures and informational requirements for stockholder director nominations and stockholder proposals under the bylaws' advance notice provisions. They also clarify the written representation requirements for all director nominees. The bylaws now specify that when director nominees exceed the number of seats, the election standard is a plurality of shares voted, regardless of whether a quorum is present. In addition, the indemnification provisions were revised so that only officers elected or appointed by the Board are entitled to indemnification under the bylaws, and the company will advance expenses to any director to the fullest extent permitted by law. Other ministerial, clarifying and conforming changes were also made. For investors, the amendments mainly affect shareholder rights and board governance processes. The changes to nomination procedures and the plurality voting standard bear on how director elections are conducted, while the indemnification revisions define which individuals qualify for bylaw indemnification. The complete amended bylaws are filed as Exhibit 3.1, and the filing also includes the cover page interactive data file as Exhibit 104.

Sep 27, 2024 10-Q

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-K

Williams-Sonoma 8-K Report, Financial Results (Aug 22, 2024)

Williams-Sonoma, Inc. (NYSE: WSM) reported second quarter 2024 results for the thirteen weeks ended July 28, 2024, in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues were $1,788.3 million versus $1,862.6 million a year earlier, and comparable brand revenue declined 3.3%. Gross margin rose to 46.2% from 40.7%, and SG&A rose to 30.0% of revenues from 26.1%, producing operating income of $289.9 million and an operating margin of 16.2% versus 14.6%. Diluted EPS was $1.74 compared with $1.56, reflecting a 2-for-1 stock split effected July 9, 2024, with historical per-share amounts restated. The company revised its fiscal 2024 outlook, now expecting net revenue growth of -4.0% to -1.5% and comparable revenue of -5.5% to -3.0%, while raising its operating margin guidance to 18.0% to 18.4%, including a 60 basis point benefit from a first-quarter out-of-period adjustment of $49 million related to over-recognized freight expense in fiscal 2021 through 2023. Excluding that adjustment, operating margin guidance is 17.4% to 17.8%. Management states that the net effect of the changes holds earnings materially in line with prior implied EPS guidance. Fiscal 2024 is a 53-week year, which the company expects to add 150 basis points to net revenue growth. At quarter end, cash and cash equivalents were $1,265.3 million, merchandise inventories were $1,247.4 million, and the company returned $203 million to stockholders through $130 million of repurchases and $73 million of dividends. The filing notes that the Form 10-Q for the quarter had not yet been filed, so results are preliminary and subject to change.

Aug 22, 2024 8-K

Williams-Sonoma 8-K Report, Executive Changes (Aug 1, 2024)

Williams-Sonoma, Inc. (NYSE: WSM) filed a Form 8-K on August 1, 2024, under Item 5.02 to report that its Board of Directors appointed Arianna Huffington as a director, effective immediately. The filing states that Ms. Huffington will receive the standard compensation available to the Company's non-employee directors, pro-rated for the initial year, and that the Company will enter into its standard form of indemnification agreement with her. The announcement is a board-composition change rather than a financial disclosure; the filing contains no financial results, guidance, or financial statements. According to the attached press release (Exhibit 99.1), CEO Laura Alber and Board Chair Scott Dahnke welcomed Ms. Huffington, citing her experience as an entrepreneurial leader and her prior directorships at Uber and Onex. Ms. Huffington is the founder and CEO of Thrive Global and the founder of The Huffington Post. For investors, the filing is primarily a governance update. The press release is furnished rather than filed, so its contents are not subject to Section 18 liability and are not incorporated by reference into other filings.

Aug 1, 2024 8-K

Williams-Sonoma 8-K Report, Corporate Update (Jun 13, 2024)

Williams-Sonoma, Inc. (NYSE: WSM) filed an 8-K on June 13, 2024 under Item 8.01 (Other Events) to announce that its Board of Directors has declared a two-for-one stock split effected through a stock dividend. The stated purpose is to make the stock more accessible to investors and employees. Each stockholder of record on June 27, 2024 will receive one additional share of common stock for each share held, payable after the close of market on July 8, 2024. According to the accompanying press release (Exhibit 99.1), trading is expected to commence on a split-adjusted basis at market open on July 9, 2024. The company states that the stock dividend will not affect the voting or other rights of stockholders. The filing does not include any financial results, guidance, or changes to operations. The press release describes Williams-Sonoma as a digital-first, design-led and sustainable home retailer marketing its products through e-commerce websites, direct-mail catalogs and retail stores under brands including Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham and GreenRow.

