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.