Williams-Sonoma Inc. (WSM) Thursday reported a rise in profit for the first quarter, helped mainly by a 8.6% growth in revenues. Both earnings and revenues came in above analysts' expectations. The company has also raised its full-year guidance.
Net earnings increased to $39.5 million or $0.40 per share from $30.7 million or $0.30 per share in the comparable quarter last year.
Non-GAAP earnings per share for the latest first quarter were $0.41, up from $0.34 in the prior year quarter. On average, 27 analysts polled by Thomson Reuters expected the company to earn $0.37 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $887.81 million, up 8.6 percent from $817.61 million last year, while 24 analysts expected revenues of $868.11 million for the quarter.
Looking ahead to the second quarter, the company expects earnings to be in the range of $0.43 per share to $0.46 per share and net revenues in the range of $920 million to $940 million. Analysts currently expect second quarter earnings of $0.48 per share and revenues of $932.53 million.
For fiscal 2013, the company has raised its earnings to a range of $2.67 to $2.77 per share from its previous range of $2.65 to $2.75 per share. The company also raised its revenues to $4.22 billion to $4.30 billion from its prior expectation of $4.20 billion to $4.28 billion. Analysts currently expect the company to report full-year earnings of $2.77 per share on revenues of $4.25 billion.
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