Williams-Sonoma posts another strong quarter

Williams-Sonoma maintained its momentum in the third quarter, delivering sales and comp growth across all its brands.

The home goods company reported third-quarter net income of $249.5 million, or $3.29 a share, for the quarter ended Nov.1, compared with $201.8 million, or $2.54 a share, in the year-ago period. Adjusted earnings were $3.32 a share up from $2.56 a share last year. 

Revenues rose 16% to $2.05 billion beating analysts’ estimates of $1.98 billion. The company said e-commerce now represents 67% of its total business.

Comparable sales rose 16.9%, with an accelerated two-year stack of 41.3%. By brand, comp sales rose 22.5% at West Elm, 15.9% at Pottery Barn at 15.9%, 16.9% at Pottery Barn Kids and Teen at 16.9%, and 7.6% at Williams Sonoma on top of a 30.4% last year

“As we enter the fourth quarter, we are seeing strong sales and margins continuing,” said Laura Alber, president and CEO. “We are thrilled with our customers’ response to our holiday and gifting assortments, and we are ready to drive an outstanding finish to the year. With our strong results to date, our winning positioning in the industry, and our outperforming growth strategies, we are more confident than ever in the long-term strength of our business.”

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Williams-Sonoma raised its fiscal 2021 revenue outlook to growth of 22% to 23%, or $8.28 billion to $8.34 billion.

The retailer expects mid-to-high single-digit growth long term, achieving $10 billion in annual sales by 2024.

Williams-Sonoma ended the quarter with 581 stores across its banners.