Williams-Sonoma results, outlook top Street estimates, stock falls

Williams-Sonoma results, outlook top Street estimates, stock falls
Williams Sonoma results outlook top Street estimates stock falls

Williams-Sonoma Inc. shares gave back Thursday gains in the extended session after the upscale housewares retailer’s results and outlook topped Wall Street expectations. Williams-Sonoma
shares fell nearly 6% after hours, following a 4.3% rise in the regular session to close at $218.89. Over the past 12 months, Williams-Sonoma shares have rallied 125%, while the S&P 500 index
has risen 32%.

The company reported third-quarter net income of $249.5 million, or $3.29 a share, compared with $201.8 million, or $2.54 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $3.32 a share, compared with $2.56 a share in the year-ago period. Revenue rose to $2.05 billion from $1.76 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $3.13 a share on revenue of $1.98 billion. “As we enter the fourth quarter, we are seeing strong sales and margins continuing,” said  Laura Alber, Williams-Sonoma president and chief executive, in a statement. “We are thrilled with our customers’ response to our holiday and gifting assortments, and we are ready to drive an outstanding finish to the year.” “With our strong results to date, our winning positioning in the industry, and our outperforming growth strategies, we are more confident than ever in the long-term strength of our business,” Alber said. Williams-Sonoma said it was raising its fiscal 2021 revenue outlook to growth of 22% to 23%, or $8.28 billion to $8.34 billion. Analysts expect $8.13 billion. The company said it expects mid-to-high single-digit growth long term, achieving $10 billion in annual sales by 2024.

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