Williams-Sonoma, Inc. Announces Fourth Quarter And Fiscal Year 2012 Results Diluted EPS Increases 15% To $1.34 In Fourth Quarter 2012

Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth quarter of fiscal 2012 (“Q4 12”) and fiscal year ended February 3, 2013 (“FY 12”). Q4 12 included 14 weeks versus 13 weeks in the fourth quarter of fiscal 2011 ended January 29, 2012 (“Q4 11”). FY 12 included 53 weeks versus 52 weeks in the fiscal year ended January 29, 2012 (“FY 11”).

RELEASE HIGHLIGHTS

• Q4 12 diluted earnings per share (“EPS”) grew 15% to $1.34.
• Q4 12 net revenues grew to $1.406 billion versus $1.268 billion in Q4 11 with comparable brand revenue growth of 4.0%.
• FY 12 was a 53-week year. This additional week in Q4 12 contributed approximately $70 million in net revenues and an estimated $0.07 benefit to EPS.
• FY 12 EPS grew 14% to $2.54. Excluding unusual business events, non-GAAP EPS increased 15% to $2.58.
• FY 12 net revenues grew to $4.043 billion versus $3.721 billion in FY 11 with comparable brand revenue growth of 6.1%.
• Authorized a new three-year $750 million stock repurchase program.
• Increased quarterly dividend 41% to $0.31.

Laura Alber, President and Chief Executive Officer, commented, “Today’s announcements reflect the power of our multi-channel, multi-brand operating model and confirm our confidence in the growth potential and cash-generating ability of our brands as we look forward to 2013 and beyond. We finished 2012 above our expectations, and our strategies for 2013 are strong. We are pleased that we are able to significantly escalate our commitment to return excess cash to stockholders through a balanced program of share repurchases and dividend increases.”

Alber continued, “Q4 reflected the progress we have made all year in delivering against the commitments we have set for ourselves. Revenues and EPS again reached new levels in 2012. We drove these results while simultaneously investing in our strategic growth initiatives, including global expansion. Our portfolio of brands and our ability to generate new businesses provide stability as trends fluctuate between the different merchandise sectors in which we operate. Likewise, our multiple marketing and sales channels provide us competitive advantages in meeting our customers’ changing needs as shopping patterns continue to evolve as to when, where, and in what format purchase decisions are made.”

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