Williams-Sonoma, Inc. (NYSE:WSM) reported on its latest quarter after hours today.
The home products and kitchenware retailer announced that its fourth-quarter results came in ahead of expectations, with earnings tallying up to $1.68 per share, topping the Wall Street consensus estimate of $1.63 per share. The figure marked an 8.4% increase compared to the year-ago quarter.
Williams-Sonoma also posted revenue of $1.68 billion for the period, marking a 6.2% gain compared to the year-ago quarter. The figure was ahead of analysts’ projections of an increase of $1.649 billion.
The company also announced a 10% dividend hike, while also expanding its share buyback program to $500 million. Williams-Sonoma’s same-store sales at company-owned outlets were 4.3% higher compared to the year-ago quarter, while Pottery Barn saw this figure pop 4.1%.
Analysts were calling for a same-store sales gain at Williams-Sonoma stores of 1.7% and a Pottery Barn same-store sales increase of 1.2%, according to Consensus Metrix. The company saw much of its success from its e-commerce business, which continues to grow.
This segment brought in almost 52% of the company’s total net sales in 2016. Williams-Sonoma believes that bringing success in the future will come partially through its Pottery Barn brand, which is trying to draw in a younger population in cities.
In order to accommodate this segment, the retailer’s management said that it will start selling furniture that will fit better in smaller living spaces.
WSM stock was up about 6.2% after the bell Wednesday.
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