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Holiday promotions lead to lower outlook at Williams-Sonoma
SAN FRANCISCO — Williams-Sonoma Inc. said Thursday it has cut its fiscal Q4 earnings outlook below Wall Street expectations due to heavy holiday promotions levels.
The company said it had to offer discounts to entice shoppers this holiday season. Although earnings guidance has been reduced to below expectations, Williams-Sonoma’s revenue outlook remains in line with Wall Street, trimmed to a range of $1.24 billion to $1.26 billion. The company had previously expected revenue as high as $1.27 billion.
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Sears apparel and home chief resigns
Hoffman Estates, Ill. -- Sears Holdings Corp. confirmed Thursday that John Goodman, its chief of apparel and home division, has resigned the company, effective immediately.
Goodman was hired two years ago as executive VP of apparel and home, charged with turning around the retailer’s clothing business. His departure, which Sears says happened last week, coincides with the Jan. 3 arrival of Ron Boire, the former Brookstone president and CEO, as executive VP and chief merchandising officer for Sears and Kmart brands.