Homewares retailer Williams-Sonoma has revised its FY23 outlook after posting an 11.9 per cent decline in comparable brand revenue for the second quarter ended July 30.

Sales were flat compared to the same period in 2021 and up 39.7 per cent compared to pre-pandemic 2019.

“We significantly exceeded profitability estimates with an operating margin of 14.6 per cent with earnings per share of $3.12, well-above our pre-pandemic results,” said Laura Alber, president and CEO at Williams-Sonoma.

“We achieved these results against an increasingly promotional environment and softening industry metrics by focusing on regular price selling, driving improved customer service and controlling costs.”

The company revised its full-year guidance to reflect lower net revenue trends and higher operating margin.

Annual revenues are expected to decrease 5 to 10 per cent, but operating margin to be in a range of 15 to 16 per cent.

Williams-Sonoma is the world’s largest digital-first, design-led and sustainable home retailer. Its brands include Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham and GreenRow.