Thursday August 29th, 2013 - 10:42AM
Williams-Sonoma, Inc. announced that, overall, net revenues were up 12.3%, to $982 million versus $874 million in the previous year. Comparable brand revenue grew 8.4%, with much of the growth attributed to Pottery Barn and PB Teen. Williams-Sonoma stores experienced a slight decline in revenue growth for the quarter, with a marginal increase of 0.4%, as compared with 1.5% gain in the same period last year.
“Our second-quarter results demonstrate the strong demand for our brands and the profitability of our multi-channel, multi-brand platform,” Laura Alber, president and CEO of Williams-Sonoma Inc., said. “We achieved sales and profit levels that exceeded our expectations while making investments in our growth objectives and in the infrastructure to support them.”
Retail net revenues in 2013’s second quarter increased 9.7% to $505 million from $460 million in the same quarter last year, driven primarily by Pottery Barn, West Elm and the company’s international franchise operations. The gain was partially offset by a decrease in Williams-Sonoma store revenues.
Direct-to-customer net revenues in Q2 increased 15.3%, to $478 million, from $414 million in Q2 12, generating 49% of total company net revenues for the quarter, compared to 47% in 2012’s second quarter. Gains here were also attributed to Pottery Barn and West Elm.
“We are on track to achieve another record year of revenue and deliver a double-digit increase in earnings per share. Due to our performance year-to-date and our confidence in the remainder of the year, we are raising our FY 2013 revenue guidance to a range of $4.26 billion to $4.34 billion and our non-GAAP diluted EPS guidance to a range of $2.69 to $2.79,” Alber said.