Thursday November 21st, 2013 - 9:57AM
Williams-Sonoma, Inc. has announced net revenue growth of 11.2% to 1.052 billion for its third quarter, the 13-week period ended November 3, 2013, compared with $945 million in the same period last year. Comparable brand revenue saw an increase of 8.2% on top of an 8.5% increase in last year’s third quarter and operating margins increased to 8.8% from 8.4% in Q3 2013.
“Our strong third quarter and our performance year- to-date illustrate the power of our business model and the relevancy of our brands. We delivered an 11% increase in revenue and EPS growth in excess of 18%,” Laura Alber, president and CEO, said. “We believe we are well-positioned heading into the holiday season and will continue to execute our key strategies to deliver an exceptional experience for our customers. We are focused on generating top-line results in conjunction with operational and capital discipline to deliver long-term shareholder value.”
Retail net revenues in Q3 increased 8.5% to $540 million from $497 million in the same period last year, primarily driven by Pottery Barn and West Elm, the company said. According to the Williams-Sonoma Inc., West Elm and PBTeen retail brands led revenue growth with 22.2% and 16.7% posted, respectively, for the quarter.
The company posted 1.4% revenue growth for Williams-Sonoma stores for Q3, as compared with .8% growth in the third quarter last year.
“Given our year-to-date results, and our confidence in the fourth quarter, we are raising our fiscal year 2013 revenue and EPS guidance to reflect our outperformance in the third quarter.” Alber noted. “We are now guiding fiscal year 2013 revenue to a range of $4.290 billion to $4.350 billion and our non-GAAP diluted EPS guidance to a range of $2.76 to $2.83.”