Outlook Is Bleak at Williams-Sonoma
Updated from 10:21 a.m. EDT
Williams-Sonoma (WSM) eked out a 3% rise in fourth-quarter profits, beating its lowered targets, but the home-goods seller offered a weaker-than-expected outlook for the coming year as the housing slump continues to sap demand.
Shares of the company fell nearly 7% Thursday.
For the quarter ended Feb. 3, the San Francisco-based retailer earned $124.6 million, or $1.15 a share, up from $121.1 million, or $1.06 a share, a year earlier.The results were better than Williams-Sonoma's forecast in January for a profit of $1.11 to $1.14 a share. At the time, the company lowered its guidance from a prior projection of $1.19 to $1.25 after recording worse-than-anticipated holiday sales. Analysts polled by Thomson Financial forecast earnings of $1.12 a share. Revenue rose to $1.37 billion from $1.25 billion the prior year; same-store sales, or comps, slipped 0.1%. Same-store sales represent sales at stores open at least a year.
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