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3250 Van Ness Avenue
San Francisco, CA 94109
|Julie P. Whalen|
|EVP, Chief Financial Officer|
|SVP, Finance & Corporate Treasurer|
Williams-Sonoma, Inc. announces first quarter 2017 results
Net revenues grow 1.2% with comparable brand revenue growth of 0.1%
Pottery Barn comparable brand revenue sequentially improves 270bps
GAAP EPS of $0.45, non-GAAP EPS of $0.51
San Francisco, CA, May 24, 2017 Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the first fiscal quarter ended April 30, 2017 (Q1 17) versus the first fiscal quarter ended May 1, 2016 (Q1 16).
1st QUARTER 2017 RESULTS
Q1 17 net revenues grew 1.2% to $1.112 billion versus $1.098 billion in Q1 16 with comparable brand revenue growth of 0.1%.
Q1 17 operating margin was 5.6% versus 5.8% in Q1 16. Excluding certain items affecting comparability, non-GAAP operating margin was 6.1% in Q1 17 and 7.0% in Q1 16 (see Notes 1 and 2 in Exhibit 1). See Exhibit 1 for a reconciliation of GAAP to non-GAAP operating margin.
Q1 17 diluted earnings per share (EPS) was $0.45 versus $0.44 in Q1 16. Excluding certain items affecting comparability, non-GAAP EPS was $0.51 in Q1 17 and $0.53 in Q1 16 (see Notes 13 in Exhibit 1). See Exhibit 1 for a reconciliation of GAAP to non-GAAP EPS.
Cash returned to stockholders totaled $72 million, comprising $38 million in stock repurchases and $34 million in dividends.
Laura Alber, President and Chief Executive Officer, commented, In the first quarter, we saw strong sequential improvement in the Pottery Barn brand, demonstrating the effectiveness of the brand initiatives that we are implementing. West Elm, our newer businesses (Rejuvenation and Mark and Graham), and our company-owned global operations delivered another quarter of double-digit growth, and Williams Sonoma started the year off strongly. We also continued to realize positive results from our supply chain initiatives, as we drive continuous improvements across the organization to deliver increased efficiencies and a superior customer experience.
Alber continued, We remain highly focused on delivering innovative, high-quality products that are inspiring, relevant and competitively priced. We believe that our iconic multi-aesthetic brands and profitable multi-channel model, together with our lifestyle merchandising approach and high-touch service model, create a sustainable competitive advantage. As we continue to make strong progress against our key strategic initiatives, we believe we are well positioned to deliver on both our near and longer-term goals.
The following information was filed by Williams Sonoma Inc (WSM) on Wednesday, May 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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