Williams-Sonoma Earnings, Revenue Rise
Net revenue, including shipping fees, increased 15.5 percent to $495.6 million in the second fiscal quarter of 2002 compared with $429 million in that quarter of 2001.
Net retail sales rose 16.9 percent to $285.8 million from $244.4 million. The company operated 445 stores as of Aug. 4, up from 393 on July 29, 2001. Total comparable-store sales were flat versus positive 1 percent in the second fiscal quarter of 2001.
Direct-to-customer net sales increased 11.9 percent to $177.1 million compared with $158.3 million. The company said this increase was driven mainly by strong growth in the Pottery Barn and Pottery Barn Kids brands and incremental sales from the West Elm catalog launched in the first quarter of 2002.
Year-to-date net earnings for the 26 weeks ended Aug. 4 were $29.5 million compared with $1.8 million in the same period last year. Year-to-date net revenue rose 15 percent to $974 million from $846.6 million. Year-to-date comparable-store sales increased 2.9 percent compared with a drop of 0.9 percent during the same period last year.
In other news:
* Limited Brands, Columbus, OH, said that operating income reached $140.2 million in the second fiscal quarter compared with $77 million last year, and net income totaled $83.2 million compared with $71.6 million last year.
On an adjusted basis, operating income of $140.2 million rose 143 percent from $57.8 million last year, and net income of $83.2 million increased 141 percent from $34.5 million. Comparable-store sales for the quarter ended Aug. 3 rose 4 percent, and net sales of $2.113 billion increased 8 percent from adjusted sales of $1.961 billion last year. Adjusted sales in 2001 exclude sales from Lane Bryant, which was sold to Charming Shoppes Inc. in August 2001. Net sales during the second fiscal quarter of 2001 including Lane Bryant totaled $2.192 billion.
* The Bombay Company Inc., Fort Worth, TX, said Wednesday that revenue for the three months ended Aug. 3 rose 3 percent to $100 million compared with $97 million in the three months ended Aug. 4, 2001. During the six-month periods, revenue totaled $190.9 million, up from $188 million for the corresponding period of the prior year.
Same-store sales for Bombay stores in existence more than one year fell 6 percent for the quarter and 8 percent year-to-date. Sales from non-store operations including mail order, Internet, Bailey Street Trading Company and International represented 6 percent of total revenue in the second fiscal quarter of 2002 and 7 percent for the six-month period. Net loss in the second fiscal quarter was $3.3 million compared with a net loss of $2.7 million for the corresponding period of the prior year. For the six months ended Aug. 3 the net loss was $6.7 million compared with a net loss of $5.7 million in the six months ended Aug. 4, 2001.