Jun 13, 2024 8-K

Williams-Sonoma 8-K Report, Bylaw Amendment (May 31, 2024)

On May 29, 2024, Williams-Sonoma, Inc. (NYSE: WSM) held its 2024 Annual Meeting of Stockholders. Stockholders approved an amendment to the Amended and Restated Certificate of Incorporation that extends the exculpation provision to cover officers (the "Officer Exculpation Amendment"). The amendment took effect upon filing of the Certificate of Amendment with the Delaware Secretary of State on May 29, 2024. The filing refers to the Company's April 16, 2024 Definitive Proxy Statement for a description of the amendment. All seven director nominees were elected: Laura Alber, Esi Eggleston Bracey, Andrew Campion, Scott Dahnke, Anne Finucane, William Ready, and Frits van Paasschen. William Ready received 10,496,352 votes against, a materially higher count than the other nominees. Stockholders also approved, on an advisory basis, the executive compensation proposal (52,029,895 for; 3,313,558 against; 84,938 abstain) and ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending February 2, 2025 (57,438,518 for; 1,548,033 against; 37,568 abstain). Separately, the Company announced in a press release dated May 29, 2024 that Andrew Campion had been elected to its Board of Directors. The release states that from 2007 until April 2024 he held executive leadership roles at Nike Inc., including Chief Operating Officer and Chief Financial Officer, and that he previously spent over 11 years at The Walt Disney Company.

May 31, 2024 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (May 22, 2024)

Williams-Sonoma, Inc. reported first-quarter 2024 results for the thirteen weeks ended April 28, 2024. Net revenues were $1.66 billion versus $1.76 billion a year earlier, and comparable brand revenue declined 4.9%. Operating income was $323.8 million, an operating margin of 19.5%, and diluted EPS was $4.07. Both figures include an out-of-period adjustment of $49 million that reduced cost of goods sold. The company stated that it over-recognized freight expense in fiscal 2021, 2022 and 2023, and that the cumulative amount was not material. Without the adjustment, the operating margin was 16.6% and diluted EPS was $3.48. The company reiterated its fiscal 2024 guidance for net revenue growth of -3% to +3% and comparable brand revenue of -4.5% to +1.5%. It raised its operating margin outlook to 17.6% to 18.0%, which includes a 60 basis point impact from the out-of-period adjustment. Excluding that impact, the expected operating margin is 17.0% to 17.4%. Fiscal 2024 is a 53-week year, and the company expects the extra week to contribute 150 basis points to net revenue growth and 10 basis points to operating margin. The company ended the quarter with $1.25 billion in cash and cash equivalents and generated $226.8 million in operating cash flow. It returned $107 million to stockholders through $63 million in dividends and $44 million in stock repurchases. Merchandise inventories were $1.22 billion, down 13.1% from the prior-year quarter. The filing states that the press release is furnished under Item 2.02 and is not filed with the SEC.

May 22, 2024 10-K

Williams-Sonoma Annual Report, Year Ended Jan 28, 2024

Williams-Sonoma, Inc. reported fiscal 2023 (the 52 weeks ended January 28, 2024) with net revenues of $7.75 billion, down $923.8 million, or 10.6%, from $8.67 billion in fiscal 2022. Company comparable brand revenue declined 9.9%, driven by continuing customer hesitancy toward furniture purchases and the company's strategy to reduce promotional activity, partially offset by strength in certain non-furniture categories. Gross margin rose to 42.6% from 42.4%, but operating income fell to $1.24 billion from $1.50 billion, and diluted earnings per share declined to $14.55 from $16.32. Net earnings were $949.8 million versus $1.13 billion in the prior year. The balance sheet and cash flow picture is strong. The company ended the year with $1.26 billion in cash and cash equivalents and no outstanding borrowings under its revolving credit line, and it generated $1.68 billion in net cash from operating activities, up from $1.05 billion. Stockholder returns totaled $545.5 million through stock repurchases and dividends, with $313.0 million spent on buybacks and $236.8 million in dividends declared. Management highlighted three priorities for 2024: returning to growth, elevating customer service and driving earnings. The filing also notes that in March 2024 the Board authorized a new $1.0 billion stock repurchase program and a 26% increase in the quarterly dividend, from $0.90 to $1.13 per share. The filing identifies several risks for investors, including sensitivity to consumer spending on home furnishings, a weak housing market, elevated interest rates, reliance on foreign suppliers (about 81% of merchandise purchases in fiscal 2023, with 25% sourced from China), tariff and trade policy changes, and a possible port strike. Management also flagged elevated inventory shrink and fraud relative to historical levels. Store count declined to 518 from 530, with 13 openings and 25 closings.

