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Cookware and home furnishings seller $WSM reported a decline in 4Q15 earnings due to higher selling, general and administrative expenses. Net income slid to $141.13MM or $1.55 per share from $147.04MM or $1.57 per share last year. Revenue grew to $1.59Bil from $1.54Bil.
$WSM's BoD declared a quarterly cash dividend of $0.39 per common share. The dividend is payable on Feb. 23, 2018 to stockholders of record as of the close of business on Jan. 25, 2018. As of Nov. 26, 2017, the company had 84.18MM shares of common stock outstanding.
$WSM announced the launch of four new e-commerce sites for Canadian customers. The new sites for Williams Sonoma, West Elm, Pottery Barn and Pottery Barn Kids brands will offer full access from mobile devices, localized content, and new product offerings.
$WSM agreed to buy Outward Inc., a leading 3-D imaging and augmented reality platform for the home furnishings and decor industry, for an all cash consideration of $112MM. Following the close of the transaction, which is expected by the end of this calendar year, Outward will operate as a wholly-owned subsidiary of $WSM.
$WSM announced plans to pay premiums of $3MM towards Fair Trade Community Development by 2020. The company also announced that it has partnered with Vietnam’s first-ever Fair Trade furniture factory, bringing its total operating Fair Trade factory count to 11 in countries including Nepal, India and Pakistan.
$WSM expects FY17 revenues to be in the range of $5.17Bil to $5.27Bil, with an estimated comparable brand revenue growth of 1-3%. The company is looking for non-GAAP earnings in the range of $3.45 per share to $3.65 per share for the year. Operating margin, on a non-GAAP basis, is forecast between 9.4% and 9.6%.
$WSM has forecast comparable brand revenue growth in the range of 2% to 5% for 3Q17. The sales growth is expected to result in generation of revenues between $1.27Bil and $1.31Bil. The company is looking for third quarter earnings in the range of $0.80 per share to $0.87 per share.
Store operator $WSM said its revenues grew about 4% to $1.2Bil in 2Q17, resulting in a modest gain in net profit. Earnings per share edged up to $0.61 from $0.58 last year. Comparable brand revenues increased 2.8% from the year-ago quarter. The company’s e-commerce revenues were up 5%, and retail revenues higher by 2% compared to last year.
$WSM has named Ryan Ross, an executive with more than 20 years of retail experience, as the new man to lead its Rejuvenation brand. As EVP, Ross will report directly to Laura Alber, President and CEO of the company. Ross succeeds Alex Bellos, who recently became President of the company’s West Elm brand.
PBteen, a member of $WSM portfolio of brands, launched an exclusive home decor partnership with ivivva, the athletic apparel brand created by lululemon and inspired by active girls. The collection is available online with prices ranging from $29.50 to $1,175.
$WSM reported flat profit in 1Q17 with a slight increase in revenue. Net earnings were $39.6MM or $0.45 per share compared to $39.6MM or $0.44 per share a year ago. Revenue inched up 1.2% to $1.112Bil. Non-GAAP EPS was down at $0.51 from $0.53 in the prior year quarter.
$WSM announced that Jennifer Kellor has been named President of the Pottery Barn Kids and PBteen brands reporting to Laura Alber, company's President and CEO. Jeff Howie has been named EVP, Chief Administrative Officer, of the Pottery Barn Brands.
$WSM has announced few leadership change along with its 4Q16 result. Sandra Stangl, President of the Pottery Barn Brands, resigns after 23 years of service. The company has named Marta Benson as President of the Pottery Barn; Jennifer Kellor as President of the Pottery Barn Kids and PBteen brands; Jeff Howie as EVP, CAO, of the Pottery Barn Brands.