Williams-Sonoma, Inc. has announced operating results for the second quarter ended July 28, 2024 versus the second quarter ended July 30, 2023.
'Today we are reporting strong results for the second quarter of 2024, which were driven by our Q2 improved top-line trend, market-share gains, and continued delivery on our commitment to profitability. In Q2, our comp came in at -3.3%, and we exceeded profitability estimates with an operating margin of 16.2% and earnings per share of $1.74, reflecting the 2-for-1 stock split we completed in July,' says Laura Alber, President and Chief Executive Officer.
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Alber concludes, 'We are pleased with our operating results. Our revised outlook today reflects our prudent view of the top-line, and the confidence we have in our profitability profile. We now expect full year revenues to come in at a range of down 4.0% to down 1.5%, but we are raising our guidance on operating margin to be in the range of 17.4% to 17.8%. The reduction in our revenue outlook is offset by our raised operating margin guidance.'
Q2 highlights include an operating income of $290 million with an operating margin of 16.2%; the maintainance of a strong liquidity position of $1.3 billion in cash and an operating cash flow of $246 million, enabling the company to deliver returns to stockholders of $203 million through $130 million in stock repurchases and $73 million in dividends.
The company is revising its fiscal 2024 guidance to reflect lower net revenue trends and higher operating margin expectations. In fiscal 2024, the company now expects annual net revenue growth in the range of -4.0% to -1.5% with comps in the range of -5.5% to -3.0% in fiscal 2024.
Williams-Sonoma, Inc. is the world's largest digital-first, design-led and sustainable home retailer. The company's products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow — are marketed through e-commerce websites, direct-mail catalogues and retail stores. These brands are also part of The Key Rewards, our loyalty and credit card program that offers members exclusive benefits across the Williams-Sonoma family of brands.
More information:
Williams-Sonoma
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