SAN FRANCISCO–(BUSINESS WIRE)–
Net acquirement advance of 6.1%, with commensurable cast acquirement advance of 4.6%GAAP adulterated EPS of $0.62; non-GAAP adulterated EPS of $0.77 apprenticed by gross allowance expansionRaises 2018 full-year guidance
Williams-Sonoma, Inc. (WSM) today appear operating after-effects for the added budgetary division (“Q2 18”) concluded July 29, 2018 against the added budgetary division (“Q2 17”) concluded July 30, 2017.
2nd Division 2018
Fiscal Year 2018 Guidance
Laura Alber, President and Chief Executive Officer, commented, “Today, we are announcement addition division of able after-effects with topline advance at the high-end of guidance, gross allowance decidedly aloft aftermost year and a abundant EPS outperformance. Our able multi-channel, multi-brand platform, calm with our able beheading of our cardinal initiatives in agenda leadership, artefact innovation, retail transformation and operational arete are accepting a absolute appulse on all genitalia of our business. Given the after-effects in the aboriginal bisected and the drive our initiatives are creating, we are adopting our full-year advice for net revenues, atone acquirement growth, operating allowance and EPS.”
2nd QUARTER 2018 RESULTS
Net revenues added 6.1% to $1.275 billion in Q2 18 from $1.202 billion in Q2 17. Excluding assertive detached items, non-GAAP net revenues were $1.274 billion in Q2 18 or a 6.1% access over Q2 17. See Exhibit 1.
Comparable cast acquirement in Q2 18 added 4.6% compared to an access of 2.8% in Q2 17 as apparent in the table below:
2nd Division Commensurable Cast Acquirement Advance (Decline) by Concept*
*See the Company’s 10-K and 10-Q filings for the analogue of commensurable cast revenue.
E-commerce net revenues in Q2 18 added 8.9% to $687 actor from $631 actor in Q2 17. Excluding assertive detached items, non-GAAP e-commerce net revenues were $686 actor in Q2 18 or an 8.8% access over Q2 17. See Exhibit 1.
Retail net revenues in Q2 18 added 3.1% to $588 actor from $571 actor in Q2 17.
Operating allowance in Q2 18 was 5.8% compared to 6.8% in Q2 17. Excluding assertive detached items, non-GAAP operating allowance was 6.8% in Q2 18. See Exhibit 1.
The able assets tax amount in Q2 18 was 28.8% against 34.8% in Q2 17. Excluding assertive detached items, the non-GAAP able assets tax amount was 24.5% in Q2 18. See Exhibit 1.
EPS in Q2 18 was $0.62 against $0.61 in Q2 17. Excluding assertive detached items, non-GAAP EPS was $0.77 in Q2 18. See Exhibit 1.
Merchandise inventories at the end of Q2 18 added 2.5% to $1.100 billion from $1.073 billion at the end of Q2 17.
These after-effects accommodate the accepting of ASU No. 2014-09, which pertains to acquirement recognition. See Exhibit 2 for added capacity on the banking appulse of adoption.
STOCK REPURCHASE PROGRAM
During Q2 18, we repurchased 2,409,000 shares of accustomed banal at an boilerplate amount of $56.90 per allotment for a absolute amount of about $137 million. As of July 29, 2018, there was about $344 actor absolute beneath our accustomed banal repurchase program.
FISCAL YEAR 2018 FINANCIAL GUIDANCE
3rd Division 2018 Banking Guidance*
Non-GAAP Absolute Net Revenues (millions)
$1,355 – $1,380
Commensurable Cast Acquirement Advance
3.0% – 5.0%
Non-GAAP Adulterated EPS
$0.90 – $0.95
Budgetary Year 2018 Banking Guidance*
*We accept not provided a adaptation of non-GAAP advice measures to the agnate GAAPmeasures on a advanced base due to the abeyant airheadedness of detached items.
Abundance Opening and Closing Advice by Retail Concept**
** Included in the FY 17 abundance adding are 19 food in Australia and two food in the UK. FY 18 advice includes oneadditional UK store.
CONFERENCE CALL AND WEBCAST INFORMATION
Williams-Sonoma, Inc. will host a alive appointment alarm today, August 22, 2018, at 2:00 P.M. (PT). The call, hosted by Laura Alber, President and Chief Executive Officer, will be accessible to the accustomed accessible via alive webcast and can be accessed at http://ir.williams-sonomainc.com/events. A epitomize of the webcast will be accessible at http://ir.williams-sonomainc.com/events.
SEC REGULATION G — NON-GAAP INFORMATION
This columnist absolution includes non-GAAP banking measures. Exhibit 1 provides reconciliations of these non-GAAP banking measures to the best commensurable banking measures affected and presented in accordance with accounting attempt about accustomed in the U.S. (“GAAP”). We accept that these non-GAAP banking measures, back advised in affiliation with GAAP banking measures, can accommodate allusive added advice for investors apropos the achievement of our business and facilitate a allusive appraisal of accustomed aeon achievement on a commensurable base with above-mentioned periods. Our administration uses these non-GAAP banking measures in adjustment to accept commensurable banking after-effects to assay changes in our basal business from division to quarter. These non-GAAP banking measures should be advised as a supplement to, and not as a acting for or above to the GAAP banking measures presented in this columnist absolution and our banking statements and added about filed reports. Non-GAAP banking measures as presented herein may not be commensurable to analogously blue-blooded measures acclimated by added companies.
