Revenue Performance - Q4 comparable brand revenue decreased by 6.8%, with a 2-year comp of -7.4% and a 4-year comp of +29.1%[4] - Net revenues for FY 2024 decreased to $7.75 billion, a 9.9% decline compared to FY 2023's $8.67 billion[18] - Pottery Barn's net revenues declined by 9.7% to $3.21 billion in FY 2024, while West Elm saw a sharper decline of 18.8% to $1.86 billion[18] - Fiscal 2024 net revenue growth is expected to be in the range of -3% to +3%, with comps expected to be between -4.5% to +1.5%[8] Profitability and Margins - Q4 operating margin was 20.1%, with diluted EPS of $5.44[4] - Full-year operating margin for fiscal 2023 was 16.4%, with diluted EPS of $14.85, beating the comp guidance of -10% to -12%[2] - Gross margin for Q4 was 46.0%, an increase of 480 basis points year-over-year, driven by higher merchandise margins and supply chain efficiencies[4] - Gross profit for FY 2024 was $3.30 billion, representing 42.6% of net revenues, slightly up from 42.4% in FY 2023[18] - Gross profit for the thirteen weeks ended January 28, 2024, was $1,048,615, representing 46.0% of revenues, compared to $1,009,850 (41.2% of revenues) for the same period in 2023[25] - Operating income for the thirteen weeks ended January 28, 2024, was $458,091, representing 20.1% of revenues, compared to $469,787 (19.2% of revenues) for the same period in 2023[25] - Adjusted Operating Income for the fiscal year ended January 28, 2024, was $1,567,219[28] - NOPAT (Net Operating Profit After Tax) for the fiscal year ended January 28, 2024, was $1,169,145[28] - Return on invested capital (ROIC) for the fiscal year ended January 28, 2024, was 45.0%[30] Expenses and Costs - Q4 SG&A expenses were $591 million, an increase of 9.3% year-over-year on a GAAP basis[4] - Selling, general and administrative expenses for the thirteen weeks ended January 28, 2024, were $590,524, representing 25.9% of revenues, compared to $540,063 (22.0% of revenues) for the same period in 2023[25] - Occupancy costs for the thirteen weeks ended January 28, 2024, were $208,020, representing 9.1% of revenues, compared to $203,715 (8.3% of revenues) for the same period in 2023[25] Liquidity and Cash Flow - The company maintained a strong liquidity position with $1.3 billion in cash and $1.7 billion in operating cash flow[8] - Cash and cash equivalents increased significantly to $1.26 billion as of January 28, 2024, compared to $367.34 million in the previous year[21] - Net cash provided by operating activities increased to $1.68 billion in FY 2024, up from $1.05 billion in FY 2023[24] - Total assets increased to $5.27 billion as of January 28, 2024, up from $4.66 billion in the previous year[21] - Total assets as of January 28, 2024, were $5,273,548, compared to $4,663,016 as of January 29, 2023[30] Dividends and Share Repurchases - The company increased its quarterly dividend by 26% to $1.13 per share and authorized a new $1 billion stock repurchase program[1][8] - Repurchases of common stock decreased to $313.00 million in FY 2024, compared to $880.04 million in FY 2023[24] Inventory Management - Merchandise inventories decreased by 14.4% year-over-year to $1.2 billion[8] - Merchandise inventories decreased by $209.77 million to $1.25 billion as of January 28, 2024[21] Store Operations - Total retail stores decreased from 530 at the end of FY 2023 to 518 at the end of FY 2024, with Pottery Barn closing 8 stores and Williams Sonoma closing 7 stores[22] Earnings and EPS - Earnings per share (EPS) decreased to $14.55 (diluted) in FY 2024 from $16.32 in FY 2023[18] - Diluted EPS for the thirteen weeks ended January 28, 2024, was $5.44, compared to $5.28 for the same period in 2023[25] - Net earnings for the fiscal year ended January 28, 2024, were $949,762[28] Fiscal Year Impact - The additional week in fiscal 2024 is expected to contribute 150 basis points to revenue growth and 10 basis points to operating margin[8]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 29, 2023. or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14077 _________________________ (Zip Code) Registrant's telephone number ...

