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Williams-Sonoma Inc. Message Board

  • bluecheese4u bluecheese4u Aug 21, 2012 7:21 PM Flag

    Williams-Sonoma, Inc. Announces Second Quarter 2012 Results

    Williams-Sonoma, Inc. Announces Second Quarter 2012 Results

    Raises Financial Guidance for Fiscal Year 2012

    San Francisco, CA, August 21, 2012 --Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the second quarter of fiscal 2012 ended July 29, 2012 (“Q2 12”).
    Q2 12 RESULTS
    • Net revenues increased 7.3% to $874 million in Q2 12 from $815 million in the second quarter of fiscal 2011 ended July 31, 2011 (“Q2 11”). Comparable brand revenue increased 7.4%.
    • Operating margin increased to 8.0% from 7.9% in Q2 11. Excluding Q2 11 unusual business events, non-GAAP operating margin in Q2 11 was 8.0%. (See Exhibit 1 for the impact of unusual business events.)
    • Diluted earnings per share (“EPS”) increased 16% to $0.43 versus $0.37 in Q2 11 (see Exhibit 1).
    • During the quarter, the company repurchased 884,763 shares of common stock for approximately $31 million, leaving $63 million remaining under the $225 million stock repurchase program authorized by the Board in January 2012.
    Laura Alber, President and Chief Executive Officer commented, “During the quarter, we delivered strong performance in revenues, operating margin and earnings per share. Diluted EPS grew 16% on revenue growth of 7%, with comparable brand revenue growth accelerating from 5.4% in Q1 to 7.4% in Q2. Importantly, we drove this growth in revenues and earnings while simultaneously investing in our long-term growth initiatives.”
    Alber continued, “Our momentum entering the third quarter remains strong, and we are well-prepared to execute our second-half strategies. While pleased with the progress we have made in the first half of this year, we believe it is prudent to remain cautious given the continuing uncertainties in the economy.”
    Alber concluded, “Today, we also announced our plans to open our first four company-operated stores outside of North America in Sydney, Australia. These stores, representing the Williams-Sonoma, Pottery Barn, Pottery Barn Kids, and West Elm brands, are slated to open in early fiscal 2013. This global expansion opportunity reflects the strength and appeal of our brands and will serve to drive our business over the long-term.”

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