Williams-Sonoma Slashes FY23 Revenue Outlook As Q2 Revenues Miss Estimates
(RTTNews) - Luxury home furnishing retailer Williams-Sonoma Inc. (WSM) reported Wednesday second-quarter net earnings of $201.51 million or $3.12 per share, down from $267.08 million or $3.87 per share in the prior-year quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $2.71 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter decreased to $1.86 billion from $2.14 billion in the same quarter last year. Analysts had a consensus revenue estimate of $1.96 billion for the quarter.
Comparable brand revenue declined 11.9 percent.
Looking ahead to fiscal 2023, the company now expects net revenue to decline 5 to 10 percent, compared to the prior guidance for net revenue to be between down 3 percent and up 3 percent. The Street is looking a 5.5 percent revenue decline to $8.20 billion for the quarter.
The company said the reduction in revenue outlook is offset by raised operating margin guidance of 15 to 16 percent.
For the long term, the company continues to expect mid-to-high single-digit annual net revenue growth with operating margin above 15 percent.
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