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Williams-Sonoma +6.5% AH on Q4 earnings beat, dividend raise

  • Williams-Sonoma (WSM+6.5% AH after posting better than expected Q4 earnings and revenues, and raising its quarterly dividend by 6%.
  • Comparable brand revenue growth in Q4 rose 10.4% Y/Y after gaining 4% in the year-ago quarter; gross margin was 40.6% vs. 41.3% in Q4 a year ago.
  • At West Elm, comparable-brand sales jumped 18.3%, Pottery Barn same-store sales rose 14.6%, Pottery Barn Kids gained 11.2%, while PBteen climbed 9.6%; at WSM's namesake stores, comparable-brand sales added 2.3%.
  • Issues downside guidance for Q1, seeing EPS of $0.41-$0.44 vs. $0.46 analyst consensus estimate, on revenues of $920M-$940M vs. $943M consensus; Q4 comparable brand revenue growth is expected at 4%-6%.
  • Sees FY 2015 EPS of $3.05-$3.15 vs. $3.21 analyst consensus estimate on revenues of $4.63B-$4.71B vs. $4.64B consensus; comps growth of 5%-7% expected.
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