First-quarter Williams-Sonoma earnings soundly beat analyst forecasts, but company comparable sales fell.
The company stated that net earnings were $265.7 million, or $4.07 per diluted share, versus $156.5 million, or $2.35 per diluted share, in the year-earlier quarter. Adjusted for any one-time events, diluted earnings per share were $4.07 versus $2.64.
An analyst consensus estimate published by Yahoo Finance was for earnings per diluted share of $2.70 and revenue of $1.66 billion.
Year over year, first quarter comparable sales were down 10.8% at Pottery Barn, down 4.1% at West Elm, up 0.9% at Williams-Sonoma and up 2.8% at Pottery Barn Kids and Teen for a company total of down 4.9%, the company reported.
Net revenues were $1.66 billion versus $1.76 billion in the year-previous quarter. Operating income was $323.8 million versus $199.5 million in the period a year before, while adjusted operating income was $323.8 million versus $225.7 million.
“We are pleased to deliver strong results in the first quarter of 2024, driven by an improving top-line trend and continued strength in our profitability. We remain committed to executing on our three key priorities in 2024 – returning to growth, elevating our world-class customer service, and driving margin,” said Laura Alber, Williams-Sonoma president and CEO, in announcing the financial results.
