Williams-Sonoma comp sales up 13.6% over 2Q 2009
Home Accents Today Staff -- Home Accents Today, 8/19/2010 10:12:42 AM
August 19, 2010 -- Williams-Sonoma, Inc. today announced operating results for its 2010 fiscal second quarter ended August 1st.
Net revenues for the second quarter increased 15.4% to $776 million versus $672 million in the second quarter of fiscal 2009. Comparable store sales increased 13.6% from Q2 09. Net revenues for the 26 weeks (fiscal YTD) ended August 1, 2010 increased 16.3% to $1.493 billion versus $1.284 billion for the 26 weeks ended August 2, 2009.
For the second quarter, Williams-Sonoma comp store sales increased 8.3% over Q2 2009, were up 17.3% at Pottery Barn, 18.9% at Pottery Barn Kids and 8.1% at the outlets.
Year-to-date, Williams-Sonoma comp store sales are up 9.4%% over YTD 2009, up 20.1% at Pottery Barn, 20.8% at Pottery Barn Kids and 2.9% at the outlets.
President and CEO Laura Alber said, "We are pleased with the performance we are seeing across our brands. During the second quarter, year-over-year net revenues increased 15% and we delivered the highest second quarter non-GAAP diluted EPS in our history. Non-GAAP diluted EPS for the quarter was $0.31, a $0.26 improvement over last year. Innovative merchandising at compelling price points - combined with highly targeted marketing and a superior customer experience - drove these better than expected results. While we are proud of these record results, we realize there is still uncertainty in the economic environment. Our initiatives, however, have proven to be effective and we continue to see a significant opportunity ahead of us to attract new customers to our brands, gain market share and improve profitability, even in this environment.
"Regarding our guidance for the balance of the year, we are continuing to see a positive consumer response to our merchandising and marketing strategies, including our recently introduced fall assortments, as well as the enhanced customer service programs in all of our brands. As such, we are increasing our full year guidance for the outperformance we saw in the second quarter and for the upside that we are currently seeing in our third quarter trends."
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