Mar 20, 2024 8-K

Williams-Sonoma 8-K Report, Financial Results (Mar 13, 2024)

Williams-Sonoma, Inc. (NYSE: WSM) reported fourth-quarter and fiscal 2023 results for the fiscal year ended January 28, 2024, and announced a 26% increase in its quarterly cash dividend to $1.13 per share along with a new $1 billion stock repurchase authorization. For Q4 2023, net revenues were $2.28 billion versus $2.45 billion a year earlier, comparable brand revenue declined 6.8%, operating margin was 20.1%, and diluted EPS was $5.44. For fiscal 2023, net revenues were $7.75 billion (down from $8.67 billion), comparable brand revenue declined 9.9%, GAAP operating margin was 16.1%, and GAAP diluted EPS was $14.55 (non-GAAP diluted EPS $14.85). Cash and cash equivalents ended the year at $1.26 billion, and operating cash flow was $1.68 billion. The company returned $545 million to stockholders in fiscal 2023, including $313 million in share repurchases and $232 million in dividends. Management's fiscal 2024 outlook calls for net revenue growth of -3% to +3%, comparable brand revenue of -4.5% to +1.5%, and an operating margin of 16.5% to 16.8%. Fiscal 2024 is a 53-week year, which the company expects to add 150 basis points to revenue growth and 10 basis points to operating margin. The filing notes that the financial results are preliminary because the Form 10-K had not yet been filed. The Form 8-K furnishes the earnings press release under Item 2.02 and reports the dividend and repurchase actions under Item 8.01. The new $1 billion repurchase authorization supersedes the remaining amount under the prior program and is effective March 14, 2024. The increased dividend is payable May 24, 2024, to holders of record as of April 19, 2024.

Mar 13, 2024 8-K

Williams-Sonoma 8-K Report, Executive Changes (Jan 12, 2024)

Williams-Sonoma, Inc. filed this Form 8-K dated January 12, 2024 to report an executive leadership change. The company issued a press release announcing the retirement of Marta Benson, Chief Executive Officer of Pottery Barn Brands, effective April 26, 2024. Under Item 5.02 of the filing, the filing does not describe any financial results, guidance, or other operating metrics. Benson's responsibilities will transition to the two existing Pottery Barn Presidents, Monica Bhargava, President of Pottery Barn, and Jennifer Kellor, President of Pottery Barn Kids and Pottery Barn Teen. The filing does not state any compensation arrangements, severance terms, or a successor CEO for the brand. For investors, the principal takeaway is a planned senior management departure at one of the company's key brands, with a defined handover to existing brand presidents rather than a new hire named in the filing.

Jan 12, 2024 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Nov 16, 2023)

Williams-Sonoma, Inc. (NYSE: WSM) reported results for its third quarter ended October 29, 2023, in a press release furnished as Exhibit 99.1 under Item 2.02. Net revenues were $1.85 billion, compared with $2.19 billion in the third quarter of the prior year, and comparable brand revenue declined 14.6%. Gross margin was 44.4%, up from 41.5% a year earlier, and operating income was $315 million, producing a record third-quarter operating margin of 17.0%. Diluted EPS was $3.66, compared with $3.72 a year earlier. The company said the results were achieved amid consumer hesitancy on high-ticket discretionary furniture spending and elevated promotional activity. The company updated its fiscal 2023 guidance to net revenue growth of -10% to -12% and an operating margin of 16% to 16.5%. Management said the lower sales outlook is offset by the expected higher operating margin, which produces higher implied EPS guidance. Management reiterated its long-term expectation of mid-to-high single-digit annual net revenue growth with operating margin above 15%. Cash at quarter-end was $699 million with no borrowings outstanding, and operating cash flow for the quarter was $290 million, which funded dividends and stock repurchases. The filing states that the Form 10-Q for the quarter had not yet been filed, so all financial results in the release are preliminary and subject to change for any necessary adjustments or changes in accounting estimates identified before the 10-Q is filed.

