Williams-Sonoma's 1Q Earnings Drop

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Williams-Sonoma Inc., San Francisco, reported that net revenues for the first quarter ended April 30 increased 10.2 percent for a total of $794.3 million. Same-store sales rose 1.3 percent.

The multichannel home decor merchant's first quarter net earnings decreased 11.7 percent to $23.1 million or $0.20 per diluted share versus $26.2 million or $0.22 per diluted share in the first quarter of fiscal year 2005.

During the same period, direct-to-customer net revenues, comprised of both catalog and Internet revenues, increased 11.4 percent to $360.4 million. Internet revenues increased 31 percent to $201 million. The company estimates that approximately 40 percent of its company-wide non-gift registry Internet revenues are incremental to the direct-to-customer channel and customers who recently received a catalog drive approximately 60 percent.

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