Williams-Sonoma reports higher profit as revenue decline eases

(Source: Williams Sonoma/Facebook)

Williams-Sonoma has posted a 4.9 per cent decline in comparable brand revenue for the first quarter, which management said reflected an improving trend in the retailer’s top-line results.

The decrease in comparable brand revenue for the three months ended April 30 has eased when compared to the 6.8 per cent drop in the previous quarter.

Net revenues were $1.6 billion, down from $1.75 billion in the prior-year period. Net earnings rose to $266 million from $157 million last year.

President and CEO Laura Alber said the company delivered strong results for the quarter, driven by an “improving top-line trend” and continued strength in profitability.

For the full year, the firm expects net revenue growth in the range of -3 per cent to +3 per cent, with comps in the range of -4.5 per cent to +1.5 per cent. Over the long term, the firm forecasts mid-to-high single-digit annual net revenue growth with an operating margin in the mid-to-high teens.

“We remain committed to executing on our three key priorities in 2024 – returning to growth, elevating our world-class customer service, and driving margin,” added Alber.

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