Williams-Sonoma Inc. reported net revenue gains of 8.6% to $888 million for the first quarter of 2013, compared to revenue of $818 million for the comparable year earlier period. The company’s operating margin increased to 7.2% for the quarter, compared to 6% for the first quarter of 2012.
“Our first quarter 2013 financial results represent our best first quarter in the company’s history, exceeding our expectations for both operating margin and diluted EPS, on revenue growth of 9%. We delivered these results while simultaneously investing in our future growth strategies,” said Laura Alber, president and CEO of Williams-Sonoma. “Based on our results to date and our continued confidence in the full year, we are raising our FY 2013 revenues to a range of $4.22 billion to $4.30 billion and our non-GAAP EPS to a range of $2.67 to $2.77.”
The company reported comparable store sales increase of 1.9% for its Williams-Sonoma stores, compared to a 4.3% decline for the previous year earlier period. It’s biggest comp store gains were in its PBteen (16.1%) and West Elm (11.8%) divisions, with Pottery Barn delivering 6.9% comp store gains.