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Williams-Sonoma, Inc. Announces Strong Third Quarter 2012 Results - EPS Grows 20% Over 2011 Raises Financial Guidance For Fiscal Year 2012

Alber concluded, “We are raising our fiscal year outlook by $0.01 to a non-GAAP EPS range of $2.45 to $2.52 due to our strong results throughout the year. Our guidance includes the impact of the acceleration of our global expansion into Australia in early fiscal 2013, as well as the unexpected impact from the storms.”

Comparable brand revenue growth in Q3 12 increased 8.5% on top of 7.3% in Q3 11 as shown in the table below:

Third Quarter Comparable Brand Revenue Growth by Concept*

  Q3 12   Q3 11
Pottery Barn 11.1 % 7.0 %
Williams-Sonoma** 1.3 % 0.3 %
Pottery Barn Kids 10.1 % 5.2 %
West Elm 13.0 % 27.0 %
PBteen 2.0 % 6.5 %
Total 8.5 % 7.3 %
* See the company’s 10-K and 10-Q filings for the definition of comparable brand revenue growth.
** Williams-Sonoma excludes net revenues from Williams-Sonoma Home (“WSH”) merchandise. Including WSH, comparable brand revenue growth for Williams-Sonoma was 0.8% in Q3 12 and 0.1% in Q3 11. (WSH net revenues are included in the total.)

Direct-to-customer (“DTC”) net revenues in Q3 12 increased 14.7% to $447 million from $390 million in Q3 11, with increases across all brands. This growth was led by Pottery Barn, West Elm, Pottery Barn Kids and Williams-Sonoma. E-commerce net revenues increased 16.7% to $396 million in Q3 12 versus $339 million in Q3 11. DTC net revenues generated 47% of total company net revenues in Q3 12 versus 45% in Q3 11.

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