earnings
confidence high
sentiment positive
materiality 0.75
WSM Q1: comps -4.9%, operating margin 19.5% (adj.) / 16.6% (core); raises FY margin outlook
WILLIAMS SONOMA INC
2024-Q1 EPS reported
$4.07
revenue$1,660,348,000
- Comparable brand revenue -4.9% vs. LY; 2-year comp -10.9%, 3-year comp -1.4%.
- GAAP operating margin 19.5% (includes +290bps out-of-period freight adjustment); core operating margin 16.6%.
- GAAP diluted EPS $4.07; core diluted EPS $3.48; out-of-period adjustment of $49M corrected prior freight over-accrual.
- Raises FY2024 operating margin guidance to 17.6%-18.0% (incl. adj.) / 17.0%-17.4% (core); revenue guidance unchanged at -3% to +3%.
- Inventories -13.1% to $1.2B; cash & operating cash flow $227M; returned $107M via dividends and buybacks.