Williams-Sonoma Rises To Record High As Earnings Jump Past Estimates
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Key TakeawaysWilliams-Sonoma stock on Wednesday set a new all-time high.The high-end home goods retailer reported first-quarter earnings, with profit rising nearly 70% year-over-year.The company also lifted its outlook for full-year operating margin, and said it projects mid-to-high single-digit annual net revenue growth over the long term.
Shares of home retailer Williams-Sonoma (WSM) surged to a new record high Wednesday after it reported first-quarter earnings that handily beat analyst expectations.Quarterly profit jumped nearly 70%, rising to $265.7 million from last year's mark of $156.5 million, surpassing the $171.7 million analysts expected, according to estimates compiled by Visible Alpha. Williams-Sonoma earned $4.07 per share, up from $2.35 last year and above the $2.67 analysts projected.Williams-Sonoma saw that profit growth despite revenue slipping 5.4% year-over-year to $1.66 billion, but the decline was slightly less than analysts expected.“We are pleased to deliver strong results in the first quarter of 2024, driven by an improving top-line trend and continued strength in our profitability. We remain committed to executing on our three key priorities in 2024–returning to growth, elevating our world-class customer service, and driving margin,” Williams-Sonoma Chief Executive Officer (CEO) Laura Alber said.Raised Operating Margin Outlook, Stock Hits New HighWilliams-Sonoma, which operates its namesake kitchen and home goods store along with Pottery Barn, West Elm, and other brands, affirmed its full-year revenue guidance of a 3% decline to a 3% gain.The retailer lifted its outlook for operating margin, expecting it to be between 17.6% to 18%, up from the initial range of 16.5% to 16.8% it gave in its fourth-quarter report."Over the long-term, we continue to expect mid-to-high single-digit annual net revenue growth with an operating margin in the mid-to-high teens," the company said.Williams-Sonoma stock rose 1.6% to $319.46 as of 10:47 a.m. ET after earlier touching $347.77, a new all-time high. Shares are up more than 60% so far this year and over 180% in the last 12 months. Read the original article on Investopedia.
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