NEW YORK (TheStreet) - Upscale home furnishings and kitchen gadget company Williams-Sonoma (WSM) posted better-than-expected second quarter earnings of 49 cents a share, according to earnings that the company was forced to release early on Wednesday.
The San Francisco-based company said profit rose 13% from a year-ago to $48.9 million, or 49 cents a share vs. $43.4 million, or 43 cents a share and above the consensus estimate of 47 cents a share, according to Thomson Reuters.
The parent company of William-Sonoma, West Elm and the ever popular Pottery Barn brands released earnings results an hour before they were due after several media reports began leaking the numbers to the public.
Shares of the company spiked 3.5% shortly after the earnings were leaked but has since retreated. The stock fell as much as 2.5% before being briefly halted at 2:54 pm ET. Shares have since begun trading again, and were down around 1.1% to $58.84 at press time.Revenue rose 12.3% year-over-year to $982.2 million, beating estimates of $940 million, while overall company comparable store sales rose 8.4%, it said. Williams-Sonoma saw double-digit comps in its West Elm and PBTeen brands, while its flagship brand had a 0.4% comp decline. "Our second quarter results demonstrate the strong demand for our brands and the profitability of our multi-channel, multi-brand platform," Laura Alber, Williams-Sonoma's CEO and president said in the earnings release. "We achieved sales and profit levels that exceeded our expectations while making investments in our growth objectives and in the infrastructure to support them." The company raised its fiscal year revenue guidance to a range of $4.26 billion to $4.34 billion vs. $4.28 billion consensus estimate. Adjusted full-year earnings of $2.69 to $2.79 a share are below analysts' expectations of $2.81 a share. "We are on track to achieve another record year of revenue and deliver a double-digit increase in earnings per share," Alber said. The company also announced it has completed a multi-year franchise agreement to expand in the Philippines. -- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com.
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