Williams-Sonoma Tumbles Midday on Plans to Slash Chinese Production Due to Tariffs
Investing.com - Kitchen and cooking retailer Williams-Sonoma (NYSE:WSM) fell on Thursday after it said it was cutting back the amount of products produced in China due to trade tariffs.
The stock was down 8% in midday trading.
The company will slash production by at least half, as part of its plan to mitigate tariffs on Chinese goods that go into effect on Sept. 1, executives said on an earnings call late on Wednesday.
The retailer is the latest U.S. company to pull back from Chinese production as trade tensions between the two countries remain unsolved.
The company reported earnings per share of $0.87 on $1.37 billion in revenue, which was above the Investing.com consensus forecast of $0.83 per share and $1.31 billion in revenue.
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