BUZZ-Williams-Sonoma hits record high on Q4 revenue beat, $1 bln share repurchase
Shares of Williams-Sonoma reach a record high on Q4 revenue beat and $1 billion share repurchase. The company's Q4 net revenue of $2.28 billion exceeds estimates, with strong demand for its home furnishing and decor brands. Williams-Sonoma plans to continue investing in marketing and fresh designs to drive sales and acquire new customers. It expects annual net revenue growth in the range of -3% to +3% for fiscal 2024.
(Updates)
** Shares of Pottery Barn owner Williams-Sonoma (WSM.N) jump as much as 18.3% to a record high of $285.16 in early trade
** Stock set for best day in nearly three years if current gains hold
** Co’s Q4 net revenue of $2.28 bln tops LSEG estimates of $2.23 bln on resilient demand for its home furnishing and decor brands
** Co expands its stock repurchase capacity to $1 billion
** WSM’s Q4 gross margin rises 480 bps, building on a 290 bps rise in the prior quarter, as the company benefits from fewer discounts and lower supply chain costs
** Co says in a post earnings call its Pottery Barn brand reported strong holiday quarter demand during Black Friday and Cyber Monday
** Co adds it will continue to spend on marketing and fresh designs to drive sales and acquire new customers
** Expects fiscal 2024 annual net revenue growth in the range of -3% to +3%, compared with LSEG estimates of a 1.21% fall in net revenue
** In 2023, stock rose ~75%