Nov 16, 2023 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Aug 23, 2023)

Williams-Sonoma, Inc. (NYSE: WSM) filed an 8-K on August 23, 2023 furnishing a press release, Exhibit 99.1, announcing results for its second quarter ended July 30, 2023, and revising its fiscal 2023 outlook. Net revenues were $1.86 billion versus $2.14 billion a year earlier, and comparable brand revenue declined 11.9%, with a 2-year comp of -0.6% and a 4-year comp of +39.7%. Operating income was $271.5 million, an operating margin of 14.6% versus 17.1% last year, and diluted EPS was $3.12 compared with $3.87. Net earnings were $201.5 million. Management described an increasingly promotional environment and softening industry metrics, and said results remain preliminary until the Form 10-Q is filed. The balance sheet showed cash of $514.4 million with no borrowings outstanding, and merchandise inventories fell to $1.30 billion from $1.46 billion at fiscal year-end. Operating cash flow for the 26 weeks was $715.0 million, versus $383.6 million a year earlier, and the company repurchased $310.0 million of common stock and paid $116.6 million in dividends during that period. For fiscal 2023, the company now expects net revenue to decline 5% to 10%, while raising its operating margin outlook to 15% to 16%. Management stated the lower revenue outlook is offset by the higher margin guidance, and that the net effect holds earnings materially in line with prior implied EPS guidance. Long-term, the company continues to expect mid-to-high single-digit annual net revenue growth with operating margin above 15%.

Aug 23, 2023 8-K

Williams-Sonoma 8-K Report, Bylaw Amendment (Jun 5, 2023)

On May 31, 2023, Williams-Sonoma, Inc. amended and restated its bylaws as part of a broader review of governance practices. The updates clarify disclosure and procedural requirements for stockholder director nominations, make administrative changes tied to the SEC's universal proxy rules, and include other minor clarifying and conforming changes. The full bylaws are filed as Exhibit 3.1. The same day, the company held its 2023 Annual Meeting of Stockholders. All seven director nominees were elected, though William Ready received substantially more Against votes (12,351,416) than the other nominees, who each drew roughly 143,000 to 406,000 Against votes. Stockholders approved, on an advisory basis, the executive compensation proposal (55,275,999 For versus 1,143,296 Against). They also voted for an annual advisory vote on executive compensation, and the company has adopted that frequency. Stockholders ratified Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending January 28, 2024 (59,380,524 For versus 1,122,118 Against). The filing contains no financial results; its significance for investors lies in governance and shareholder voting outcomes.

Jun 5, 2023 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (May 23, 2023)

Williams-Sonoma, Inc. (NYSE: WSM) reported first-quarter 2023 results for the thirteen weeks ended April 30, 2023, furnished under Item 2.02 in a press release (Exhibit 99.1). Net revenues were $1.76 billion, down from $1.89 billion a year earlier, and comparable brand revenue declined 6.0%. GAAP operating margin was 11.4% and non-GAAP operating margin was 12.9%. GAAP diluted EPS was $2.35, and non-GAAP diluted EPS was $2.64. The company said it achieved its financial expectations despite a challenging macro backdrop. The filing notes that the Form 10-Q for the quarter had not yet been filed, so the results are preliminary and subject to change. Gross margin was 38.5% on a GAAP basis and 38.6% on a non-GAAP basis, which the company attributed mainly to higher inbound and outbound shipping and freight costs. SG&A was 27.1% of revenues on a GAAP basis and 25.7% on a non-GAAP basis. The quarter included a non-recurring charge of $26.2 million for exit costs tied to the West Coast manufacturing facility and the Aperture division, plus company-wide reduction-in-force actions. The company expects these changes to produce pre-tax annualized savings of $40 million. Cash was $297 million at quarter end with no borrowings outstanding. Operating cash flow was $343 million, and the company returned $358 million to stockholders through $300 million of stock repurchases and $58 million of dividends. For fiscal 2023, Williams-Sonoma reiterated its guidance, expecting net revenue growth of -3% to +3% and an operating margin between 14% and 15%. Its long-term outlook calls for mid-to-high single-digit annual net revenue growth and an operating margin above 15%.