Williams-Sonoma, Inc. (NYSE:WSM) Q3 2023 Results Conference Call November 16, 2023 10:00 AM ET Company Participants Jeremy Brooks - Chief Accounting Officer and Head, IR Laura Alber - President and CEO Jeff Howie - CFO Yasir Anwar - Chief Digital and Technology Officer Felix Carbullido - President, Williams Sonoma Conference Call Participants Chuck Grom - Gordon Haskett Cristina Fernández - Telsey Advisory Group Peter Benedict - Baird Max Rakhlenko - TD Cowen Anthony Chukumba - Loop Capital Markets Jason Ha ...

Financial Performance - Net revenues for the second quarter of fiscal 2023 decreased by $274.9 million, or 12.9%, with comparable brand revenue decline of 11.9%[84] - For the first half of fiscal 2023, net revenues decreased by $410.7 million, or 10.2%, with a comparable brand revenue decline of 9.1%[92] - Diluted earnings per share for the second quarter of fiscal 2023 was $3.12, down from $3.87 in the same quarter of fiscal 2022[87] Brand Performance - Pottery Barn, the largest brand, experienced a 10.6% decline in comparable brand revenue for the second quarter, but showed 10.9% growth on a two-year basis[85] - West Elm saw a significant 20.8% decline in comparable brand revenue in the second quarter, reflecting the brand's high exposure to the furniture category[86] Cash Flow and Liquidity - As of July 30, 2023, the company had $514.4 million in cash and cash equivalents and generated operating cash flow of $715.0 million in the first half of fiscal 2023[88] - Net cash provided by operating activities for the first half of FY2023 was $715.0 million, compared to $383.6 million for the first half of FY2022[116] - The company has a $500 million unsecured revolving line of credit, which can be increased to $750 million, and had no borrowings under this facility as of July 30, 2023[112][113] Cost and Expenses - Cost of goods sold for the second quarter increased to 59.3% of net revenues, up from 56.5% in the prior year, driven by higher input and shipping costs[100] - Selling, general and administrative (SG&A) expenses decreased by $77.3 million, or 13.7%, in Q2 FY2023 compared to Q2 FY2022, with SG&A as a percentage of net revenues decreasing to 26.1% from 26.4%[103] - For the first half of FY2023, SG&A expenses decreased by $106.8 million, or 10.0%, compared to the first half of FY2022, with SG&A as a percentage of net revenues increasing slightly to 26.6% from 26.5%[104] Capital Expenditures and Shareholder Returns - The company invested $92.9 million in capital expenditures in the first half of fiscal 2023 while returning $426.6 million to shareholders through stock repurchases and dividends[88] Tax and Compliance - The effective tax rate for the first half of FY2023 was 25.4%, up from 24.4% in the first half of FY2022, with an expected effective tax rate of approximately 26.0% for FY2023[105] - The company is in compliance with its financial covenants under its Credit Facility and expects to remain compliant for the next 12 months[114] Future Expectations - The company expects pre-tax annualized savings of approximately $42 million from exit and reduction-in-force initiatives, primarily in selling, general and administrative expenses[89] - The company expects to use cash resources for inventory purchases, employment-related costs, advertising, taxes, and stock repurchases for the remainder of FY2023[109] Store Operations - The company operates a total of 532 stores as of July 30, 2023, with an average leased square footage of 11,300[96] Investing and Financing Activities - Net cash used in investing activities for the first half of FY2023 was $92.7 million, down from $148.5 million in the first half of FY2022, primarily for technology and supply chain enhancements[117] - Net cash used in financing activities for the first half of FY2023 was $476.6 million, a decrease from $958.4 million in the first half of FY2022, mainly due to reduced stock repurchases[118]

Williams-Sonoma, Inc. (NYSE:WSM) Q2 2023 Earnings Conference Call August 23, 2023 10:00 AM ET Company Participants Jeremy Brooks - Chief Accounting Officer and Head of Investor Relations Laura Alber - President and Chief Executive Officer Jeff Howie - Executive Vice President and Chief Financial Officer Conference Call Participants Max Rakhlenko - TD Cowen Seth Basham - Wedbush Securities Chuck Grom - Gordon Haskett Cristina Fernandez - Telsey Advisory Group Anthony Chukumba - Loop Capital Markets Peter Ben ...

