Williams-Sonoma posts highest ever Q3 diluted EPS

SAN FRANCISCO Williams-Sonoma reported that net revenues for the third quarter 2010 increased 11.8% to $816 million versus $729 million in the third quarter of fiscal 2009. Diluted earnings per share, on a non-GAAP basis were 35 cents, a 19-cent improvement over last year, according to the company.

Laura Alber, president and CEO, commented, “We delivered the highest third quarter diluted EPS in our history."

Comparable-store sales increased 8.1%.

Alber continued, “As we enter the fourth quarter, we are continuing to see a positive consumer response to our merchandising, marketing and customer service strategies, including the new strategies we have launched for this year’s holiday season. As such, we are increasing our fourth quarter and full year guidance despite recent softness in the broader home furnishings industry overall. Net revenues in the fourth quarter are now expected to increase in the range of 3% to 6% and non-GAAP diluted EPS to be in the range of 88 cents to 93 cents versus 86 cents last year. For the full year, we are expecting net revenues to increase in the range of 11% to 12% and non-GAAP diluted EPS to be in the range of $1.75 to $1.80 versus 95 cents last year.”