Shares in home goods retailer Williams-Sonoma (WSM) reached an unprecedented high following the report of Q1 results, which far outpaced analyst forecasts. The corporation reported a nearly 70% increase in quarterly earnings, rising from $156.5 million the previous year to $265.7 million. This leap well exceeded the expected $171.7 million, according to Visible Alpha compiled estimates. Per share, earnings reached $4.07, an increase from the $2.35 of last year, beating the projected $2.67.
While witnessing this profit swell, Williams-Sonoma reported a minor 5.4% dip in revenue to $1.66 billion YoY, although this downturn proved lesser than anticipated. Laura Alber, CEO of Williams-Sonoma, expressed satisfaction with achieving a strong first quarter in 2024, attributing the results to an upturn in top-line trends and sustained profitability. Alber stressed the company's dedication to pursuing its key focuses of 2024 - growth, improving customer service, and driving margins.
Williams-Sonoma, owner and operator of its eponymous kitchen and home goods retailer, along with brands like Pottery Barn and West Elm, confirmed its full-year revenue guidance projecting a 3% decrease to a 3% increase. Furthermore, the retailer enhanced its operating margin outlook, projecting a range of 17.6% to 18%, an uptick from the earlier anticipated range of 16.5% to 16.8%.
Williams-Sonoma's stock experienced an uptick of 1.6% to $319.46 at 10:47 a.m. ET, peaking earlier at $347.77, an all-time high. Over the year so far, shares have grown over 60%, signifying an over 180% hike over the last 12 months.