_________________________ FORM 10-Q _________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 30, 2023. or UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14077 _________________________ WILLIAMS-SONOMA, INC. (Exact name of regis ...

Williams-Sonoma, Inc. (NYSE:WSM) Q1 2023 Earnings Conference Call May 23, 2023 10:00 AM ET Company Participants Jeremy Brooks - Chief Accounting Officer and Head of Investor Relations Laura Alber - President and Chief Executive Officer Jeff Howie - Executive Vice President and Chief Financial Officer Conference Call Participants Cristina Fernandez - Telsey Advisory Group Max Rakhlenko - TD Cowen Simeon Gutman - Morgan Stanley Chuck Grom - Gordon Haskett Anthony Chukumba - Loop Capital Markets Oliver Winterm ...

Part I [Business](index=5&type=section&id=Item%201.%20Business) Williams-Sonoma is an omni-channel specialty retailer of home products with a digital-first strategy and in-house design - The company operates as an omni-channel specialty retailer with a portfolio of distinct brands including Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham[20](index=20&type=chunk) - Key business differentiators are identified as **in-house design**, a **digital-first channel strategy**, and strong company values[19](index=19&type=chunk) - As of January 29, 2023, the company operates **530 stores** across the U.S., Puerto Rico, Canada, Australia, and the United Kingdom, supplemented by **138 franchised locations**[29](index=29&type=chunk) - In fiscal 2022, approximately **67% of merchandise purchases** were sourced from foreign vendors, predominantly in Asia and Europe[30](index=30&type=chunk) - The business experiences significant seasonal variations, with a large portion of net revenues and earnings historically realized in the **fourth quarter**[32](index=32&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from consumer spending, supply chain disruptions, cybersecurity threats, and global operations - Business performance is sensitive to consumer spending on home furnishings, which is influenced by **economic conditions, inflation, interest rates, and the housing market**[62](index=62&type=chunk)[63](index=63&type=chunk) - The company faces risks from its reliance on foreign vendors (**67% of purchases**) and global operations, including currency fluctuations, trade policies, and political instability[108](index=108&type=chunk)[109](index=109&type=chunk) - The e-commerce business, representing **over 66% of net revenues**, is vulnerable to risks such as security breaches and evolving data privacy laws like CCPA and CPRA[82](index=82&type=chunk)[83](index=83&type=chunk) - **Supply chain disruptions**, including reliance on third-party carriers and potential labor disputes, could harm timely delivery of merchandise and increase costs[67](index=67&type=chunk)[68](index=68&type=chunk) - The company's ESG goals expose it to risks, including **increased costs, reputational damage** if goals are not met, and evolving reporting standards[77](index=77&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) [Unresolved Staff Comments](index=38&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - None[148](index=148&type=chunk) [Properties](index=39&type=section&id=Item%202.%20Properties) The company leases extensive retail and distribution space and owns its corporate headquarters and data centers Leased Store Space | Date | Total Leased Store Space (sq. ft.) | Number of Stores | | :--- | :--- | :--- | | Jan 29, 2023 | 5,962,000 | 530 | | Jan 30, 2022 | 6,004,000 | 544 | - The company owns **471,000 square feet** of space, mainly in California, which houses its corporate headquarters and certain data center operations[153](index=153&type=chunk) [Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings not expected to have a material adverse effect - The company is involved in ordinary course legal proceedings which are **not currently considered material**[155](index=155&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[156](index=156&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company repurchased $880.0 million in stock in FY2022 and authorized a new $1 billion repurchase program - In fiscal 2022, the company repurchased **6,423,643 shares** of common stock for a total cost of **$880.0 million**[165](index=165&type=chunk) - In March 