May 23, 2023 10-K

Williams-Sonoma Annual Report, Year Ended Jan 29, 2023

Williams-Sonoma, Inc. is an omni-channel specialty retailer of high-quality products for the home, operating brands including Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham. For fiscal 2022 (52 weeks ended January 29, 2023), net revenues increased $428.5 million, or 5.2%, to $8.67 billion, with company comparable brand revenue growth of 6.5%. Pottery Barn was the largest brand at $3.56 billion in net revenues and delivered 14.9% comparable brand revenue growth, while Williams Sonoma declined 1.7% on a comparable basis. Diluted earnings per share rose to $16.32 from $14.75, and net earnings were $1.13 billion versus $1.13 billion in fiscal 2021. Cost of goods sold rose to 57.6% of net revenues from 56.0%, while SG&A fell to 25.1% of net revenues from 26.4%. The company ended the year with $367.3 million in cash and cash equivalents, no outstanding borrowings under its revolving credit line, and operating cash flow of $1.05 billion. It invested $354.1 million in capital expenditures and returned approximately $1.1 billion to shareholders through share repurchases and dividends. Management expects supply chain and macroeconomic challenges, including higher product costs, freight, and distribution center costs, to negatively affect results into fiscal 2023, with gross margin pressures possibly becoming tailwinds in the back half of the year. In March 2023, the Board authorized a new $1 billion stock repurchase program and a 15% increase in the quarterly dividend, from $0.78 to $0.90 per share. The filing highlights risks tied to consumer spending, the weak housing market, inflation, foreign sourcing (approximately 67% of merchandise purchases in fiscal 2022 came from foreign vendors), tariffs, and the e-commerce channel, which represented more than 66% of net revenues and profits in fiscal 2022. The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion, and management concluded internal control over financial reporting was effective as of January 29, 2023.

Mar 24, 2023 8-K

Williams-Sonoma 8-K Report, Financial Results (Mar 16, 2023)

Williams-Sonoma, Inc. (NYSE: WSM) reported record fiscal 2022 results for the fiscal year ended January 29, 2023, with net revenues of $8.67 billion, up from $8.25 billion, comparable brand revenue growth of 6.5%, GAAP diluted EPS of $16.32 and non-GAAP diluted EPS of $16.54. GAAP operating income was $1.50 billion, a 17.3% operating margin, versus 17.6% in the prior year, and non-GAAP operating margin was 17.5%. Fourth-quarter net revenues were $2.45 billion, with comparable brand revenue declining 0.6%, and gross margin fell to 41.2% from 45.0%, mainly due to higher shipping and freight costs. The company guided fiscal 2023 net revenue growth of -3% to +3% and an operating margin of 14% to 15%. The financial results are preliminary because the Form 10-K had not yet been filed. On the same day, the Board raised the quarterly cash dividend 15%, or $0.12, to $0.90 per share, payable May 26, 2023 to holders of record as of April 21, 2023. It also approved a new $1 billion stock repurchase authorization that supersedes the remaining amount under the prior program. Fiscal 2022 shareholder returns totaled $1.1 billion, including $217 million in dividends and $880 million in share repurchases, and year-end cash was $367 million. The fiscal 2022 results were released under Item 2.02 and are furnished rather than filed with the SEC. The dividend and buyback announcement is filed under Item 8.01. Investors should weigh the record earnings against the softer fourth-quarter comparable sales and margin compression, along with the company's guidance for flat-to-modest revenue growth and lower operating margins in fiscal 2023.

Mar 16, 2023 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Nov 17, 2022)

Williams-Sonoma, Inc. (NYSE: WSM) reported results for its third quarter ended October 30, 2022 in a press release furnished as Exhibit 99.1. Net revenues were $2,192,574 thousand, up from $2,047,539 thousand a year earlier, and comparable brand revenue increased 8.1%, with a 2-year comp of 25.0% and a 3-year comp of almost 50%. Operating income was $339,633 thousand, with an operating margin of 15.5%. Diluted EPS was $3.72, up from $3.29, a 13.1% increase on a GAAP basis and 12.0% on a non-GAAP basis. Gross margin fell to 41.5% from 43.7%, which the company attributed to higher shipping and freight costs, while SG&A leveraged to 26.0% of revenues from 27.6%. Management reiterated its fiscal 2022 outlook of mid-to-high single digit annual net revenue growth and operating margins relatively in line with fiscal 2021. The company said that, given macro uncertainty, it will not reiterate or update guidance through fiscal 2024, and will provide fiscal 2023 and beyond guidance with its fourth-quarter fiscal 2022 results. The filing states that the Form 10-Q for the quarter has not yet been filed, so the results are preliminary and subject to change. Year-to-date through October 30, 2022, net revenues were $6,221,338 thousand and diluted EPS was $11.08. Cash and cash equivalents were $113,058 thousand at quarter end, and operating cash flow for the 39 weeks was $588,525 thousand. Repurchases of common stock totaled $840,955 thousand over the same period.

