Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Williams-Sonoma Stock Bounces After Beating Expectations

Published 26/05/2022, 20:08
Updated 26/05/2022, 20:08

By Liz Moyer

Investing.com -- Williams-Sonoma Inc (NYSE:WSM) shares jumped more than 12% on Thursday after beating expectations on revenue and profit for the most recent quarter and reconfirming its outlook for the year.

That guidance is for mid-to-high single digits comparisons and operating margins about even with fiscal 2021 results. Laura Alber, president and CEO of Williams-Sonoma, said, "We have a solid line-up of growth initiatives and operational improvements planned for the balance of the year. And, as we look further, we are confident in our path to be a $10 billion company by 2024.”

The seller of kitchen and household gadgets and furnishings is among the retailers that helped buck the trend this earnings season. Other big retailers reported consumers cutting back on discretionary spending in the face of rising inflation. 

A strong housing market and continued hybrid work mean people are continuing to spend time at home, Alber told analysts on Wednesday. Higher costs for gasoline and dining out tend to encourage "people to stay at home to cook and entertain,” she said.

Williams-Sonoma’s namesake stores reported first quarter same store sales fall 2% because of inventory shortages, but Pottery Barn and West Elm stores saw same location sales rise 15% and 13%, respectively. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.