logo
Share SHARE
FONT-SIZE Plus   Neg

Williams-Sonoma Profit Tops View; Stock Up - Update

Williams-Sonoma Inc. (WSM) Tuesday reported an increase in fourth-quarter profit, with the home products and furnishings retailer benefiting from strong e-commerce sales. Williams-Sonoma's earnings and revenues for the quarter topped Street estimates.

Moving forward, the company detailed a strong outlook for fiscal year 2013, but a soft projection for the first quarter. Nevertheless, Williams-Sonoma shares gained 5 percent in after-hours trade on the New York Stock Exchange.

The company also announced a 41 percent increase in quarterly cash dividend amounting to $0.31 per share, payable May 24 to stockholders as of April 26. Williams-Sonoma also revealed a new $750 million stock repurchase program for the next three years.

San Francisco, California-based Williams-Sonoma reported fourth-quarter net income of $133.7 million or $1.34 per share, compared with $122.6 million or $1.17 per share last year.

On average, 28 analysts polled by Thomson Reuters expected earnings of $1.29 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the fourth quarter rose about 11 percent to $1.41 billion from $1.27 billion a year ago. Analysts on consensus estimated revenues of $1.40 billion for the quarter.

Direct-to-customer sales increased 19.3 percent from last year, with e-commerce sales up 24 percent. Retail sales increased 4 percent.

For the first quarter, the company expects earnings in the range of $0.33 to $0.36 per share on sales of $850 million to $870 million. Analysts currently estimate earnings of $0.39 per share on sales of $868.99 million.

For fiscal year 2013, Williams-Sonoma expects earnings of $2.65 to $2.75 per share on revenues of $4.20 billion and $4.28 billion. Analysts currently expect earnings of $2.54 per share on revenues of $4.04 billion.

Williams-Sonoma stock closed Tuesday's regular trade at $45.21, down 0.75%, on a volume of 3.4 million shares. In after hours, the stock gained 5.09%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company. Concept drawings for a giant U-shaped skyscraper in the New York City were released this week, which is deemed to be the longest building in the world. The concept, which is called Big Bend, would be a skinny, curved structure. The glass-lined tower would be in the shape of an upside U and will be running 4,000-feet-long from end to end on Billionaire's Row. Alaska Air Group Inc., which completed its $2.6 billion acquisition of Virgin America last year, said that the combined company will adopt Alaska Air's name and logo. The Virgin America name will be retired, "likely sometime in 2019," the airline added.
comments powered by Disqus
Follow RTT