Williams-Sonoma Shares Up As Q1 Results Handily Beat Expectations

Williams-Sonoma Inc WSM reported impressive quarterly profits on robust spring sales, following which the company upped its projections for the fiscal year. The San Francisco-based company said its net earnings for the first quarter ended May 2 came in at $19.5 million, or $0.18 a share, as compared to a net loss of $18.7 million, or $0.18 a share, in the year-ago period. Excluding one-time items, the operator of Williams-Sonoma cookware stores and Pottery Barn furnishings outlets would have earned $0.23 a share in the first quarter. WSM’s sales for the quarter jumped 17% to $717.6 million from $611.6 million. Analysts were expecting Williams-Sonoma to earn $0.11 a share for the quarter. Williams-Sonoma’s results benefited from the return of its customers, which had vanished at the time of the housing downturn. The sales are up as there is pent-up demand and improved pricing and merchandising, apart from new less-expensive items. Shares of WSM have climbed 1.09% to $28.75 in pre-market trading.