Williams-Sonoma maintained momentum in the third quarter, driving sales and sales growth across all of its brands.
The housewares company reported net income of $ 249.5 million, or $ 3.29 per share, for the quarter ended Nov. 1, from $ 201.8 million, or $ 2.54 per share. , one year ago. Adjusted earnings were $ 3.32 per share, up from $ 2.56 per share last year.
Revenue rose 16% to $ 2.05 billion, beating analysts’ estimates of $ 1.98 billion. The company said th– commerce now represents 67% of its total activity.
Comparable sales increased by 16.9%, with an accelerated stack over two years of 41.3%. By brand, comp sales increased 22.5% at West Elm, 15.9% at Pottery Barn at 15.9%, 16.9% at Pottery Barn Kids and Teen at 16.9% and 7.6% at Williams Sonoma over 30.4% last year
“As we enter the fourth quarter, we see that sales and margins are strong,” said Laura Alber, President and CEO. “We are delighted with the response of our customers to our gift and holiday assortments, and we are ready to end the year on a great note. With our good 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.
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Williams-Sonoma has raised its revenue outlook for fiscal 2021 to growth from 22% to 23%, or from $ 8.28 billion to $ 8.34 billion.
The retailer expects medium to high single-digit growth over the long term, reaching $ 10 billion in annual sales by 2024.
Williams-Sonoma ended the quarter with 581 stores across its banners.