Williams-Sonoma Earnings Rise 70 Percent

Share this article:
Williams-Sonoma Inc. yesterday reported a 70 percent increase in fiscal third-quarter earnings.


San Francisco-based Williams-Sonoma, which operates stores under its own name along with Pottery Barn, Hold Everything and Chambers, said that net income for the third quarter ended Oct. 28 rose to $3.9 million, or 7 cents per diluted share, from $2.3 million, or 4 cents per share, last year.


Wall Street analysts polled by Thomson Financial/First Call on average expected a profit of 5 cents per share, with estimates ranging from 4 cents to 7 cents. The company lowered its revenue outlook last month to between $460 million and $470 million from a previous range of $478 million to $492 million.


Supported by new stores, the company reported sales of $462.1 million, up 8.8 percent from the $424.6 million posted last year. It had 412 stores at the end of the quarter, up from 370 a year earlier.


Same-store sales fell 1.1 percent for the quarter. Same-store sales increased 2.7 percent in August, dropped 6.1 percent in September and decreased 0.2 percent in October. Pottery Barn retail had the strongest rebound, with October same-store sales up 2.6 percent.


Reduced transportation costs and lower catalog production costs helped offset disruptions in sales resulting from the Sept. 11 terrorist attacks.


This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions