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Williams-Sonoma Inc. Message Board

  • bluecheese4u bluecheese4u May 22, 2012 9:43 AM Flag

    Williams-Sonoma, Inc. Announces First Quarter 2012 Results

    Williams-Sonoma, Inc. Announces First Quarter 2012 Results

    Raises Financial Guidance for Fiscal Year 2012

    San Francisco, CA, May 22, 2012 --Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the first quarter of fiscal 2012 ended April 29, 2012 (“Q1 12”).
    Q1 12 RESULTS
    • Net revenues increased 6.1% to $818 million from $771 million in the first quarter of fiscal 2011 ended May 1, 2011 (“Q1 11”). Comparable brand revenue increased 5.4%.
    • Operating margin, including unusual business events, decreased to 6.0% from 6.7% in Q1 11. Excluding unusual business events, non-GAAP operating margin in Q1 12 was equal to Q1 11 at 6.9% (see Exhibit 1 for the impact of unusual business events).
    • Diluted earnings per share (“EPS”), including unusual business events, was $0.30 versus $0.29 in Q1 11. Excluding unusual business events, non-GAAP EPS in Q1 12 increased 13% to $0.34 versus $0.30 in Q1 11 (see Exhibit 1 for the impact of unusual business events).
    • During the quarter, the company repurchased 1,644,508 shares of common stock for approximately $62 million, and ended the quarter with $376 million in cash.
    Laura Alber, President and Chief Executive Officer commented, “Our first quarter fiscal 2012 financial results represent the best first quarter in the company’s history, exceeding our expectations on a non-GAAP basis for both operating margin and diluted EPS, on revenue growth of 6%. We drove this earnings growth while simultaneously investing in our future growth strategies. We are pleased with this performance – both in terms of operational execution and progress against our long-term growth initiatives.”
    Alber continued, “We have good momentum entering the second quarter, and we have made progress on our strategic initiatives for each of our brands to help ensure that the strong start to 2012 leads to similar results for the year. We also delivered $84 million to our shareholders during this quarter in the form of share repurchases and dividends as part of our effort to drive total shareholder returns.”

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