San Francisco – Williams-Sonoma had a strong first quarter of fiscal 2014, with net income climbing 17% to a better-than-expected $46.16 million from $39.17 million.
Net sales grew 10% to $974.33 million from $887.8 million, also topping estimates.
Total same-store sales grew 10%. Williams-Sonoma credited much of its success during the quarter to market share gains and advantages conferred by its multichannel operations.
“Innovative, high-quality product, personalized service, relevant marketing and strong execution across all brands drove these better than expected results,” said Laura Alber, president and CEO of Williams-Sonoma. “With 50% of our revenue in the direct channel this quarter, we believe our multi-brand, multichannel platform is driving consistent market share gains and providing us with a sustainable competitive advantage.”
Williams-Sonoma expects net revenues in the second quarter of fiscal 2014 to range from $1.02 billion to $1.04 billion, with same-store sales growth of 4%-6%. For the full fiscal year, Williams-Sonoma anticipated total net revenues of $4.64 billion-$4.72 billion and same-store sales growth of 5%-7%.