Share this on

Williams-Sonoma posts $7.3M profit in 3Q

By Furniture Today Staff -- Furniture Today, January 4, 2010

SAN FRANCISCO — Williams-Sonoma, the parent company of Pottery Barn and several other retail formats, reported a third-quarter profit of $7.3 million as sales slid 3%.

The profit for the quarter ended Nov. 1 reversed a net loss of nearly $11 million recorded in the same quarter last year.

“Throughout the quarter, we saw a progressively stronger-than-anticipated consumer response to our merchandise and marketing strategies, which resulted in significantly improved selling margins,” said Howard Lester, chairman and CEO.

Third-quarter sales totaled $729.3 million, down from $752.1 million in last year's third quarter.

Same-store sales at the company's 204 Pottery Barn stores rose 7.6% in the quarter, but were off 10.6% for the first nine months of the fiscal year.

At the 93 Pottery Barn Kids stores, same-store sales fell 3.1% in the quarter and were off 16.8% for the first nine months.

The third-quarter profit, which equals 7 cents per share, compares with a net loss of $11 million or 10 cents per share in last year's third quarter. The year-ago figures included one-time charges of 19 cents per share for asset impairment, lease terminations and severance pay.

For the nine months ended Nov. 1, sales fell 14.4% to $2.01 billion. The nine-month net loss totaled $11 million or 10 cents per share. That compares with net income of $17.8 million or 17 cents per share in the same period in 2008.

Williams-Sonoma also increased its sales and earnings projections for the fiscal year. Sales are now forecast to be $2.98 billion to $3.04 billion – up from previous projections of $2.84 billion to $2.94 billion.

The company is now forecasting full-year earnings of 25 cents to 34 cents per share, including one-time charges.

Share this on

Williams-Sonoma reports profit of $7.33 million in third quarter

Nov 20, 2009

Also by this author

Also by Furniture Today Staff

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more

Related Resources

Atlanta International Gift & Home Furnishings Market

Here is a selection of products shown at this month's International Gift & Home Furnishings Market here.

Networking at the 13th annual F/T Leadership Conference

NAPLES, Fla. — Industry executives and guests took the opportunity to network and play golf during down time at Furniture/Today's 13th annual Leadership Conference here this month.