2023, the Board of Directors authorized a new stock repurchase program for **$1 billion**, which replaced the existing program[165](index=165&type=chunk) Five Year Cumulative Total Return Comparison | | 1/28/18 | 2/3/19 | 2/2/20 | 1/31/21 | 1/30/22 | 1/29/23 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Williams-Sonoma, Inc. | $100.00 | $104.33 | $139.37 | $262.59 | $320.43 | $268.67 | | NYSE Composite Index | $100.00 | $94.38 | $107.18 | $116.13 | $137.22 | $135.37 | | S&P Retailing | $100.00 | $108.42 | $127.45 | $180.19 | $195.77 | $160.10 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) FY2022 net revenues grew 5.2% to $8.67 billion, while gross margin declined and operating cash flow decreased [Results of Operations](index=45&type=section&id=7.1%20Results%20of%20Operations) FY2022 revenue growth was driven by Pottery Barn, while higher product costs increased COGS as a percentage of revenue Net Revenues by Brand (Fiscal 2022 vs 2021) | Brand | Fiscal 2022 (in thousands) | Fiscal 2021 (in thousands) | | :--- | :--- | :--- | | Pottery Barn | $3,555,521 | $3,120,687 | | West Elm | $2,278,131 | $2,234,548 | | Williams Sonoma | $1,286,651 | $1,345,851 | | Pottery Barn Kids and Teen | $1,132,937 | $1,139,893 | | Other | $421,177 | $404,957 | | **Total** | **$8,674,417** | **$8,245,936** | Comparable Brand Revenue Growth (Fiscal 2022 vs 2021) | Brand | Fiscal 2022 | Fiscal 2021 | | :--- | :--- | :--- | | Pottery Barn | 14.9% | 23.9% | | West Elm | 2.5% | 33.1% | | Williams Sonoma | (1.7)% | 10.5% | | Pottery Barn Kids and Teen | 0.4% | 11.6% | | **Total** | **6.5%** | **22.0%** | - Cost of goods sold as a percentage of net revenues increased to **57.6% in FY2022** from 56.0% in FY2021, driven by higher product, ocean freight, and shipping costs[195](index=195&type=chunk) - SG&A as a percentage of net revenues decreased to **25.1% in FY2022** from 26.4% in FY2021, mainly due to leverage of employment and advertising costs[198](index=198&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=7.2%20Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $367.3 million in cash and an undrawn $500 million credit facility - The company ended fiscal 2022 with **$367.3 million in cash** and cash equivalents and no outstanding borrowings under its **$500 million revolving line of credit**[208](index=208&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk) Cash Flow Summary (Fiscal 2022 vs 2021) | Cash Flow Activity | Fiscal 2022 (in billions) | Fiscal 2021 (in billions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1.1 | $1.4 | | Net cash used in investing activities | ($0.35) | ($0.23) | | Net cash used in financing activities | ($1.2) | ($1.5) | - Material cash requirements include **$1.7 billion in operating lease obligations** and approximately **$981.0 million in purchase obligations**[202](index=202&type=chunk)[204](index=204&type=chunk) [Critical Accounting Estimates](index=49&type=section&id=7.3%20Critical%20Accounting%20Estimates) Key estimates include inventory reserves, asset impairment, lease rates, and uncertain tax position reserves - Estimates for merchandise inventory obsolescence are based on historical trends and specific identification; the reserve was **$24.7 million** as of Jan 29, 2023[220](index=220&type=chunk)[222](index=222&type=chunk) - In fiscal 2022, impairment charges of **$15.6 million** were recognized for underperforming stores and assets in the Outward, Inc subsidiary[224](index=224&type=chunk)[226](index=226&type=chunk) - The company had **$37.1 million** of gross unrecognized tax benefits as of January 29, 2023, with a potential decrease of up to **$6.2 million** possible within twelve months[228](index=228&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are from foreign currency fluctuations, which are partially hedged - Interest rate risk is limited as there were **no borrowings** under the variable-rate Revolver during fiscal 2022[231](index=231&type=chunk) - The company is exposed to foreign currency risk and uses **foreign currency forward contracts** to hedge a portion of its Canadian dollar exposure for inventory purchases[234](index=234&type=chunk)[333](index=333&type=chunk) [Financial Statements and Supplementary Data](index=53&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited financial statements, showing $8.67 billion