Williams-Sonoma has announced their third quarter fiscal results, which includes net revenue growth of 22.4%, compared to the same quarter in 2019.
“In the third quarter, sales again outperformed expectations with demand comp up nearly 31% compared to a net comp of 24%, driven by strength across all brands. Even more encouraging is the retail demand comp at negative 4%. And, we delivered these sales more profitably, with operating margins reaching record levels at 15.7%,” said Laura Alber, President and Chief Executive Officer at Williams-Sonoma.
Other highlights from the report:
- Net revenue growth of 22.4% to $1.765 billion, driven by acceleration across all brands.
- Demand comparable brand revenue growth accelerated to 31%, which includes orders placed but not yet filled or charged to the customer in the quarter.
- Net comparable brand revenue growth of 24.4%, with sequential and year-over-year acceleration in all brands, including Williams Sonoma at a record 30.4%, Pottery Barn at 24.1%, Pottery Barn Kids and Teen at 23.8% and West Elm at 21.8%.
Alber’s vision for the future of Williams-Sonoma is to own the home sector of retail and become even more relevant in the industry.
The company has built their business with a mission to enhance people’s lives at home. They have taken this initiative and intertwined it through all areas of their business to bring value to consumers. These areas include:
- High quality, well-designed, sustainable products at a great value
- Inspiring marketing
- High-touch digital-first omnichannel experience
“Our vision is to own the home. And, with our distinctive positioning we will only become more relevant. We have the strategies, the team and the world-class platform to maximize the industry trends that favor our business and successfully execute on our growth opportunities. We are confident that we will continue to drive accelerating sales growth with increasing profitability and evolve into an even more attractive business for our stakeholders during and post pandemic,” Alber concluded.
Source: Williams-Sonoma – Press Release 11/19/20
Photo Credit: Williams-Sonoma
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About Williams-Sonoma
Williams-Sonoma, Inc. is a specialty retailer of high-quality products for the home. These products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, Pottery Barn Teen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, our free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico and South Korea, as well as e-commerce websites in certain locations.
