Smart investments help deliver Williams-Sonoma's best Q1
SAN FRANCISCO — Williams-Sonoma's net revenues increased 6.1% to $818 million from $771 million in the first quarter of fiscal 2011 ended May 1, 2011. Comparable brand revenue increased 5.4%. Diluted earnings per share was 30 cents versus 29 cents in the first quarter of 2011. On a non-GAAP basis, EPS for the quarter increased 13% to 34 cents versus 30 cents in the same period last year.
Laura Alber, president and CEO commented, “Our first quarter fiscal 2012 financial results represent the best first quarter in the company’s history, exceeding our expectations on a non-GAAP basis for both operating margin and diluted EPS, on revenue growth of 6%. We drove this earnings growth while simultaneously investing in our future growth strategies. We are pleased with this performance – both in terms of operational execution and progress against our long-term growth initiatives.”
For the second quarter, the company expects total net revenue to be between $850 and $870 million and comparable-store sales growth between 4% and 6%. For the full year, total revenue is expected to be between $3.9 billion and $4.02 billion, and comparable-store sales are expected to increase 1% to 3%.