Williams-Sonoma Slashes FY24 Revenue Outlook As Q2 Revenues Miss Estimates
Luxury home furnishing retailer Williams-Sonoma Inc. (WSM) reported a Q2 net earnings increase to $75 million or $0.74 per share, exceeding expectations but facing a revenue decrease to $1.79 billion, below estimates of $1.81 billion. For FY24, the company now anticipates a revenue decline of 4% to 1.5%, adjusting previous forecasts of a potential 3% growth. Comparable brand revenue fell by 3.3%.
Luxury home furnishing retailer Williams-Sonoma Inc. (WSM) reported Thursday that net earnings for the second quarter grew to $225.75 million or $1.74 per share from $201.51 million or $1.56 per share in the prior-year quarter.
On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $1.60 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter decreased to $1.79 billion from $1.86 billion in the same quarter last year. Analysts had a consensus revenue estimate of $1.81 billion for the quarter.
Comparable brand revenue declined 3.3 percent.
Looking ahead to fiscal 2024, the company now expects net revenue to decline 4 to 1.5 percent, with comparable brand revenue decline of 5.5 to 3.0 percent. Previously, the company expected net revenue between a decline of 3 percent and a growth of 3 percent, with comparable brand revenue between a decline of 4.5 percent and a growth of 1.5 percent. The Street is looking for flat revenues of $7.75 billion for the quarter.
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