Williams-Sonoma Q4 Results Top Estimates; Guides FY24 Revenue Growth In Line; Boosts Dividend 26%
(RTTNews) - Luxury home furnishing retailer Williams-Sonoma Inc. (WSM) reported Wednesday fourth-quarter net earnings of $354.44 million or $5.44 per share, compared to $354.99 million or $5.28 per share in the prior-year quarter.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $5.12 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the quarter decreased to $2.28 billion from $2.45 billion in the same quarter last year. Analysts had a consensus revenue estimate of $2.23 billion for the quarter.
Comparable brand revenue declined 6.8 percent.
Looking ahead to fiscal 2024, the company now projects net revenue between a decline of 3 percent and a growth of 3 percent. The Street is looking a 1.2 percent revenue decline to $7.61 billion for the year.
The company said the additional week in fiscal 2024 will contribute 150 basis points to revenue growth.
For the long term, the company continues to expect mid-to-high single-digit annual net revenue growth with operating margin in the mid-to-high teens.
Separately, the company's Board of Directors has authorized a 26% increase in the company's quarterly cash dividend to $1.13 per common share, payable on May 24, 2024, to stockholders of record as of the close of business on April 19, 2024.
The Board of Directors also approved a new $1 billion stock repurchase authorization, which supersedes the company's current stock repurchase authorization.
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