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US specialty retailer Williams-Sonoma posts Q2 net earnings of $246 mn
17 Sep 21 2 min read
Williams-Sonoma, a US-based digital-first, design-led and sustainable home retailer, posted a 30.7 per cent revenue growth to $1.9 billion in the second quarter (Q2) of FY21 ended on August 1, 2021, over $1.5 billion in the same quarter of previous fiscal. The company’s net earnings during the quarter rose to $246.0 million (Q2 FY20: $134.5 million).
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“We have an advantage in the industry due to our exclusive in-house design capability, our channel strategy which is digital-first but not digital only, and our values - with sustainability and equity underlying all that we do,” Laura Alber, president and chief executive officer at Williams-Sonoma, said in a press release.
“The momentum we are seeing in our business and our winning positioning set us up to continue to take share in a fractured market. We do not see any evidence that growth trends are waning, and in fact, we see favourability in the macro environment as more people prioritise their homes and home décor,” Alber added.
By brand, sales from Pottery Barn during the three-month period surged to $732 million ($536 million), and West Elm sales increased to $580 million ($381 million). Moreover, Williams Sonoma brand’s sales expanded to $255 million ($243 million), while Pottery Barn Kids and Teen brand recorded sales of $274 million ($236 million).
The American retailer’s gross profit climbed to $858.4 million, while operating income increased to $323.1 million. E-commerce represented 65 per cent of total revenues during the second quarter.
“We see a clear path to beating our previous revenue and profitability targets and we are raising our full year revenue outlook again, with revenue growth now expected to be in the high teens to low twenties and operating margins now expected to be in the range of 16-17 per cent. Given our increased optimism, we now expect to achieve our long-term goal of $10 billion in revenues in 2024, one year faster than previously expected, and with higher profitability, which will now be at or above our increased FY21 operating margin,” Alber concluded in the release.
Fibre2Fashion News Desk (JL)
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