Williams-Sonoma said net revenues for Q2 of fiscal 2024 (13 weeks) decreased $74.3 million, or 4.0%, and company comparable brand revenue declined 3.3%. The company cited continuing customer hesitancy toward furniture purchases as the factor.

10-QQuarterly reportFiled Aug 23, 2024Period of report Jul 28, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Williams-Sonoma said net revenues for Q2 of fiscal 2024 (13 weeks) decreased $74.3 million, or 4.0%, and company comparable brand revenue declined 3.3%. The company cited continuing customer hesitancy toward furniture purchases as the factor.
The company said gross margin for Q2 rose 550 basis points to 46.2% from 40.7% a year earlier. It attributed the increase to merchandise margin of 380 basis points and supply chain efficiencies of 180 basis points.
Williams-Sonoma said SG&A for Q2 increased $50.4 million, or 10.4%, and rose as a percentage of net revenues to 30.0% from 26.1%. The company cited higher employment expense of 200 basis points tied to performance-based incentive compensation and advertising expenses of 150 basis points as factors.
The company said it had $1.3 billion in cash and cash equivalents as of July 28, 2024 and no borrowings outstanding under its revolving line of credit. Net cash provided by operating activities for the first 26 weeks was $473.3 million, and stockholder returns through stock repurchases and dividends were $309.4 million.

Key figures

Quarter ended July 28, 2024

Revenue: $1.8B
Operating income: $290M
Net income: $226M
EPS: $1.74
Gross profit: $826M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Q2 Net Revenues Down 4.0%

Williams-Sonoma said net revenues for Q2 of fiscal 2024 (13 weeks) decreased $74.3 million, or 4.0%, and company comparable brand revenue declined 3.3%. The company cited continuing customer hesitancy toward furniture purchases as the factor.

Source · Based on the MD&A text of the filing

Q2 Gross Margin 46.2%

The company said gross margin for Q2 rose 550 basis points to 46.2% from 40.7% a year earlier. It attributed the increase to merchandise margin of 380 basis points and supply chain efficiencies of 180 basis points.

Source · Based on the MD&A text of the filing

Q2 SG&A Ratio 30.0%

Williams-Sonoma said SG&A for Q2 increased $50.4 million, or 10.4%, and rose as a percentage of net revenues to 30.0% from 26.1%. The company cited higher employment expense of 200 basis points tied to performance-based incentive compensation and advertising expenses of 150 basis points as factors.

Source · Based on the MD&A text of the filing

First Half Cash Flow and Shareholder Returns

The company said it had $1.3 billion in cash and cash equivalents as of July 28, 2024 and no borrowings outstanding under its revolving line of credit. Net cash provided by operating activities for the first 26 weeks was $473.3 million, and stockholder returns through stock repurchases and dividends were $309.4 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.

View the original filing on SEC EDGAR ↗

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