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|WILLIAMS-SONOMA, INC.||Sharon L. McCollam|
|3250 Van Ness Avenue||Executive Vice President, COO and CFO|
|San Francisco, CA 94109||(415) 616-8775|
|Stephen C. Nelson|
|Director, Investor Relations|
|Meryl L. Schreibstein|
|Investor Relations Administration|
FOR IMMEDIATE RELEASE
Williams-Sonoma, Inc. Announces Fourth Quarter and Fiscal Year 2009 Results and
Provides Financial Guidance for Fiscal Year 2010
Fourth Quarter Revenues Increase 8.1%, Driving Non-GAAP Diluted EPS Up to $0.86
San Francisco, CA, March 22, 2010 Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth quarter (Q4 09) and fiscal year ended January 31, 2010 (FY 09), as compared to the fourth quarter (Q4 08) and fiscal year ended February 1, 2009 (FY 08), and financial guidance for fiscal year 2010 (FY 10).
Q4 09 RESULTS
Net revenues in Q4 09 increased 8.1% to $1.090 billion versus $1.008 billion in Q4 08, including a comparable store sales increase of 7.6%.
Diluted earnings per share (EPS) in Q4 09 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)
|Q4 09||Q4 08|
GAAP Diluted EPS
Impact of Asset Impairment and Early
Lease Termination Charges for
Benefit of Visa/MasterCard Litigation Settlement (Note 5)
Impact of Severance and Lease Termination Costs Associated with our
Infrastructure Cost Reduction Program (Note 10)
Subtotal of Unusual Business Events*
Non-GAAP Diluted EPS Excluding Unusual Business Events (Note 11)*
* 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 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. It is, in fact, these initiatives that are allowing us to emerge today as a stronger company. On revenue growth of 8% or $82 million in the fourth quarter, we generated $61 million in incremental non-GAAP net income. Our fourth quarter non-GAAP diluted earnings per share grew from $0.31 to $0.86 and we ended
The following information was filed by Williams Sonoma Inc (WSM) on Monday, March 22, 2010 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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