William-Sonoma Q1 Net Revenues Up 17%

Williams-Sonoma Inc. announced that net revenues in first quarter 2010, ended May 2, increased 17.3% to $718 million versus $612 million in the first quarter of fiscal 2009. Comparable store sales increased 17% from first quarter 2009.
“As I approach my retirement at the end of the month, I could not be more encouraged about our future. In the first quarter, net revenues increased 17% and we delivered the highest first-quarter non-GAAP diluted EPS in our history. This year-over-year improvement was driven by the cumulative success we have seen from our strategic and tactical initiatives over the past eighteen months. Our ongoing focus on our customers, their needs, and the aspects of the business we could control— combined with an improving economic backdrop— drove these better than expected results,” Howard Lester, chairman and CEO, said in a company statement.
Retail net revenues in the first quarter increased 15.2% to $412 million versus $357 million in first quarter 2009. This increase was driven by a 17% growth in comparable store sales, Increased net revenues during the quarter were driven by the Pottery Barn, Williams-Sonoma, Pottery Barn Kids and West Elm brands.