Williams-Sonoma's Net Earnings Slip to $1.4M

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Williams-Sonoma Inc., San Francisco, reported plummeting second-quarter earnings Friday for the period that ended July 29.


Net earnings totaled $1.4 million, compared with $5.1 million recorded for the quarter that ended July 30, 2000. According to a report, the difficult market and increased costs led to the drop.


Net revenues rose 17.1 percent to $429 million, compared with $366.5 million for the second quarter last year. Retail sales were up 18.2 percent, reaching $244.4 million.


Direct-to-consumer sales were $158.3 million, up 15.4 percent from the year-ago period. The DTC increase - including Internet and catalog channels - was led by the Pottery Barn and Pottery Barn Kids brands.


Selling, general and administrative expenses as a percentage of net revenues were 33.2 percent.


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