AI English summary of an SEC filing — figures as filed
Williams-Sonoma WSMWilliams-Sonoma said net revenues for fiscal 2024 first quarter decreased $95.1 million (5.4%), and company comparable brand revenue declined 4.9%. The company cited continuing customer hesitancy toward furniture purchases as the factor.
Key points
AI summaryWilliams-Sonoma said net revenues for fiscal 2024 first quarter decreased $95.1 million (5.4%), and company comparable brand revenue declined 4.9%. The company cited continuing customer hesitancy toward furniture purchases as the factor.
The company said it over-recognized freight expense by a cumulative $49.0 million in fiscal 2021 through 2023 and recorded an out-of-period adjustment in Q1 to reduce cost of goods sold and accounts payable. It said diluted earnings per share for Q1 was $4.07, and the effect of this adjustment was $0.59 per share.
Williams-Sonoma said gross profit for Q1 increased $127.5 million (18.9%) and gross margin rose from 38.5% to 48.3%. The company cited 980 basis points increase drivers, including higher merchandise margins of 480 basis points, an out-of-period freight adjustment of 290 basis points, and supply chain efficiencies of 240 basis points.
The company said it held $1.3 billion in cash and cash equivalents as of April 28, 2024 and had no borrowings under its revolving line of credit. It said net cash provided by operating activities for Q1 was $226.8 million, capital expenditures were $39.5 million, and stockholder returns through dividends and stock repurchases were $106.6 million.
Key figures
Quarter ended April 28, 2024
- Revenue
- $1.7B
- Operating income
- $324M
- Net income
- $266M
- EPS
- $4.07
- Gross profit
- $803M
- Operating cash flow
- $227M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis 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.
Q1 Net Revenues Down $95.1 million
Williams-Sonoma said net revenues for fiscal 2024 first quarter decreased $95.1 million (5.4%), and company comparable brand revenue declined 4.9%. The company cited continuing customer hesitancy toward furniture purchases as the factor.
Source · Based on the MD&A text of the filing
Out-of-Period Freight Adjustment and Diluted EPS
The company said it over-recognized freight expense by a cumulative $49.0 million in fiscal 2021 through 2023 and recorded an out-of-period adjustment in Q1 to reduce cost of goods sold and accounts payable. It said diluted earnings per share for Q1 was $4.07, and the effect of this adjustment was $0.59 per share.
Source · Based on the MD&A text of the filing
Gross Margin at 48.3%, Versus 38.5% a Year Earlier
Williams-Sonoma said gross profit for Q1 increased $127.5 million (18.9%) and gross margin rose from 38.5% to 48.3%. The company cited 980 basis points increase drivers, including higher merchandise margins of 480 basis points, an out-of-period freight adjustment of 290 basis points, and supply chain efficiencies of 240 basis points.
Source · Based on the MD&A text of the filing
Operating Cash Flow of $226.8 million, Cash of $1.3 billion
The company said it held $1.3 billion in cash and cash equivalents as of April 28, 2024 and had no borrowings under its revolving line of credit. It said net cash provided by operating activities for Q1 was $226.8 million, capital expenditures were $39.5 million, and stockholder returns through dividends and stock repurchases were $106.6 million.
Source · Based on the MD&A text of the filing
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.
Loading the filing text…