Fri, Aug 23, 8:43 PM (144 days ago)
Williams-Sonoma, Inc. reported a 4.0% decline in net revenues for Q2 FY2024, totaling $1.788 billion, amid ongoing customer hesitancy towards furniture purchases, partially offset by growth in emerging brands. The gross profit increased to $826 million, reflecting a gross margin improvement to 46.2%, driven by better merchandise margins and supply chain efficiencies. Operating income rose to $290 million, with diluted EPS at $1.74, up from $1.56 in Q2 FY2023. For the first half of FY2024, revenues fell 4.7% year-over-year, with operating cash flow of $473 million. The company maintained strong liquidity, ending the quarter with $1.3 billion in cash and no outstanding borrowings under its $500 million credit facility. Stock repurchases and dividends totaled $309 million in the first half. The outlook remains cautious due to macroeconomic uncertainties, including inflation and geopolitical tensions. The company aims to focus on growth, customer service, and earnings improvement while navigating these challenges.