The company said net revenues for the 52-week fiscal 2023 ended January 28, 2024 decreased $923.8 million, or 10.6%, and company comparable brand revenue (company comp) declined 9.9%. It cited customer hesitancy toward furniture purchases and its strategy to reduce promotional activity as factors behind the decrease.

1. 01

   The company said net revenues for the 52-week fiscal 2023 ended January 28, 2024 decreased $923.8 million, or 10.6%, and company comparable brand revenue (company comp) declined 9.9%. It cited customer hesitancy toward furniture purchases and its strategy to reduce promotional activity as factors behind the decrease.

2. 02

   The company said gross profit for fiscal 2023 decreased $374.1 million, or 10.2%, from fiscal 2022, while gross margin rose to 42.6% from 42.4%. It said SG&A decreased $119.9 million, but SG&A as a percentage of net revenues increased to 26.6% from 25.1%.

3. 03

   Williams-Sonoma said diluted earnings per share for fiscal 2023 was $14.55, compared with $16.32 in fiscal 2022. It said fiscal 2023 results included the impact of $0.20 related to exit costs for the closure of its West Coast manufacturing facility and the exit of Aperture, and the impact of $0.09 related to reduction-in-force initiatives.

4. 04

   The company said net cash provided by operating activities was $1.7 billion in fiscal 2023 ($1.1 billion in fiscal 2022) and that it ended the year with cash of $1.3 billion. It returned $545.5 million to stockholders through stock repurchases and dividends and invested $188.5 million in capital expenditures.

Key figures

Fiscal year ended January 28, 2024

Revenue

$8.7B

Operating income

$1.5B

Net income

$1.1B

EPS

$16.32

Gross profit

$3.7B

Operating cash flow

$1.1B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.