Fourth-quarter net revenues at Williams-Sonoma increased 8.1% driven in large part by comparable store sales growth increase of 7.6%.
“While our fourth-quarter results were substantially better than we expected given the continuing fragility of the economy, in 2010 we will continue to garner the benefits of the strategic and tactical initiatives that drove our success in the fourth quarter,” said Howard Lester, chairman/CEO.
On a segment-by-segment breakdown, fourth-quarter sales at Williams-Sonoma stores were up 5.9%; Pottery Barn stores up 11.5%; Pottery Barn Kids stores up 12.3%; and Outlets down -8.3%.
Lester, who recently announced his retirement, said as the company moves forward in 2010, it remains focused on five key initiatives to continue driving momentum. Those initiatives include (1) capturing market share through innovative merchandising and a greater emphasis on the ‘value’ proposition; (2) delivering superior customer service; (3) executing Internet marketing initiatives; (4) driving efficiencies in the company’s worldwide supply chain— particularly in furniture sourcing; and (5) maximizing profitability and cash flow through aggressive asset management and rationalization of our real estate portfolio in a reset economy.
“We believe all of these initiatives will improve our competitive positioning and allow us to take the business to the next level, despite our belief that the economic recovery will be slow and gradual,” he said.