Exhibit 99.1

LOGO

 

PRESS RELEASE

WILLIAMS-SONOMA, INC.

3250 Van Ness Avenue

San Francisco, CA 94109

    

CONTACT:

Sharon L. McCollam

Executive Vice President, COO and CFO

(415) 616-8775

    

Stephen C. Nelson

Director, Investor Relations

(415) 616-8754

    

Kim Khalvati

Investor Relations Administration

(415) 616-8332

FOR IMMEDIATE RELEASE

Williams-Sonoma, Inc. Announces Fourth Quarter and Fiscal Year 2008 Results and

Provides Financial Guidance for Fiscal Year 2009

San Francisco, CA, March 24, 2009 — Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the 13-week fourth quarter (“Q4 08”) and the 52-week fiscal year ended February 1, 2009 (“FY 08”), as compared to the 14-week fourth quarter (“Q4 07”) and the 53-week fiscal year ended February 3, 2008 (“FY 07”).

Q4 08 RESULTS

Net revenues in Q4 08 decreased 26.7% to $1.008 billion versus $1.374 billion in Q4 07. On a comparable 13-week to 13-week basis, net revenues decreased 22.2%, including a comparable store sales decrease of 22.3%.

Diluted earnings per share (“EPS”) in Q4 08 on a GAAP and non-GAAP basis are reconciled in the table below:

Reconciliation of GAAP to Non-GAAP Diluted EPS

(See Exhibit 1 for Notes 4 through 6)

 

      Q4 08
ACT
        

Q4 08

GUID

         Q4 07
ACT
        

% YOY

<Decrease>

    

GAAP Diluted EPS

   $0.12         -         $1.15         <89.6%>    

Impact of Asset Impairment Charge for Underperforming Retail Stores (Note 4)

   $0.12         -         -         -    

Subtotal of Operational Earnings Before Infrastructure Cost Reduction Program Charges*

   $0.23         $0.10 - $0.30         $1.15         <80.0%>    

Impact of Severance and Lease Termination Costs Associated with our Infrastructure Cost Reduction Program (Note 5)

   $0.08         $0.08 - $0.09         -         -    

Non-GAAP Diluted EPS Excluding Unusual Business Events (Note 6)*

   $0.31         $0.18 - $0.39         $1.15         <73.0%>    

 

  * Due to rounding to the nearest cent per diluted share, totals may not equal the sum of the line items in the table above.

Howard Lester, Chairman and Chief Executive Officer, commented, “While the fourth quarter ended better than we expected due to increased promotional activity and tight expense controls, the retail environment overall was very weak. But despite the top-line challenges, we made significant progress against several key initiatives that

 

5


The following information was filed by Williams Sonoma Inc (WSM) on Tuesday, March 24, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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