Williams-Sonoma, Inc. reports comp store sales increase of 7.6% for fiscal 4th quarter 2009
Susan Dickenson -- Home Accents Today, 3/22/2010 8:30:00 AM
Williams-Sonoma, Inc. today announced operating results for the fourth quarter and fiscal year ended Jan. 31, 2010. Retail net revenues for the quarter increased 7.9% to $692 million versus $641 million in the fiscal fourth quarter of 2008. The increase was driven by a 7.6% growth in comparable store sales, partially offset by a 1.1% year-over-year reduction in retail leased square footage, including 17 net fewer stores.
Internet net revenues for the brands increased 14.9% during the fourth quarter to $309 million versus $269 million for the fourth quarter a year ago.
For fiscal year 2009, retail net revenues decreased 4.3% to $1.878 billion, compared to $1.962 billion in 2008. The decrease was driven by a 5.1% drop in comparable store sales and 1.1% year-over-year decrease in retail leased square footage, including 17 net fewer stores. Net revenue decreases were primarily driven by the Pottery Barn and Pottery Barn Kids brands.
Howard Lester, chairman and CEO, said, “While our fourth quarter results were substantially better than we expected given the continuing fragility of the economy, in 2010 we will continue to garner the benefits of the strategic and tactical initiatives that drove our success in the fourth quarter. It is gratifying to look back at these initiatives and see the amount of change we were able to execute in such a short period of time.
“As we look forward to 2010, we are remaining focused on the five key initiatives that have driven our momentum over the past year: (1) capturing market share through innovative merchandising and a greater emphasis on the ‘value’ proposition; (2) delivering superior customer service; (3) executing our Internet marketing initiatives; (4) driving efficiencies in our worldwide supply chain – particularly in furniture sourcing; and (5) maximizing profitability and cash flow through aggressive asset management and rationalization of our real estate portfolio in a reset economy. We believe all of these initiatives will improve our competitive positioning and allow us to take the business to the next level, despite our belief that the economic recovery will be slow and gradual.”
Williams-Sonoma products, representing six merchandise strategies – Williams-Sonoma, Pottery Barn, Pottery Barn Kids, PBteen, West Elm and Williams-Sonoma Home – are marketed through 610 stores, seven direct mail catalogs and six e-commerce sites.
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