Williams-Sonoma Inc.'s (WSM: Quote) first-quarter net earnings decreased to $30.72 million from $31.61 million last year, while earnings per share improved to $0.30 from $0.29 a year earlier. Excluding unusual business events, quarterly non-GAAP earnings per share went up 13% to $0.34 from $0.30 in the prior-year quarter. On average, 26 analysts polled by Thomson Reuters expected earnings per share of $0.32 for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues climbed 6.1% to $817.61 million from $770.82 million in the 2011 first quarter, with comparable brand revenue up 5.4%. Analysts estimated revenues of $811.73 million for the quarter.
Looking ahead to the second quarter, Williams-Sonoma anticipates earnings per share of $0.38 - $0.41 on total net revenues of $850 million - $870 million, whereas analysts estimate second-quarter earnings per share of $0.40 and revenue of $865.05 million.
For fiscal 2012, the company now sees earnings per share of $2.38 - $2.45 on a GAAP basis, and $2.42 - $2.49 on a non-GAAP basis, while total net revenues are currently anticipated to lie between $3.95 billion and $4.02 billion. Previously, earnings per share were estimated to range between $2.37 and $2.47 and total net revenues of $3.93 billion - $4.02 billion. Analysts project earnings of $2.46 per share on $3.99 billion revenue for the full year.
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by RTT Staff Writer
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