WSM
Williams-Sonoma, Inc.185.51
+0.08+0.04%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Tariffs front-loaded; retail pivot affirmed.
Q&A reinforced the scripted outlook but added color on front-half weighted tariff hits to margins, with Jeff stressing embedded inventory costs easing later. Management affirmed the retail pivot—20 new stores, 18 repositions for net-flat 2026 count, then 1-3% annual growth—while flagging B2B acceleration beyond last year's 10%. Pottery Barn's QTD comps are improving after Q4's décor over-reliance on prior bestsellers. AI-powered Design Services 3.0 boosts sales associates. Retail's back on offense. Confident tone persists; watch tariff shifts and early-year execution.
Key Stats
Market Cap
22.15BP/E (TTM)
20.45Basic EPS (TTM)
9.07Dividend Yield
0.01%Recent Filings
10-K
FY2025 results
Williams-Sonoma posted FY2025 net revenues of $7.8B, up 1.2% y/y despite one fewer week, fueled by 3.5% company comp growth—retail surged 6.4% while e-commerce rose 2.2%. Williams Sonoma led with 6.9% brand comps on kitchen strength; Pottery Barn Kids/Teen hit 4.4%, West Elm 2.9%, yet Pottery Barn edged just 0.4%. Gross margin slipped to 46.2% from tariff flow-through, but supply chain wins offset; operating income held at $1.4B. Q4 buybacks tallied $338M remaining capacity; $1B cash funds ops. Tariffs remain a wildcard.
8-K
Q4 comps +3.2%, dividend up 15%
Williams-Sonoma reported Q4 FY25 comparable brand revenue up 3.2% despite a 53rd week last year, with operating margin at 20.3% and diluted EPS of $3.04; full-year comps rose 3.5% to record EPS of $8.84. Board hiked quarterly dividend 15% to $0.76 per share, payable May 22. Strong cash flows fuel returns. FY26 outlook: comps +2.0-6.0%, margin 17.5-18.1%.
10-Q
Q3 FY2026 results
Williams-Sonoma posted Q3 FY2025 net revenues of $1.88B, up 4.6% y/y, with operating income rising 4.6% y/y to $319.1M and diluted EPS climbing 4.8% y/y to $1.96 on 123.3M shares. Gross margin expanded 70bps y/y to 46.1% from tariff mitigation and supply chain gains, yet SG&A ticked up 60bps on higher incentives and ads. Cash sits at $885M with $718M YTD operating cash flow; free cash flow not disclosed in the 10-Q. No debt drawn on $600M revolver (to 2030), while repurchases consumed $556M YTD. Brands grew via retail strength. Tariffs pressure margins.
8-K
Q3 comps +4.0%, margin raised
Williams-Sonoma posted Q3 comparable brand revenue up 4.0% to $1.88B, with operating margin steady at 17.0% and diluted EPS rising 4.8% to $1.96. Gross margin expanded 70bps to 46.1% on better merchandise and supply chain efficiencies, yet inventories swelled 9.6% to $1.5B amid tariff costs. Board approved $1B repurchase authorization; raised FY25 margin outlook to 17.8%-18.1%. Strong cash flow fuels buybacks.
10-Q
Q2 FY2025 results
Williams-Sonoma posted solid Q2 FY2025 results, with net revenues up 2.7% y/y to $1.84B, fueled by 3.7% comparable brand revenue growth across furniture and non-furniture lines, while retail comps surged 7.3% y/y but e-commerce grew a more modest 2.0%. Gross margin expanded 220 basis points y/y to 47.1%, thanks to higher full-price selling and supply chain efficiencies, lifting operating income 18.1% y/y to $328.1M and diluted EPS 19.8% y/y to $2.00. For the first half, revenues rose 3.4% y/y to $3.57B, operating income edged up 3.9% y/y to $618.8M, and diluted EPS climbed 5.2% y/y to $3.86, with EPS reconciling to net earnings of $478.8M divided by 124.2M diluted shares. Cash stood at $985.8M on August 3, 2025, with operating cash flow of $401.7M for the half (down y/y from $473.3M due to inventory timing), free cash flow of $291.4M (derived), and no debt outstanding under the $600M revolver (maturing June 26, 2030, with $588.1M available after $11.9M in letters of credit); the company repurchased $289.1M in shares and paid $156.0M in dividends. Yet tariffs doubled to 28% since Q1, pressuring costs.
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