Stock Monitor: Kirkland's Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 25, 2018 / If you want access to our free earnings report on Williams-Sonoma, Inc. (NYSE: WSM), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=WSM. Williams-Sonoma reported its first quarter fiscal 2018 operating and financial results on May 23, 2018. The high-end home furnishings retailer outperformed top- and bottom-line expectations. Additionally, the Company raised its fiscal 2018 guidance.
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Earnings Highlights and Summary
For the first quarter 2018, ended April 29, 2018, Williams-Sonoma's net revenues increased 8.2% to $1.20 billion compared to $1.11 billion in Q1 2017. The Company's reported numbers beat analysts' estimates of $1.16 billion.
During Q1 2018, Williams-Sonoma's comparable brand revenue (comp) increased 5.5% compared to an increase of 0.1% in Q1 2017.
For Q1 2018, Williams-Sonoma's gross margin was 36% compared to 35.6% in Q1 2017. The Company's reported quarter occupancy costs of $173 million, or 14.4% of net revenues, leveraged 70 basis points, which includes an approximate 20 basis point benefit from the adoption of the new accounting standard.
During Q1 2018, Williams-Sonoma's operating margin was 5.5% compared to 5.6% in Q1 2017. Excluding certain discrete items, the Company's non-GAAP operating margin was 6.3% in the reported quarter versus 6.1% in the year earlier same quarter.
Williams-Sonoma's effective income tax rate was 30.9% in Q1 2018 versus 36.8% in Q1 2017. Excluding certain discrete items, the Company's reported quarter non-GAAP effective income tax rate was 23.8% versus 34.5% in the prior year's comparable quarter.
For Q1 2018 Williams-Sonoma reported earnings of $45.2 million, or $0.54 per diluted share, compared to $39.6 million, or $0.45 per diluted share, in Q1 2017. Excluding certain discrete items, the Company's reported quarter non-GAAP earnings surged to $0.67 per diluted share versus $0.51 per diluted share in the year earlier same quarter, and came in ahead of Wall Street's estimates of $0.45 per share.
Williams-Sonoma's Segment Results
During Q1 2018, the Williams-Sonoma brand delivered a 5.6% comp on top of the 3.2% comp in the year ago same period, reflecting their best quarterly comp performance in 4 years.
For Q1 2018, the ecommerce segment's net revenues advanced 11.3% to $646 million compared to $581 million in Q1 2017. Excluding certain discrete items, the Company's reported quarter non-GAAP ecommerce net revenues were $645 million, up 11.2% compared to the year ago same period. Ecommerce net revenues grew to a record high of 53.7% of total company revenues compared to 52.2% in Q1 2017.
The retail segment's net revenues rose 4.9% to $557 million in Q1 2018 from $531 million in Q1 2017.
Williams-Sonoma's cash at the end of Q1 2018 was $290.2 million versus $94.0 million at the end of Q1 2017. In the reported quarter, the Company invested $34 million in the business and returned $72 million to stockholders through share repurchases and dividends, comprising $38 million in share repurchases and $34 million in dividends.
Williams-Sonoma's Merchandise inventories at the end of Q1 2018 increased 1.5% to $1.05 billion from $1.04 billion at the end of Q1 2017.
During Q1 2018, Williams-Sonoma repurchased 732,000 shares of common stock at an average cost of $51.53 per share and a total cost of approximately $38 million. As of April 29, 2018, there was approximately $481 million remaining under the Company's current stock repurchase program.
For the fiscal year 2018, Williams-Sonoma raised its net revenue forecast to be in the range of $5.50 billion to $5.66 billion. The Company also raised its non-GAAP earnings guidance to be in the band of $4.15 – $4.25 per diluted share.
Stock Performance Snapshot
June 22, 2018 - At Friday's closing bell, Williams-Sonoma's stock dropped 1.23%, ending the trading session at $63.42.
Volume traded for the day: 1.94 million shares.
Stock performance in the last month – up 28.95%; previous three-month period – up 26.56%; past twelve-month period – up 34.42%; and year-to-date – up 22.67%.
After last Friday's close, Williams-Sonoma's market cap was at $5.37 billion.
Price to Earnings (P/E) ratio was at 17.60.
The stock has a dividend yield of 2.71%.
The stock is part of the Services sector, categorized under the Home Furnishing Stores industry. This sector was up 0.1% at the end of the session.
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