This columnist absolution contains advanced statements that absorb risks and uncertainties, as able-bodied as assumptions that, if they do not absolutely actualize or are accurate incorrect, could account our after-effects to alter materially from those bidding or adumbrated by such advanced statements. Such advanced statements accommodate statements apropos to: our adeptness to abide to auspiciously assassinate our cardinal iniatives; our optimism about the future; our adeptness to drive abiding assisting growth; our approaching banking guidance, including Q3 18 and FY 2018 guidance; our banal repurchase program; and our proposed abundance openings and closures.
The risks and uncertainties that could account our after-effects to alter materially from those bidding or adumbrated by such advanced statements include: continuing changes in accustomed bread-and-er conditions, and the appulse on chump aplomb and chump spending; new interpretations of or changes to accustomed accounting rules or tax regulations; the abeyant appulse of tariffs, including our adeptness to abate the abeyant impact; our adeptness to ahead chump preferences and affairs trends; assurance on appropriate addition and chump accepting of our merchandise; changes in chump spending based on weather, political, aggressive and added altitude above our control; delays in abundance openings; antagonism from companies with concepts or articles agnate to ours; appropriate and able sourcing of commodity from our adopted and calm vendors and commitment of commodity through our accumulation alternation to our food and customers; able account management; our adeptness to administer chump returns; acknowledged archive management, including timing, allocation and merchandising; uncertainties in e-marketing, basement and regulation; multi-channel and multi-brand complexities; our adeptness to acquaint new brands and cast extensions; challenges associated with our accretion all-around presence; assurance on alien allotment sources for operating capital; disruptions in the banking markets; our adeptness to ascendancy employment, ascendancy and added operating costs; our adeptness to advance our systems and processes; changes to our advice technology infrastructure; accustomed political, bread-and-er and bazaar altitude and events, including war, battle or acts of terrorism; and added risks and uncertainties declared added absolutely in our accessible announcements, letters to stockholders and added abstracts filed with or furnished to the SEC, including our Annual Report on Form 10-K for the budgetary year concluded January 28, 2018 and all consecutive annual letters on Form 10-Q and accustomed letters on Form 8-K. All advanced statements in this columnist absolution are based on advice accessible to us as of the date hereof, and we accept no obligation to amend these advanced statements.
ABOUT WILLIAMS-SONOMA, INC.
Williams-Sonoma, Inc. is a specialty banker of high-quality articles for the home. These products, apery audible commodity strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, West Elm, PBteen, Williams Sonoma Home, Rejuvenation, and Mark and Graham — are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are additionally allotment of The Key Rewards, our free-to-join adherence affairs that offers associates absolute allowances beyond the Williams-Sonoma ancestors of brands. We accomplish in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, action all-embracing aircraft to barter worldwide, and accept detached franchisees that accomplish food in the Middle East, the Philippines, Mexico and South Korea, as able-bodied as e-commerce websites in assertive locations. In 2017, we acquired Outward, Inc., a 3-D imaging and aggrandized absoluteness belvedere for the home accoutrement and décor industry.
Accustomed stock: $.01 par value; 253,125 shares authorized; 80,988, 83,726 and 85,754 shares issued and outstanding at July 29, 2018,January 28, 2018 and July 30, 2017, appropriately
2nd Division and Year-to-Date GAAP to Non-GAAP Reconciliation*
(Dollars in thousands, except per allotment data)
Thirteen Weeks Concluded July 29, 2018
Appulse of Disinterestedness
Appulse of Disinterestedness
**See the Company’s 10-K and 10-Q filings for added advice on articulation advertisement and the analogue of operating assets (expense) and operating margin.
SEC Regulation G – Non-GAAP Advice – These tables accommodate non-GAAP net revenues, gross profit, gross margin, SG&A, operating income, operating margin, balance afore assets taxes, assets taxes, able tax rate, net balance and adulterated EPS. We accept that these non-GAAP banking measures accommodate allusive added advice for investors apropos the achievement of our business and facilitate a allusive appraisal of our annual absolute after-effects on a commensurable base with above-mentioned periods. Our administration uses these non-GAAP banking measures in adjustment to accept commensurable banking after-effects to assay changes in our basal business from division to quarter. These non-GAAP banking measures should be advised as a supplement to, and not as a acting for, or above to, banking measures affected in accordance with GAAP. Non-GAAP banking measures as presented herein may not be commensurable to analogously blue-blooded measures acclimated by added companies.
Notes to Exhibit 1:
*We adopted ASU No. 2014-09, which pertains to acquirement recognition, in the aboriginal division of budgetary 2018.This table shows the appulse of adopting ASU No. 2014-09 on our after-effects of operations for the added division of budgetary 2018.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20180822005592/en/
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