in revenue and $1.13 billion in net earnings Consolidated Statement of Earnings Highlights (Fiscal Year Ended Jan 29, 2023) | Metric | Amount (in thousands) | | :--- | :--- | | Net revenues | $8,674,417 | | Gross profit | $3,677,733 | | Operating income | $1,498,422 | | Net earnings | $1,127,904 | | Diluted earnings per share | $16.32 | Consolidated Balance Sheet Highlights (As of Jan 29, 2023) | Metric | Amount (in thousands) | | :--- | :--- | | Total current assets | $2,036,080 | | Total assets | $4,663,016 | | Total current liabilities | $1,636,451 | | Total liabilities | $2,961,965 | | Total stockholders' equity | $1,701,051 | - The independent auditor, Deloitte & Touche LLP, issued an **unqualified opinion** on the financial statements and internal controls over financial reporting[352](index=352&type=chunk) - The auditor identified the **impairment assessment of Property and Equipment** as a critical audit matter due to significant judgments in forecasting future store cash flows[359](index=359&type=chunk)[360](index=360&type=chunk) [Controls and Procedures](index=77&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal controls were effective - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures are effective** as of the end of the fiscal year[365](index=365&type=chunk) - Based on an assessment using the COSO framework, management concluded that the company's **internal control over financial reporting was effective** as of January 29, 2023[367](index=367&type=chunk) Part III Part III incorporates information by reference from the company's 2023 Proxy Statement for several items [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement - Information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[374](index=374&type=chunk) [Executive Compensation](index=78&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2023 Proxy Statement - Information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[375](index=375&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=78&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the 2023 Proxy Statement - Information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[376](index=376&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=78&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the 2023 Proxy Statement - Information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[377](index=377&type=chunk) [Principal Accountant Fees and Services](index=78&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the 2023 Proxy Statement - Information required by this item is incorporated by reference from the definitive Proxy Statement for the 2023 Annual Meeting of Stockholders[378](index=378&type=chunk) Part IV This part lists the financial statements, schedules, and exhibits filed with the Form 10-K [Exhibits and Financial Statement Schedules](index=79&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements and provides an index of all exhibits filed with the report - This item lists the consolidated financial statements and the report of the independent registered public accounting firm filed with the 10-K[381](index=381&type=chunk) - An exhibit index is provided, listing all documents filed or incorporated by reference, such as the Certificate of Incorporation, credit agreements, and CEO/CFO certifications[382](index=382&type=chunk)[395](index=395&type=chunk) [Form 10-K Summary](index=81&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports that there is no Form 10-K summary - None[394](index=394&type=chunk)

Williams-Sonoma, Inc. (NYSE:WSM) Q4 2022 Results Conference Call March 16, 2023 10:00 AM ET Company Participants Jeremy Brooks - Chief Accounting Officer and Head, IR Laura Alber - President and CEO Jeff Howie - CFO Conference Call Participants Anthony Chukumba - Loop Capital Markets Max Rakhlenko - TD Cowen Oliver Wintermantel - Evercore Cristina Fernández - Telsey Advisory Group Marni Shapiro - Retail Tracker Operator Welcome to the Williams-Sonoma, Inc. Fourth Quarter 2022 Earnings Conference Call. At th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Mark One) WILLIAMS-SONOMA, INC. ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-14077 _________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 30, 2022. (Exact name of registrant as specified in its charter) _________________________ De ...