Williams-Sonoma Skyrockets with a 29% Rise Following Remarkable Q3 Earnings
Williams-Sonoma Inc. showcased an exceptional earnings performance on Wednesday, resulting in a 29% surge in shares. The home goods retailer surpassed expectations on all fronts. The company reported earnings per share of $1.96, significantly outperforming analyst estimates of $1.78. Additionally, the revenue reached a whopping $1.8 billion, compared to the anticipated $1.79 billion.
“We are thrilled with our third quarter results, outdoing both top and bottom-line expectations,” said Laura Alber, President and CEO of Williams-Sonoma. “The quarter was characterized by a steady improvement in our sales trend, market-share gains, and robust profit.”
The commendable results were further strengthened by the company’s record $533 million in share repurchases during the quarter. This was coupled with the introduction of a new $1 billion buyback plan. Williams-Sonoma also revised its 2024 outlook upwards, now predicting an annual net revenue decline of a mere 1.5% to 3.0%. This is a significant improvement from their previous guidance.
Source: Yahoo Finance