Williams-Sonoma Q2 profit up 10%; to open four stores in Australia
San Francisco -- Williams-Sonoma Inc. said its second-quarter net income rose 10%, fueled by double-digit sales growth at its Pottery Barn and West Elm stores. The results beat analysts’ expectations and the company also raised its profit and sales predictions for the full year.
For the quarter ended July 29, Williams-Sonoma earned $43.4 million, up from $39.3 million in the same period last year.
Revenue rose 7% to $874.3 million, from $814.8 million last year. Same-store sales increased 7.4%, with an 11.7% increase at Pottery Barn and a 15.6% jump at West Elm. But the company's namesake stores saw same-store sales dip 0.4%.
Similar to many retailers, Williams-Sonoma said it is cautious about its prospects for the second half of the year, given the continued economic uncertainty.
In other news, Williams-Sonoma said it plans to open four stores in Sydney, Australia, early next year. All of its store brands will be represented: Williams-Sonoma, Pottery Barn, Pottery Barn Kids and West Elm. They will be the first company-operated locations outside of North America.