Nov 17, 2022 8-K

Williams-Sonoma 8-K Report, Executive Changes (Sep 14, 2022)

Williams-Sonoma, Inc. (NYSE: WSM) announced on September 14, 2022 a set of leadership transitions in its 8-K filing under Item 5.02. Julie Whalen, Executive Vice President and Chief Financial Officer, and Alex Bellos, President of the West Elm brand, are resigning effective September 14, 2022. Whalen has accepted the role of Chief Financial Officer of Expedia Group, Inc., and Bellos will become Co-CEO and a board member of Food 52, Schoolhouse and Dansk. The company has initiated a search for the next president of West Elm. Jeff Howie, age 52, who most recently served as Executive Vice President, Chief Administrative Officer, will succeed Whalen as Chief Financial Officer and principal financial officer effective September 14, 2022. Howie's compensation was set by the Compensation Committee in light of his increased duties: an annual base salary of $900,000, restricted stock units with a grant value of $2,100,000, and performance stock units with a target value of $1,400,000, both granted under the 2001 Long-Term Incentive Plan with an effective grant date of September 12, 2022. No other changes were made to his existing compensatory or severance arrangements. Jeremy Brooks, age 42, Senior Vice President, Chief Accounting Officer and Head of Investor Relations since October 2021, will become principal accounting officer effective the same date. Howie has been with the company since 2002. The filing's accompanying press release quotes CEO Laura Alber describing Howie as uniquely qualified for the CFO role and states that Whalen served 21 years with the company, including 11 years as CFO.

Sep 14, 2022 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (Aug 24, 2022)

Williams-Sonoma, Inc. furnished a press release announcing results for its second fiscal quarter ended July 31, 2022. Net revenues were $2,137,537 thousand ($2.14 billion), up from $1,948,339 thousand a year earlier, and total comparable brand revenue growth was 11.3% (41.1% on a two-year basis). Operating income rose to $365,521 thousand, with an operating margin of 17.1%, up 50 basis points on a GAAP basis. Diluted EPS was $3.87 versus $3.21, an increase of 20.6% on a GAAP basis. Gross margin declined to 43.5% from 44.1%, which the company attributed to higher shipping and freight costs, partly offset by merchandise margin expansion. SG&A leveraged to 26.4% of revenues from 27.5%. For the first half, net earnings were $521,188 thousand and diluted EPS was $7.36, compared with $6.11 a year earlier. The company repurchased $766,424 thousand of common stock and paid $112,674 thousand in dividends in the twenty-six weeks ended July 31, 2022. Cash and cash equivalents fell to $124,944 thousand from $850,338 thousand at the prior fiscal year-end, while merchandise inventories rose to $1,542,428 thousand from $1,246,372 thousand. Management reiterated its fiscal 2022 and long-term outlook of mid-to-high single digit annual net revenue growth, revenues of $10 billion by fiscal 2024, and operating margins relatively in line with fiscal 2021. The company stated that the results are preliminary because its Form 10-Q for the quarter had not yet been filed.

Aug 24, 2022 8-K

Williams-Sonoma 8-K Report, Executive Changes (Jul 26, 2022)

Williams-Sonoma, Inc. filed this Current Report on Form 8-K, dated July 20, 2022, to disclose a senior leadership change. On July 26, 2022, the company announced that Ryan Ross, President of the Williams Sonoma brand, submitted his resignation effective July 26, 2022. The filing is limited to this Item 5.02 disclosure and contains no financial results, guidance, or other operating metrics. For investors, the central item is the departure of the executive who led the Williams Sonoma brand, the company's flagship banner. The filing does not state a successor, the reasons for the resignation, or any associated compensation or separation terms, so these remain open questions from this document alone. The filing was signed by Chief Financial Officer Julie Whalen. Because it is a narrow personnel notice, its informational value for valuation is limited; investors would typically look to subsequent filings or company communications for details on leadership succession and any impact on brand strategy.

