Williams-Sonoma Q3 comparable brand revenue falls 14.6%; record 17.0% operating margin
Williams-Sonoma reported third quarter 2023 results for the period ended October 29, 2023, with net revenues of $1.85 billion, down from $2.19 billion a year earlier, and diluted EPS of $3.66 versus $3.72. The company updated its fiscal 2023 guidance to net revenue growth of -10% to -12% and an operating margin of 16% to 16.5%, which it says implies higher EPS guidance despite the lower sales outlook.
- Q3 comparable brand revenue declined 14.6%; net revenues were $1.85 billion versus $2.19 billion a year earlier
- Operating margin was a record 17.0% versus 15.5%; operating income was $315 million
- Diluted EPS was $3.66 versus $3.72; net earnings were $237 million versus $252 million
- Fiscal 2023 outlook: net revenue growth of -10% to -12% and operating margin of 16% to 16.5%; the filing says this implies higher EPS guidance