Williams-Sonoma -10.5% AH on soft guidance

Williams-Sonoma (NYSE:WSM) expects FQ3 revenue of $1.1B-$1.13B and EPS of $0.58-$0.63, mostly below a consensus of $1.13B and $0.66. FY14 (ends Jan. '14) guidance is for revenue of $4.645B-$4.725B and EPS of $3.07-$3.17 vs. a consensus of $4.72B and $3.20.

FQ2 comparable brand revenue grew 5.7% Y/Y, down from FQ1's 10% but near the high end of a 4%-6% guidance range. WSM expects 4%-6% FQ3 comparable brand growth, and 5%-7% FY14 growth.

Pottery Barn comps +4.4%; Williams-Sonoma +3.4%; Pottery Barn Kids +5.6%; West Elm +16.7%; PBteen -1%. Direct-to-consumer revenue +9.4% to $523M; retail revenue +2.4% to $517M.

Gross margin -80 bps Y/Y to 36.8%. SG&A spend fell to 28.6% of revenue from 29.6% a year ago. $59M was spent on buybacks.

FQ2 results, PR

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