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Williams-Sonoma, Inc. Announces First Quarter 2014 Results Comparable Brand Revenues Grow 10% Operating Income Grows 17%, EPS Increases 20% To $0.48 Raises Financial Guidance For Fiscal Year 2014

Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the 13 weeks ended May 4, 2014 (“Q1 14”) versus the 13 weeks ended May 5, 2013 (“Q1 13”).

1 st QUARTER 2014 RESULTS

     

Q1 14 net revenues grew 9.7% to $974 million versus $888 million in Q1 13 with comparable brand revenue growth of 10.0%.
 

Q1 14 operating income grew 16.5% to $74 million and operating margin was 7.6% versus 7.2% in Q1 13. Excluding unusual business events in Q1 13, non-GAAP operating income grew 11.4%.
 

Q1 14 diluted earnings per share (“EPS”) grew 20.0% to $0.48. Excluding unusual business events in Q1 13, non-GAAP EPS grew 17.1%.
 

Cash returned to stockholders totaled $86 million, comprising $53 million in stock repurchases and $33 million in dividends.

Laura Alber, President and Chief Executive Officer, commented, “Innovative, high-quality product, personalized service, relevant marketing and strong execution across all brands drove these better than expected results. With 50% of our revenue in the direct channel this quarter, we believe our multi-brand, multi-channel platform is driving consistent market share gains and providing us with a sustainable competitive advantage.”

Alber continued, “We are executing against all of our growth strategies, investing in our business while improving our profitability, and returning capital to our stockholders. Looking towards the balance of 2014, we are confident in our strategies and believe we are well positioned to deliver on both our near and longer term goals.”

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