Net Earnings, Revenue Rise at Williams-Sonoma

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Williams-Sonoma Inc., San Francisco, announced "better than expected operating results" yesterday for the second quarter ended Aug. 3 that included net earnings of $17.8 million, up from $14.1 million in the second quarter of fiscal year 2002.


Net revenue increased 17.1 percent to $580.4 million in second-quarter 2003 from $495.6 million in second-quarter 2002.


Retail net sales rose 17.3 percent to $335.3 million in the quarter.


Direct-to-customer net sales, including catalog and Internet, totaled $206.3 million in the quarter, an increase of 16.5 percent.


"This year-over-year increase was primarily driven by incremental net sales generated by the Pottery Barn, Pottery Barn Kids, Williams-Sonoma and Hold Everything brands in addition to incremental sales from our newest catalogs, Pottery Barn Teen and West Elm," the company said. "This increase was partially offset by a year-over-year decrease in the Chambers catalog due to increased prospecting and lower productivity."


Internet sales were $69.3 million in the quarter, a jump of 55.1 percent.


Also, net earnings for the 26 weeks ended Aug. 3 totaled $31.2 million, up from $29.5 million in the 26 weeks ended Aug. 4, 2002. Net revenue for the 26 weeks ended Aug. 3 rose 14.7 percent to $1.12 billion from $974 million. Fiscal 2003 year-to-date comparable-store sales climbed 2.9 percent versus a 2.9 percent rise for the same period of fiscal 2002.


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