Williams-Sonoma sales slide
Larry Thomas -- Furniture Today, June 8, 2009
SAN FRANCISCO — Retailer Williams-Sonoma, parent company of Pottery Barn and several other retail formats, reported a first-quarter net loss of $18.7 million as sales slid 21.8%.
The retailer said sales were weak across all its brands, and said Internet and catalog sales had double-digit declines, as well.
Same-store sales for the quarter ended May 4 were down 22.6% at Pottery Barn and fell 25% at Pottery Barn Kids, the company said.
Total revenues for the quarter were $611.6 million, down from $781.8 million in last year’s first quarter. Revenues from retail stores were down 17.6% to $358 million, while Internet and catalog sales dropped 27% to $254 million.
The most recent quarter’s loss, which equals 18 cents per share, compares with net income of $10.4 million or 10 cents per share in the same quarter last year.
At the end of the quarter, the retailer had 630 stores, including 204 Pottery Barn, 95 Pottery Barn Kids and 263 Williams-Sonoma locations. The company said it doesn’t plan to open any new Pottery Barn or Pottery Barn Kids stores in the second quarter.
Williams-Sonoma
Owns Pottery Barn, Pottery Barn Kids, PBteen and West Elm
Earnings per share are fully diluted, and all figures in parentheses are losses or declines.
| 13 weeks ended 5/3 | 2009 | 2008 | Change |
| Revenues | $611,615,000 | $781,784,000 | (21.8%) |
| Operating income | (29,241,000) | 16,883,000 | — |
| Net income | (18,705,000) | 10,447,000 | — |
| Earnings per share | (0.18) | 0.10 | — |
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