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Williams-Sonoma loses steam in second quarter
Williams-Sonoma’s second quarter results may have met Wall Street expectations, but shares dropped nearly 12% as a result of the company’s weak guidance for the third quarter of fiscal 2014 — which will include earnings from most of the back-to-school season.
For the quarter, the company posted net revenues of $1.04 billion, an almost 6% increase from $982 million a year ago. Total same-store sales increased 5.7%. Direct-to-customer revenues climbed 9.4%.
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Williams-Sonoma meets Q3 expectations; issues weak outlook
San Francisco – Williams-Sonoma Inc. reported that its third quarter income rose 4% to $50.7 million from $48.9 million in the year-ago period, in line with forecasts. But the retailer issued a disappointing outlook for the current quarter.
Second quarter net revenues grew 6% to $1.04 billion, from $982 million in the year-ago period.
Total same-store sales increased 5.7%. Direct-to-customer revenues grew 9.4%.