Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the third quarter of fiscal 2012 ended October 28, 2012 (“Q3 12”).
Q3 12 RESULTS
- Net revenues increased 8.9% to $945 million in Q3 12 from $867 million in the third quarter of fiscal 2011 ended October 30, 2011 (“Q3 11”). Comparable brand revenue increased 8.5%.
- Operating margin increased to 8.4% from 7.9% in Q3 11.
- Diluted earnings per share (“EPS”) increased 20% to $0.49 versus $0.41 in Q3 11.
- During the quarter, the company repurchased 748,807 shares of common stock for approximately $31 million, leaving $31 million remaining under the $225 million stock repurchase program authorized by the Board in January 2012.
Laura Alber, President and Chief Executive Officer, said, “On behalf of all of us at Williams-Sonoma, Inc., I would first like to express my concern for the welfare of those individuals and families impacted by Hurricane Sandy. While the recent storms have caused some disruptions to our business, our response has been focused on assisting our associates and customers in need.”
Alber commented, “During the third quarter, we delivered stronger-than-expected revenues, operating margin and diluted earnings per share. EPS grew 20% on revenue growth of 9%, as comparable brand revenue growth accelerated to 8.5%, from 7.4% last quarter. Importantly, we drove these results while simultaneously investing in our strategic growth initiatives.”Alber continued, “We are proud of our recently announced growth initiatives, including the launch of West Elm Market, a West Elm brand extension, and the launch of Mark and Graham, our new on-line brand, which features personalized gifts and accessories. This week, we announced new Williams-Sonoma branded product lines that represent the next generation in cooking technology. Drawing on over five decades of culinary experience, these introductions in cookware, cooks’ tools, and new tech-driven Williams-Sonoma smart tools represent advancements that will be appreciated by the home cook and professional chef. These Williams-Sonoma branded products are just the beginning of what we will bring to the market over the next several years.”