Williams-Sonoma said comparable brand revenue for Q1 of April 28, 2024 was -4.9%, with operating income of $324 million and an operating margin of 19.5%. Net revenues were $1,660 million, compared with $1,755 million a year earlier.

1. 01

   Williams-Sonoma said comparable brand revenue for Q1 of April 28, 2024 was -4.9%, with operating income of $324 million and an operating margin of 19.5%. Net revenues were $1,660 million, compared with $1,755 million a year earlier.

2. 02

   The company said it recorded an out-of-period adjustment in Q1 that reduced cost of goods sold by a cumulative $49 million for over-recognized freight expense in fiscal years 2021 to 2023. Excluding the adjustment, the operating margin was 16.6% and diluted EPS was $3.48, while diluted EPS including the adjustment was $4.07.

3. 03

   The company said it had cash and cash equivalents of $1.3 billion as of April 28, 2024, and operating cash flow of $227 million for Q1. It said shareholder returns in the same quarter totaled $107 million, consisting of $63 million in dividends and $44 million in stock repurchases.

4. 04

   Williams-Sonoma raised its operating margin outlook for fiscal 2024 to 17.6% to 18.0%, which includes the impact of the 60 basis points out-of-period adjustment. Excluding the adjustment, the company said its operating margin outlook is 17.0% to 17.4%, and it maintained its annual net revenue growth outlook of -3% to +3%.

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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

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