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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 third quarter 2017 results
Net revenues grow 4.3% with comparable brand revenue growth of 3.3%
Diluted EPS grows 8% to $0.84
Raises full-year revenue guidance
San Francisco, CA, November 16, 2017 Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results
for the third fiscal quarter ended October 29, 2017 (Q3 17) versus the third fiscal quarter ended October 30, 2016 (Q3 16).
3rd QUARTER 2017 RESULTS
Q3 17 net revenues grew 4.3% to $1.299 billion versus $1.245 billion in Q3 16 with comparable brand revenue growth of 3.3%. Net revenues reflect an estimated $7.0 million impact of lost sales (or approximately 60 basis points) associated with the hurricanes in Texas, Florida and Puerto Rico.
Q3 17 operating margin was 8.5% versus 8.8% in Q3 16. Excluding severance-related reorganization charges, non-GAAP operating margin was 8.9% in Q3 16 (see Note 1 in Exhibit 1). See Exhibit 1 for a reconciliation of GAAP to non-GAAP operating margin.
Q3 17 diluted earnings per share (EPS) was $0.84, reflecting an unfavorable impact of approximately $0.02 from the impact of lost sales associated with the hurricanes, versus $0.78 in Q3 16. Excluding severance-related reorganization charges, non-GAAP EPS was $0.79 in Q3 16 (see Note 1 in Exhibit 1). See Exhibit 1 for a reconciliation of GAAP to non-GAAP EPS.
Cash returned to stockholders totaled approximately $95 million, comprising $61 million in stock repurchases and $34 million in dividends.
Laura Alber, President and Chief Executive Officer, commented: Our third quarter results demonstrate the effectiveness of our strategic priorities to deliver value, quality and excellent customer service. During the quarter, strong execution against our product and digital initiatives drove new customer acquisition and top-line expansion in a competitive and dynamic retail environment. Importantly, our demand during the quarter exceeded or was at least equal to net revenues across all of our brands most notably in Pottery Barn and PBteen which is a strong indication of the health of our business. Additionally, our investments in digital innovation and cross-brand services, as well as continued optimization of our supply chain, position us to further differentiate our business and to deliver long-term profitable growth.
Alber continued, All of our initiatives are underpinned by our vision to create a high-touch customer service platform that is truly transformational for the home furnishings industry. Our acquisition of Outward, Inc., announced today, will enhance and extend this platform and enable us to create highly engaging and interactive shopping experiences that set a new industry standard.
The following information was filed by Williams Sonoma Inc (WSM) on Thursday, November 16, 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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