Seeking Alpha

Williams-Sonoma +5.7% AH on FQ1 beat, healthy comps

  • Williams-Sonoma (WSM) expects FQ2 revenue of $1.02B-$1.04B and EPS of $0.49-$0.52, below a consensus of $1.05B and $0.55. FY15 (ends Jan. '15) guidance is a little healthier: Revenue of $4.645B-$4.725B and EPS of $3.07-$3.17 vs. a consensus of $4.69B and $3.17.
  • Comparable brand revenue grew 10% Y/Y in FQ1 vs. 10.4% in FQ4. It's expected to fall to a range of 4%-6% in FQ2, and total 5%-7% in FY15.
  • Comp. brand growth by segment: Pottery Barn +9.7%, Williams-Sonoma +6%, Pottery Barn Kids +8.1%, West Elm +18.8%, PBteen +12%.
  • Direct-to-consumer revenue +17.2%, to $491M, retail +3.1% to $483M.
  • Gross margin +20 bps Y/Y to 37.8%, op. margin +40 bps to 7.6%. $53M was spent on buybacks.
  • Shares are close to an all-time high of $68.05.
  • FQ1 results, PR
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