Williams Sonoma Hikes Dividends On Higher Earnings
Williams-Sonoma (NYSE: WSM), the home furnishings retailer, reported stellar fourth-quarter results that blew away analyst estimates and issued a robust outlook for 2010. The company said it earned $88.4 million, or 81 cents a share, compared with $12.2 million, or 12 cents a share, a year earlier. Excluding items, Williams-Sonoma earned 86 cents a share, well ahead of the consensus estimate of 74 cents. Sales rose 8.1% to $1.1 billion from $1 billion.
On top of that, Williams-Sonoma said it expects 2010 earnings to rise 22% to 33% to $1.16 to $1.26 a share. Revenue is expected to rise 6% to $3.2 billion to $3.3 billion. Analysts are currently expecting earnings of $1.02 a share on sales of $3.2 billion.
And as of that wasn't enough good news, California-based company will raise its quarterly dividend to 13 cents a share from 12 cents. The new dividend is payable on May 24th to shareholders of record on April 27th. The stock touched a new 52-week high of $27.27 on Monday before closing at $27.10. The shares have more than doubled in the past year.
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