Williams-Sonoma Q3 FY20: sales $1.76 bn; earnings $202 mn

20 Jan '21

2 min read

Pic: Shutterstock

Williams-Sonoma, a US-based specialty retailer of high-quality products for home, has reported 22.4 per cent revenue growth to $1.76 billion in its third quarter (Q3) FY20 that ended on November 1, 2020 compared to revenue of $1.44 billion in same period prior year. Net earnings for Q3 FY20 rose to $201.7 million (Q3 FY19: $74.7 million).

“In the third quarter, sales again outperformed expectations with demand comp up nearly 31 per cent compared to a net comp of 24 per cent, driven by strength across all brands. E-commerce accelerated sequentially to a record net comp of over 49 per cent and we were pleased to see our store performance improve throughout the quarter to a net comp of negative 11 per cent,” Laura Alber, president and chief executive officer at Williams-Sonoma, said in a press release.

Gross profit for Q3 FY20 increased to $705.5 million ($518.1 million). Selling, general and administrative expenses for the quarter were $430.9 million ($416.2 million). Company’s operating income jumped to $274.6 million ($101.8 million).

Sales of Pottery Barn sales during Q3 FY20 increased 24.1 per cent to $684 million ($557 million). West Elm sales grew 21.8 per cent to $475 million ($390 million). Williams Sonoma segment sales grew 30.4 per cent to $260 million ($205 million). While, Pottery Barn Kids and Teen sales rose 23.8 per cent to $278 million ($228 million).

“Our vision is to own the home. And, with our distinctive positioning we will only become more relevant. We have the strategies, the team and the world-class platform to maximise the industry trends that favor our business and successfully execute on our growth opportunities,” Alber said.

Fibre2Fashion News Desk (JL)

More Williams-Sonoma Inc News... More Retail News - United States Of America...