Williams-Sonoma Warns Again

It cuts guidance for the second time in three months.
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Williams-Sonoma (WSM) - Get Report beat reduced earnings targets but came up light on sales for the third quarter and guided lower again.

The San Francisco-based kitchen goods retailer made $29 million, or 25 cents a share, down from the year-ago $37 million, or 31 cents a share. Revenue rose 3% from a year ago to $853 million.

Excluding certain costs, latest-quarter earnings were 29 cents a share. Analysts surveyed by Thomson Financial were looking for a 24-cent profit on sales of $860 million.

In August, Williams-Sonoma

slashed second-half guidance, citing a slowdown at its Pottery Barn unit.

On Thursday, Williams-Sonoma cut its fourth-quarter earnings guidance to a range of $1.03-$1.09 a share, excluding certain accounting changes, down from the previous $1.19-$1.25. Revenue should be $1.23 billion to $1.26 billion, down from previous $1.28 billion to $1.31 billion guidance.