Williams-Sonoma's Q3 profits jump 18.9%
Sales up 6.3%
Larry Thomas -- Furniture Today, November 18, 2011
SAN FRANCISCO — Retailer Williams-Sonoma said third-quarter profits jumped 18.9% due to strong performances by its Pottery Barn, West Elm and Pottery Barn Kids brands.
Sales rose 6.3% to $867.2 million.
"Innovative merchandising, personalized and event-triggered marketing, and a higher level of customer engagement drove these better-than-expected results as we continued to attract new customers to our brands," said Laura Alber, president and CEO.
"As we enter into the fourth quarter, we are encouraged by the positive consumer response to our seasonal and holiday merchandise assortments, our strong value proposition, and our greatly enhanced multi-channel shopping experience. We believe all of these initiatives will allow us to continue to deliver leading results in the housewares and home furnishings categories."
Profits for the quarter ended Oct. 30 totaled $43.4 million, or 41 cents per share. That compares with $36.5 million, or 34 cents per share, in last year's third quarter.
Williams-Sonoma said its direct-to-customer revenues, which includes catalog and e-commerce sales, rose 9.9% to $390 million, while revenues from traditional retail stores was up 3.6% to $478 million.
The company said comparable-brand revenue growth - a measure that includes comparable-store revenues and all direct-to-consumer revenues - rose 7% at Pottery Barn and shot up 27% at West Elm.
For the nine months ended Oct. 30, profits jumped 31.7% to $114.3 million, or 1.07 per share. Nine-month sales were $2.45 billion, an increase of 6.2% from the nine months ended Oct. 31, 2010.
As of Oct. 30, the company had 268 Williams-Sonoma stores, 201 Pottery Barn locations, 84 Pottery Barn Kids locations and 36 West Elm stores.
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