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Williams-Sonoma Q1 Adj. EPS Tops Estimates
(RTTNews) - Luxury home furnishing retailer Williams-Sonoma Inc. (WSM) reported Tuesday first-quarter net earnings of $156.53 million or $2.35 per share, down from $254.11 million or $3.50 per share in the prior-year quarter.
Adjusted earnings for the quarter were $2.64 per share, compared to $3.50 per share last year. On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $2.37 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter decreased to $1.76 billion from $1.89 billion in the same quarter last year. Analysts had a consensus revenue estimate of $1.79 billion for the quarter.
Comparable brand revenue declined 6.0 percent.
Looking ahead to fiscal 2023, the company still expects net revenue growth in the range of -3% to +3%. The Street is looking a 4.0 percent revenue decline to $8.33 billion for the quarter.
For the long term, the company expects mid-to-high single-digit annual net revenue growth.
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