Williams-Sonoma's profit surges 62%
San Francisco -- Williams-Sonoma reported Thursday that net income for the quarter ended May 1 jumped 62% to $31.6 million, from $19.5 million a year earlier, topping company expectations.
Revenue rose 7.4% to $770.8 million, better than expected.
Same-store sales, which includes direct-to-consumer revenue, rose 9%. Same-store sales rose 3.1% at the namesake brand, 7.9% at Pottery Barn and a record 11% at Pottery Barn Kids.
“During the quarter, we continued to invest in our key growth initiatives – including increasing our penetration in e-commerce, expanding the reach of the West Elm brand, and extending our international presence,” stated Laura Alber, president and CEO. “While all of these initiatives are in their early stages of development, we believe each of them represents a long-term growth opportunity that we will continue to invest in throughout the year.”
Williams-Sonoma increased its revenue forecast to between $3.66 billion and $3.73 billion for the year. It earlier had forecast $3.64 billion to $3.72 billion.