Jul 26, 2022 8-K

Williams-Sonoma 8-K Report, Shareholder Vote Results (Jun 3, 2022)

Williams-Sonoma, Inc. filed this Current Report on Form 8-K to disclose the results of its 2022 Annual Meeting of Stockholders, held on June 1, 2022. Stockholders elected all seven director nominees: Laura Alber, Esi Eggleston Bracey, Scott Dahnke, Anne Finucane, Paula Pretlow, William Ready, and Frits van Paasschen. Each nominee received substantially more votes "For" than "Against" or "Abstain," and the filing states that all director nominees were duly elected. Stockholders also approved, on a non-binding advisory basis, the company's executive compensation, with 59,308,307 votes for, 921,191 against, and 110,723 abstaining. In addition, stockholders ratified the selection of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending January 29, 2023, with 62,956,834 votes for, 1,096,667 against, and 33,397 abstaining. The filing contains no financial results or operational disclosures. Its only exhibit is the Cover Page Interactive Data File (Exhibit 104), embedded within the Inline XBRL document. For investors, the key takeaways are that governance matters passed as proposed and that the board composition and auditor selection were confirmed by stockholders.

Jun 3, 2022 10-Q

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 8-K

Williams-Sonoma 8-K Report, Financial Results (May 25, 2022)

Williams-Sonoma, Inc. (NYSE: WSM) reported record first quarter fiscal 2022 results for the quarter ended May 1, 2022, as stated in press release Exhibit 99.1, which the filing furnishes under Item 2.02. Net revenues were $1,891.2 million versus $1,749.0 million a year earlier, and comparable brand revenue grew 9.5% (40.4% in the prior-year period, per the filing's table), with Pottery Barn comparable brand revenue up 14.6% and West Elm up 12.8%. Gross margin expanded 80 basis points to 43.8%, operating income rose to $323.5 million from $275.2 million, and diluted EPS was $3.50 versus $2.90. The company reported $324.8 million in cash and cash equivalents at quarter end, down from $850.3 million at January 30, 2022, as it returned capital to shareholders. Operating cash flow was $184.5 million, and the company repurchased $501.1 million of common stock and paid $58.2 million in dividends during the quarter. Merchandise inventories rose to $1,396.1 million from $1,246.4 million at fiscal year-end. Management reiterated its fiscal 2022 outlook of mid-to-high single digit comparable growth and operating margins relatively in line with fiscal 2021, and reaffirmed its ambition to reach $10 billion in revenue by fiscal 2024. The company noted that the quarterly Form 10-Q had not yet been filed, so the results are preliminary and subject to change.

May 25, 2022 10-K

Williams-Sonoma Annual Report, Year Ended Jan 30, 2022

Williams-Sonoma, Inc. is an omni-channel specialty retailer of high-quality products for the home, selling through e-commerce websites, direct-mail catalogs and retail stores across brands including Williams Sonoma, Pottery Barn, Pottery Barn Kids and Teen, West Elm, Williams Sonoma Home, Rejuvenation and Mark and Graham. For fiscal 2021 (52 weeks ended January 30, 2022), net revenues increased by $1,462,747,000, or 21.6%, to $8,245,936,000, with comparable brand revenue growth of 22.0% and double-digit comparable brand revenue growth across all brands. Net earnings rose to $1,126,337,000 from $680,714,000, and diluted earnings per share were $14.75 versus $8.61 in fiscal 2020. Gross margin improved, with cost of goods sold falling to 56.0% of net revenues from 61.1%, while selling, general and administrative expenses rose to 26.4% of net revenues from 25.4%, driven by higher advertising spending. The company ended the year with $850,338,000 in cash and cash equivalents, generated operating cash flow of $1,371,147,000, and had no outstanding revolver borrowings. It returned approximately $1,086,972,000 to shareholders through share repurchases and dividends, repurchasing 5,102,624 shares for $899,433,000 during the year. In March 2022, the Board authorized a new $1,500,000,000 repurchase program and a 10% increase in the quarterly dividend, from $0.71 to $0.78 per share. Management identified ongoing global supply chain disruptions, including port congestion and container shortages, as a continuing challenge into fiscal 2022, and planned to invest approximately $350,000,000 in the business, with over 80% prioritized on technology and supply chain initiatives.

Mar 28, 2022