Williams-Sonoma exceeds expectations with Q1 results

San Francisco – Williams-Sonoma Inc. exceeded Wall Street expectations with earnings and sales in the fiscal 2015 first quarter. From the same period the previous year, net income declined 3% to $44.79 million from $46.16 million.



Increases in cost of goods sold and selling, general and administrative (SG&A) expenses helped reduce net income. Net revenues rose 6% to $1.03 billion from $973.33 million. The West Elm banner had particularly strong sales growth.



E-commerce net revenues increased 8% to $533 million, from $491 million, while retail net revenues increased 3% to $498 million from $483 million. E-commerce net revenues comprised 52% of all sales.



“Our first quarter results were better than we expected, driven by West Elm and our new businesses, as well as strong operational and financial execution across all of our brands,” said Laura Alber, president and CEO. “Based on the results we see across our portfolio, we are confident in the fundamentals of our business and the year ahead. We believe that our growth strategies, consistent execution and operational discipline, put us on track to deliver another record year for our shareholders."



During the second quarter of fiscal 2015, Williams-Sonoma expects total net revenues of $1.08 to $1.1 billion, and total net revenues of $4.95 to $5.02 billion during the fiscal year.