Williams-Sonoma Falls 9.9% (WSM)

Shares of Williams-Sonoma Inc. WSM are trading down 9.9% at $32.25 per share during the Thursday afternoon trading session. The day's trading range for shares of Williams-Sonoma Inc has been between $32.04 and $34.00 per share. Analysts covering the company's stock give it a consensus price target of $34.35 per share. Volume of 5.6 million shares is already nearly triple the daily average volume of 2.1 million shares. Williams-Sonoma Inc. WSM announced on Thursday morning that it exceeded consensus Wall Street expectations. Williams-Sonoma Inc announced 3rd quarter adjusted earnings per share of 35 cents, on revenue of $815.52 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 31 cents per share, on revenue of $798.24 million. However, the company's revenue forecast may have disappointed investors. President and chief executive officer Laura Alber said, “As we enter the fourth quarter, we are continuing to see a positive consumer response to our merchandising, marketing and customer service strategies, including the new strategies we have launched for this year's holiday season. As such, we are increasing our fourth quarter and full year guidance despite recent softness in the broader home furnishings industry overall. Net revenues in the fourth quarter are now expected to increase in the range of 3% to 6% and non-GAAP diluted EPS to be in the range of $0.88 to $0.93 versus $0.86 last year. For the full year, we are expecting net revenues to increase in the range of 11% to 12% and non-GAAP diluted EPS to be in the range of $1.75 to $1.80 versus $0.95 last year.” Read more from Benzinga's Company news.