WSM Q2 EPS $1.74 (+11.5% YoY); comps -3.3%; raises FY24 op margin guide to 17.4%-17.8%

WILLIAMS SONOMA INC

2024-Q2 EPS reported $3.78 revenue$3,448,655,000

Q2 comparable brand revenue -3.3%; gross margin 46.2% (+550bps YoY) on merchandise margins and supply chain.
Diluted EPS $1.74 (+11.5% YoY); operating margin 16.2% (+160bps YoY).
Revises FY24 outlook: net revenue -4.0% to -1.5%; operating margin raised to 17.4%-17.8% (excl $49M out-of-period adj).
Recorded $49M out-of-period freight expense correction in Q1 2024; prior periods not materially misstated.
Returned $203M to shareholders via $130M buybacks and $73M dividends; liquidity $1.3B cash.

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