Exhibit 99.1

WILLIAMS-SONOMA, INC.

3250 Van Ness Avenue

San Francisco, CA 94109

 

      CONTACT:
      Julie P. Whalen
      EVP, Chief Financial Officer
      (415) 616-8524
      Beth Potillo-Miller
      SVP, Finance & Corporate Treasurer
      Investor Relations
      (415) 616-8643

PRESS RELEASE

Williams-Sonoma, Inc. announces fourth quarter and fiscal year 2016 results

Q4 GAAP EPS of $1.63 and non-GAAP EPS of $1.55

Q4 gross margin expands 100bps; merchandise inventories decrease 0.1%

Authorizes 5% dividend increase and provides financial guidance for Q1 and fiscal year 2017

San Francisco, CA, March 15, 2017 – Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth fiscal quarter (“Q4 16”) and fiscal year 2016 (“FY 16”) ended January 29, 2017 versus the fourth fiscal quarter (“Q4 15”) and fiscal year 2015 (“FY 15”) ended January 31, 2016.

4th QUARTER 2016 RESULTS

 

   

Q4 16 net revenues decreased 0.3% to $1.582 billion versus $1.586 billion in Q4 15 with comparable brand revenue decreasing 0.9%.

   

Q4 16 operating margin was 13.6% versus 14.0% in Q4 15.

   

Q4 16 diluted earnings per share (“EPS”) was $1.63 versus $1.55 in Q4 15. Excluding the net benefit of approximately $0.08 per diluted share from a one-time favorable tax adjustment, non-GAAP EPS was $1.55 in Q4 16. See Exhibit 1 for a reconciliation of GAAP to non-GAAP EPS.

   

Cash returned to stockholders totaled $69 million, comprising $36 million in stock repurchases and $33 million in dividends.

FISCAL YEAR 2016 RESULTS

 

   

FY 16 net revenues grew 2.2% to $5.084 billion versus $4.976 billion in FY 15 with comparable brand revenue growth of 0.7%.

   

FY 16 operating margin was 9.3% versus 9.8% in FY 15. Excluding severance-related reorganization charges, non-GAAP operating margin was 9.6% in FY 16. See Exhibit 1 for a reconciliation of GAAP to non-GAAP operating margin.

   

FY 16 diluted earnings per share (“EPS”) was $3.41 versus $3.37 in FY 15. Excluding severance-related reorganization charges of approximately $0.10 per diluted share and the net benefit of approximately $0.08 per diluted share from a one-time favorable tax adjustment, non-GAAP EPS was $3.43 in FY 16. See Exhibit 1.

   

Cash returned to stockholders totaled $285 million, comprising $151 million in stock repurchases and $134 million in dividends.


The following information was filed by Williams Sonoma Inc (WSM) on Wednesday, March 15, 2017 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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