Williams-Sonoma earnings jump 28% in first quarter
May 28, 2013,
SAN FRANCISCO - Paced by its Pottery Barn and West Elm formats, retailer Williams-Sonoma said first-quarter profits surged more than 28%.
Revenues for the quarter ended May 5 grew 8.6% in what the company said was the best first quarter in its history.
Revenues totaled $887.8 million, up from $817.6 million in last year's first fiscal quarter. The company said revenues from e-commerce and catalog sales made up 47.2% of the total, and were 11.7% ahead of the same quarter last year.
Revenues from traditional retail stores increased 5.8%, despite a drop in revenues from its flagship Williams-Sonoma stores.
Comparable-brand revenue, which includes all segments of its business, rose 7.2% companywide. The PBteen brand had the largest increase at 16.1%, followed by West Elm at 11.8%, Pottery Barn at 7.6%, Pottery Barn Kids at 6.9% and Williams-Sonoma at 1.9%.
Net income totaled $39.5 million or 40 cents per share. That was up from $30.7 million or 30 cents per share in last year's first fiscal quarter.
As a result of the strong first quarter, Alber said the company is increasing its revenue and earnings estimates for the fiscal year.
Revenues are now projected at $4.22 billion to $4.3 billion, up from a March forecast of $4.2 billion to $4.28 billion.
Earnings per share are now projected to be $2.67 to $2.77. That's up from the March projection of $2.65 to $2.75.
As of May 5, the company had 587 traditional retail stores, including 254 Williams-Sonoma, 196 Pottery Barn, 85 Pottery Barn Kids, and 49 West Elm.
The company said it expects to end the year with 584 stores.