This multi-channel specialty retailer of premium quality home products has also broadly outperformed its peer companies like RH (RH) , down 16.9% YTD), Haverty Furniture Companies, Inc. (HVT) , down 32.4%) and Ethan Allen Interiors Inc. (ETD) , down 15.3%). Williams-Sonoma is reaping the rewards of its strategic focus on diversifying its product portfolio and establishing a sustainable operating model with the competitive advantage of a digital-first but not digital-only channel strategy. With a robust e-co ...

Revenue Performance - Net revenues in Q1 2024 decreased by $95.1 million or 5.4%, with a company comparable brand revenue decline of 4.9%[70] - Pottery Barn saw a 10.8% comparable brand revenue decline in Q1 2024, with a 11.2% decline on a two-year basis and 3.4% growth on a three-year basis[71] - West Elm experienced a 4.1% brand comp decline in Q1 2024, with a 19.9% decline on a two-year basis and 7.1% decline on a three-year basis[72] - Williams Sonoma brand saw 0.9% brand comp growth in Q1 2024, with a 3.5% decline on a two-year basis and 5.7% decline on a three-year basis[73] - Comparable brand revenue growth for Pottery Barn declined by 10.8% in Q1 fiscal 2024, while West Elm declined by 4.1%, Williams Sonoma grew by 0.9%, and Pottery Barn Kids and Teen grew by 2.8%[81] Profitability and Margins - Gross profit increased by $127.5 million or 18.9% in Q1 2024 compared to Q1 2023, with gross margin rising to 48.3% from 38.5%[86] - Gross profit decreased by $153.5 million (18.5%) in Q1 fiscal 2023 compared to Q1 fiscal 2022, with gross margin declining to 38.5% from 43.8%[87] Earnings and Tax - Diluted earnings per share for Q1 2024 was $4.07, including a $0.59 benefit from an out-of-period adjustment[75] - The effective tax rate for Q1 fiscal 2024 was 21.8%, down from 23.6% in Q1 fiscal 2023, due to higher excess tax benefits from stock-based compensation[90] - The company's subsidiaries are not subject to Pillar Two minimum tax in Q1 fiscal 2024 under the OECD Safe Harbor rules[92] Cash Flow and Financial Position - The company held $1.3 billion in cash and cash equivalents as of April 28, 2024, with $226.8 million in operating cash flow generated in Q1 2024[76] - Net cash provided by operating activities for Q1 fiscal 2024 was $226.8 million, a decrease from $342.5 million in Q1 fiscal 2023, primarily due to a decrease in accounts payable[104] - Net cash used in investing activities for Q1 fiscal 2024 was $39.5 million, compared to $49.9 million in Q1 fiscal 2023, primarily for technology, supply chain enhancements, and store construction[105] - Net cash used in financing activities for Q1 fiscal 2024 was $193.7 million, a decrease from $362.4 million in Q1 fiscal 2023, primarily due to lower common stock repurchases[106] Credit and Borrowings - The company has a $500 million unsecured revolving line of credit, with no borrowings during Q1 2024[99] - The company's Revolver has a variable interest rate, but no borrowings were made under it during Q1 fiscal 2024[110] Operational Adjustments and Expenses - The company identified a cumulative over-recognition of freight expense of $49.0 million for fiscal years 2021-2023, which was adjusted in Q1 2024[74] - SG&A increased by $3.1 million or 0.7% in Q1 2024 compared to Q1 2023, with SG&A as a percentage of net revenues rising to 28.8% from 27.1%[89] Seasonal Variations - The company's business is subject to seasonal variations, with higher revenues and net earnings typically realized from October through January[107] Foreign Currency Exposure - The company's operations in Canada, Australia, the UK, Asia, and Europe expose it to foreign currency exchange rate fluctuations, but most purchases and sales are denominated in U.S. dollars, limiting this risk[113] - Some foreign operations have a functional currency other than the U.S. dollar, but the impact of exchange rate fluctuations was not material in Q1 fiscal 2024 or Q1 fiscal 2023[113] - A hypothetical 10% change in foreign currency exchange rates would not have a material impact on the company's historical or current financial statements[113] - The company may hedge a portion of its foreign currency exposure using foreign currency forward contracts to mitigate risk as it expands globally[113] Internal Controls - The company's disclosure controls and procedures were evaluated as effective as of April 28, 2024[115]

Williams-Sonoma, Inc. (NYSE:WSM) Q1 2024 Earnings Conference Call May 22, 2024 10:00 AM ET Company Participants Jeremy Brooks - Chief Accounting Officer and Head of IR Laura Alber - President and CEO Jeff Howie - EVP and CFO Conference Call Participants Kate McShane - Goldman Sachs Christopher Horvers - JPMorgan Cristina Fernandez - Telsey Advisory Group Michael Lasser - UBS Steven Zaccone - Citi Seth Basham - Wedbush Max Rakhlenko - TD Cowen Brian Nagel - Oppenheimer Oliver Wintermantel - Evercore ISI Sime ...

Exhibit 99.1 FIRST QUARTER 2024 HIGHLIGHTS 1 • Comparable brand revenue -4.9% with a 2-year comp -10.9% and a 3-year comp -1.4%. • Gross margin of 48.3%, including a benefit of +290bps from an out-of-period adjustment. Without this adjustment, gross margin of 45.4%, which increased +690bps compared to LY GAAP basis, driven by (i) higher merchandise margins of +480bps, (ii) supply chain efficiencies of +240bps, partially offset by (iii) occupancy deleverage of -30bps. Occupancy costs of $196 million, -3.2% t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One): ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 28, 2024. 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 WILLIAMS-SONOMA, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Start Time: 10:00 January 1, 0000 11:01 AM ET Williams-Sonoma, Inc. (NYSE:WSM) Q4 2023 Earnings Conference Call March 13, 2024, 10:00 AM ET Company Participants Laura Alber - President and CEO Jeff Howie - EVP and CFO Jeremy Brooks - Chief Accounting Officer and Head, IR Conference Call Participants Steven Zaccone - Citi Seth Basham - Wedbush Securities Jonathan Matuszewski - Jefferies Max Rakhlenko - TD Cowen Peter Benedict - Baird Christopher Horvers - JPMorgan Kate McShane - Goldman Sachs Operator Welcom ...

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 ...

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 July 30, 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 _________________________ WILLIAMS-SONOMA, INC. (Exact name of regist ...